央行10月恢复公开市场国债买卖，净投放200亿元

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, 2025, to maintain liquidity in the banking system, indicating a continuation of medium-term liquidity support [1][2] Group 1: Reverse Repo Operations - On November 5, the PBOC will conduct a 700 billion yuan buyout reverse repo operation with a term of 3 months (91 days) [1] - This operation is a continuation of the 700 billion yuan 3-month reverse repo maturing in November, indicating a consistent approach to liquidity management [1] - An additional 300 billion yuan 6-month reverse repo is expected to be conducted in November, suggesting a potential increase in liquidity support [1][2] Group 2: Government Debt and Financial Instruments - The issuance of 500 billion yuan in local government bonds is anticipated by the end of the year, which will likely maintain a high level of government bond issuance in November [1] - The completion of 500 billion yuan in new policy financial instruments in October is expected to drive a rapid increase in associated loans [1] - A significant increase in the maturity of interbank certificates of deposit in November is also noted, contributing to liquidity dynamics [1] Group 3: Monetary Policy and Economic Outlook - The PBOC's actions are aimed at countering potential liquidity tightening, ensuring a stable and ample funding environment [2] - The central bank may also conduct a similar or slightly increased amount of Medium-term Lending Facility (MLF) operations, with 900 billion yuan maturing [2] - Expectations of a new round of reserve requirement ratio (RRR) cuts in the fourth quarter are linked to economic growth dynamics and efforts to stabilize the real estate market [2][3] Group 4: Bond Market and Long-term Liquidity - In October, the PBOC resumed net bond trading with a net injection of 20 billion yuan, indicating a return to supporting long-term liquidity in the banking system [3] - The current conditions in the bond market, including a 10-year bond yield around 1.8%, support the resumption of bond trading [3] - The resumption of bond trading is seen as a signal to stabilize macroeconomic operations in the fourth quarter and the first quarter of the following year [3]