十年期国债收益率重上1.8％，国债买卖年内会重启吗

Group 1: Bond Market Dynamics - Recent rise in government bond yields, with 10-year yields surpassing 1.8% and 30-year yields exceeding 2.1%, correlating with the strength of the A-share market, indicating a "stock-bond seesaw effect" [1] - The increase in yields is attributed to a shift in investor risk appetite, as regulatory policies aimed at reducing competition may lead to rising prices, diminishing the investment value of bonds [1] - The market is currently experiencing pressure on bond yields due to the potential resumption of government bond trading, which was previously halted by the central bank [4] Group 2: Inflation and Economic Indicators - August CPI showed a significant decline, entering negative territory with a year-on-year decrease of 0.4%, primarily driven by weak food prices, which fell by 4.3% [1][2] - Core CPI, however, rose by 0.9% year-on-year, marking the highest level in 18 months, indicating some resilience in core consumer prices [2] - PPI also showed a year-on-year decline of 2.9%, but this was an improvement from the previous value of -3.6%, suggesting some stabilization in producer prices [2] Group 3: Policy Implications - The central bank emphasizes the importance of promoting reasonable price recovery as a key consideration in monetary policy, with measures in place to control production in traditional industries [3] - Ongoing economic challenges include weak real estate sales and insufficient consumer demand, which limit the effectiveness of policy measures aimed at stabilizing prices [3] - The central bank's potential purchase of government bonds in the secondary market could support the struggling real estate market and consumer spending, countering the negative impact of rising yields on the stock market [5]