央行将恢复公开市场国债买卖操作

Core Viewpoint - The People's Bank of China (PBOC) is set to resume open market operations for government bonds, indicating a positive outlook for the bond market and a focus on liquidity management [1][4][5]. Group 1: Market Operations - The PBOC's bond trading is primarily aimed at liquidity adjustment and serves as a supplementary tool for open market operations, which are designed to regulate the total amount of base currency [3][6]. - The resumption of government bond trading is seen as a crucial step in enhancing the financial functions of government bonds and improving the pricing capabilities of financial institutions [4][5]. Group 2: Economic Implications - The increase in government bond issuance this year, coupled with the resumption of bond trading, is expected to stabilize bond market interest rates and enhance long-term liquidity supply [5][9]. - Analysts predict that the 10-year government bond yield may decline to around 1.6% amid a lack of large-scale consumption stimulus measures [8]. Group 3: Legal and Structural Context - The legal framework allows the PBOC to buy and sell government bonds in the secondary market, which is distinct from direct purchases in the primary market [6][7]. - The PBOC's bond trading is fundamentally different from quantitative easing (QE) practices in developed economies, as it is not a response to exhausted conventional monetary policy tools [7].