“印钞机”重启？央行时隔三个季度恢复购买国债，年底货币宽松？

Core Viewpoint - The People's Bank of China (PBOC) is set to restart secondary market treasury bond trading, signaling a potential new round of monetary easing in response to current economic conditions [1][5]. Group 1: Treasury Bonds and Market Dynamics - Many citizens misunderstand the role of treasury bonds, believing that the central bank's purchase of these bonds is merely a transfer of funds within the government [3]. - Treasury bonds are issued by the Ministry of Finance, representing a means for the government to raise funds from the public, with high demand often leading to quick sellouts [3]. - The central bank's role differs from that of the Ministry of Finance, focusing on market liquidity rather than financing the state [5]. Group 2: Recent Market Trends - In early 2025, treasury bond trading was paused due to a supply-demand imbalance, leading to irrational price increases and bubble risks [7]. - With recent stabilization in bond yields, the PBOC's announcement to resume trading indicates a strategy to inject liquidity into the market [7]. Group 3: Economic Context and Implications - China's GDP growth for Q3 2025 was reported at 4.8%, lower than the previous half-year, indicating a need for monetary policy support to sustain economic momentum [7]. - The central bank's liquidity injection is expected to positively impact asset prices, particularly in the bond market, and may also benefit the stock market if combined with potential interest rate cuts [9]. Group 4: Monetary Policy Strategy - The PBOC's approach to liquidity provision is characterized as a "slow and steady" strategy, aimed at supporting the real economy while avoiding rapid inflation [11]. - The resumption of treasury bond trading reflects a balance between stabilizing growth and managing risks in the economy [11].