【中国央行：阶段性暂停国债买卖操作 视市场供求状况择机恢复操作】央行发布2025年第一季度中国货币政策执行报告，其中提到，年初，国债市场供不应求状况进一步加剧，10年期国债收益率一度跌破1.6%的历史低位。1月中国人民银行宣布阶段性暂停在公开市场买入国债，避免影响投资者的配置需8要，并更多使用其他工具投放基础货币，维护流动性和债券市场平稳运行。中国人民银行将继续从宏观审慎的角度观察、评估债市运行情况，关注国债收益率的变化，视市场供求状况择机恢复操作。

Core Viewpoint - The People's Bank of China (PBOC) has announced a temporary suspension of government bond purchases to manage market demand and maintain liquidity in the bond market [1] Group 1: Market Conditions - The demand-supply imbalance in the government bond market has intensified, leading to a drop in the 10-year government bond yield below the historical low of 1.6% [1] - The PBOC's decision to pause bond purchases is aimed at avoiding disruption to investors' allocation needs and to utilize other tools for injecting base currency [1] Group 2: Future Actions - The PBOC will continue to monitor and assess the bond market from a macro-prudential perspective, paying close attention to changes in government bond yields [1] - The resumption of bond purchase operations will be considered based on market supply and demand conditions [1]