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稳增长扩内需 财政货币政策协同性将继续增强
Zhong Guo Zheng Quan Bao·2025-09-07 20:51

Core Viewpoint - The market expectations for the People's Bank of China (PBOC) to resume government bond trading operations are increasing as discussions between the Ministry of Finance and the PBOC have intensified, indicating a potential restart by the end of this year [1][2][3]. Group 1: Policy Coordination - Since the establishment of the joint working group between the Ministry of Finance and the PBOC, there has been a strengthening of coordination between fiscal and monetary policies, with the PBOC's government bond trading operations being a significant aspect of this [1][2]. - The PBOC plans to net purchase government bonds worth 1 trillion yuan in August 2024, followed by 2 trillion yuan in September, October, and November, and 3 trillion yuan in December, totaling 1 trillion yuan [1][2]. - The coordination between fiscal and monetary policies is expected to enhance, providing a favorable environment for government bond issuance and maintaining market liquidity [5][6]. Group 2: Market Environment - The current bond market conditions, including a recent rise in the 10-year government bond yield to approximately 1.8%, suggest that the PBOC may resume bond trading operations in the fourth quarter of this year [3][4]. - The PBOC's bond buying operations are seen as a tool for liquidity management and are expected to help stabilize the bond market and encourage financial institutions to increase credit issuance [3][4]. - The second meeting of the joint working group has broadened its focus to include various topics related to fiscal and monetary policy coordination, which is crucial for addressing the complex market environment and promoting economic recovery [5][6].