Standard bonds refer to the stock of bonds (government bonds or corporate bonds) in securities repurchase transactions conducted by stock exchanges or interbank lending centers according to the securities accounts of securities operating institutions (bond repurchase financiers).

Standardized treasury bonds (comprehensive bonds) used for repurchase mortgage are calculated according to different bond types and their respective share conversion ratios.

It can be seen that the standard bond is a hypothetical repurchase comprehensive bond, which is converted and superimposed by various bonds according to a certain conversion rate to determine the financing amount that can be used for repurchase transactions.