央行突然重启国债购买，不是放水是换锚？货币主权争夺战打响

Group 1 - The recent actions by the central banks, including the People's Bank of China (PBOC) resuming domestic government bond purchases and the issuance of $4 billion in bonds by the Ministry of Finance in Hong Kong, indicate a strategic shift rather than a "big flood" of liquidity [1][8] - The PBOC's bond purchases are a tool for open market operations, allowing for flexible adjustments based on market conditions, and are not indicative of a monetary policy crisis [2][4] - The resumption of bond purchases is part of a broader strategy to enhance the monetary policy framework and reduce reliance on external factors for currency issuance, moving towards a more autonomous system [5][7] Group 2 - The issuance of U.S. dollar bonds by the Ministry of Finance serves to maintain a reasonable presence in the international dollar system and signals economic stability to global investors [8] - The recent interest rate cut by the Federal Reserve provides a more accommodating external environment for China's monetary policy, reducing capital outflow pressures and allowing for greater domestic policy flexibility [9] - The PBOC's actions are expected to promote balanced development between the stock and bond markets, enhancing the pricing benchmark role of government bonds and improving market efficiency [11]