央行10月恢复公开市场国债买卖 净投放200亿元

Core Points - The People's Bank of China (PBOC) resumed open market operations for government bonds in October 2025, with a net injection of 20 billion yuan [1] - In October, the PBOC conducted a net withdrawal of 595.3 billion yuan through short-term reverse repos, while net injections included 400 billion yuan from buyout reverse repos and 200 billion yuan from medium-term lending facilities (MLF) [1] - PBOC Governor Pan Gongsheng highlighted the importance of flexible operations in government bond trading to ensure smooth monetary policy transmission and stable financial market operations [3][4] Summary by Category Monetary Policy Tools - The PBOC has a variety of monetary policy tools, including reserve requirement adjustments, standing lending facilities (SLF), medium-term lending facilities (MLF), pledged supplementary lending (PSL), and other structural monetary policy tools [3] - Open market operations include short-term reverse repos, buyout reverse repos, government bond trading, and central treasury cash management [3] Market Conditions - The PBOC had previously suspended government bond trading due to significant imbalances in bond market supply and demand, as well as accumulated market risks [3] - Currently, the bond market is operating well, prompting the PBOC to resume government bond trading operations [3] Strategic Importance - The initiation of government bond trading in the secondary market is seen as a significant step to enrich the monetary policy toolkit, enhance the financial function of government bonds, and improve the pricing benchmark role of the government bond yield curve [4] - This move is also expected to facilitate the reform and development of China's bond market and enhance the market-making and pricing capabilities of financial institutions [4]