分析｜公开市场国债买卖操作重启在即：有何深意，将如何操作

Core Viewpoint - The People's Bank of China (PBOC) is set to resume public market government bond trading operations, which were paused earlier this year, as the bond market is currently performing well [1][2]. Group 1: Market Conditions and Policy Implications - The PBOC's decision to restart government bond trading is aimed at enhancing the coordination between monetary and fiscal policies, supporting the real economy, and ensuring liquidity for financial institutions at year-end [1][2]. - The overall bond market has shown improvement, with net financing of government bonds in the first three quarters exceeding the same period last year, and government bond issuance rates rising compared to early this year [2][3]. Group 2: Expected Outcomes and Market Reactions - Analysts expect that the resumption of government bond trading will increase liquidity flexibility in the fourth quarter, especially as the market typically experiences volatility during this period [3][5]. - The PBOC is likely to focus on net purchases of government bonds in the short term, given the existing liquidity gap and upcoming maturities of other monetary policy tools [4][5]. Group 3: Operational Strategies - The PBOC's bond trading strategy may primarily involve short-term purchases rather than long-term sales, as the current yield curve is deemed reasonable, reducing the need for adjustments [6][7]. - The anticipated scale of bond purchases may exceed expectations due to the significant amount of government bonds yet to be issued and the upcoming maturities of MLF and reverse repos [5][6].