This paper puts forvvard some measures to further developour our central bank' s open market operation by analyzing the functions of the central bank bill in the inter-bank bond market since its issuance. These measures are: the open market operation should be based on currency policies, operation methods should be adjusted timely, its effectiveness should be increased steadily, national basie interest rate should form in order to improve the eaming rate curve between banks, market construction should be carried out completely, and long -time basis should be laid for the operation.