恢复购债“提上日程” 债市年末平稳运行将获重要支撑

Core Viewpoint - The People's Bank of China (PBOC) plans to resume public market operations for government bonds, indicating a shift in monetary policy to address the current imbalance in the bond market supply and demand [1] Group 1: Market Conditions - The bond market is currently operating well, prompting the PBOC to restart government bond trading [1] - There has been a significant increase in the issuance of government bonds and local government bonds this year, with expectations of continued fiscal expansion [1] Group 2: Economic Insights - The chief economist of CITIC Securities, Mingming, noted that the resumption of government bond trading will help stabilize bond market interest rates and support the fiscal policy [1] - The PBOC's earlier suspension of government bond trading was primarily due to a supply-demand imbalance in the bond market [1] Group 3: Future Outlook - The combination of "broad monetary" and "broad fiscal" policies is becoming increasingly necessary to address market disruptions caused by future debt needs [1] - The PBOC's actions are aimed at enhancing medium to long-term liquidity supply and ensuring smooth transmission of monetary policy [1]