Core Viewpoint - The People's Bank of China (PBOC) has resumed the trading of government bonds in October 2023, injecting 20 billion yuan into the banking system, indicating a shift in monetary policy to support liquidity and stabilize the economy [1][2] Group 1: Market Reaction and Analysis - The resumption of government bond trading comes after a pause since January, with the current 10-year government bond yield around 1.8%, suggesting favorable conditions for this operation [1] - Analysts believe that this move will enhance long-term liquidity support for the banking system and signal a commitment to stabilizing economic growth in the fourth quarter of 2023 and the first quarter of 2024 [1] Group 2: Future Expectations - The net purchase of 20 billion yuan reflects the PBOC's intention to maintain liquidity and stabilize market expectations, while the relatively low scale indicates a cautious approach to avoid rapid declines in interest rates [1] - Looking ahead, there is a possibility of increasing the scale of government bond purchases to offset the pressure from the maturity of other monetary tools, with 300 billion yuan in 6-month reverse repos and 900 billion yuan in Medium-term Lending Facility (MLF) maturing soon [1]
200亿购债规模适中、时机恰当 业内称不影响四季度降准预期
Xin Hua Cai Jing·2025-11-04 11:41