什么原因促使央行重启国债买卖？

Core Viewpoint - The central bank's decision to resume the trading of government bonds signals a commitment to balancing economic growth and risk management, with expectations for more flexible operations compared to the previous year [2][3]. Group 1: Market Response - The bond market sentiment has notably improved, with long-term interest rates showing signs of technical stabilization [2][8]. - Institutions believe that the current expectations for a loose monetary policy are yet to be validated, and the medium to long-term trajectory of bond yields will depend on the evolution of fundamentals and policy coordination [2][3]. Group 2: Operational Flexibility - The central bank's approach to bond trading is expected to be more flexible in terms of pace, scale, and maturity structure, reflecting a nuanced policy response to market conditions [3][4]. - The anticipated operations may involve targeted liquidity injections by purchasing government bonds from major banks, aiming to maintain market stability while avoiding excessive volatility [3][5]. Group 3: Long-term Strategy - The resumption of bond trading is viewed as a long-term tool for optimizing the central bank's asset structure, increasing the proportion of "internal assets" on its balance sheet [5][6]. - This strategy aims to reduce reliance on external asset fluctuations and improve operational efficiency by gradually extending the maturity of bond purchases [5][6]. Group 4: Macroeconomic Context - The decision to restart bond trading is seen as a response to current liquidity fluctuations and a proactive measure to create policy space for the future [6][7]. - The central bank's actions are expected to help stabilize market sentiment and smooth out seasonal funding fluctuations, while also serving as a regular policy tool alongside other measures like reserve requirement ratio cuts [6][7]. Group 5: Market Expectations - The market has reacted positively to the policy signals, with a restoration of investor confidence and a potential stabilization of long-term interest rates [8][9]. - However, there are differing opinions on whether this operation will lead to a sustained bullish trend in the bond market, with some institutions cautioning against overestimating its long-term impact [9].