The 5-year Treasury Bond Futures Contract issued by CICC and related rules adjust the margin standard of 5-year Treasury Bond Futures Contract from 2%, 3% and 4% in the exposure draft to 2%, 3% and 5%, that is, the trading margin standard is raised from 2% to 3% from the settlement on the last trading day before the delivery month 1 mid-month; From the settlement on the last trading day before the delivery month 1 late month, the trading margin standard is raised from 3% to 5%. Improve the margin level of treasury bonds futures near delivery, reduce the monthly contract positions for delivery, and ensure the safe and stable operation of treasury bonds futures.

I hope our answer from Guotai Junan Securities Shanghai Branch will satisfy you!

Respondent: Manager Xue, account manager of Guotai Junan Securities (employee No.0070 13).

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