Way Of The Issuance Of Treasury Bonds Issued By The Chinese Government Bonds Learn

How to issue Treasury bond is always a very important issue in the process of Chinese Treasury bond market's development. From administrative allocation to underwriting, until nowadays' competitive bidding, the way of Treasury bond issuance has made a great progress. While compared with US Treasury bond market, which is considered as the most mature bond market, it is still a long distance for China to move toward the final objective.Through introducing modern experience of US Treasury bond primary market and comparing different ways of Treasury bond issuance in both US and China, the paper makes advice on the way of Chinese Treasury bond issuance.There are five sections in this paper. The first section mainly introduces different theory in auction. The second section pays more attention to the development history of Chinese Treasury bond market, and analyzes this development. The third part introduces the different issuance of developed countries including US, Great Britain, Spanish, Italy and Japan. It pays more attention to the history of US Treasury bond issuance; it also analyzes the current ways of US Treasury issuance. The forth part makes a model to prove that the issuance method of Chinese Treasury should change from bidding to public bidding to auction. At last, the paper suggests that the way of Chinese Treasury bond issuance be changed from bidding to auction. At the same time, single-price auction should be used more than multi-price auction etc.