央行恢复公开市场国债买卖 释放什么信号？

Core Viewpoint - The People's Bank of China (PBOC) has resumed the operation of buying and selling government bonds in the open market, with a net injection of 20 billion yuan, indicating a shift in monetary policy to support the real economy and stabilize market expectations [1][4]. Group 1: Monetary Policy Tools - The PBOC's liquidity injection includes various tools, with a notable net injection of 20 billion yuan from government bond transactions, marking the resumption of operations that were paused earlier this year [1][2]. - The central bank's operations also include a net withdrawal of 24 million yuan from the Standing Lending Facility (SLF) and a net injection of 20 billion yuan from the Medium-term Lending Facility (MLF) [2]. Group 2: Market Conditions - The current 10-year government bond yield is around 1.8%, which has widened the yield curve, indicating favorable conditions for resuming bond transactions [5]. - The overall performance of the bond market is considered stable, which supports the decision to restart government bond trading [5]. Group 3: Economic Signals - The resumption of government bond trading is seen as a signal to stabilize macroeconomic operations for the fourth quarter of this year and the first quarter of next year [5]. - The PBOC's cautious approach is reflected in the relatively low net buying scale of 20 billion yuan, aimed at avoiding excessive influence on market expectations [5]. Group 4: Future Expectations - There is a possibility that the PBOC may increase the scale of net bond purchases in the future to counterbalance the pressure from other monetary tools maturing [7]. - The PBOC plans to conduct a 700 billion yuan reverse repurchase operation to maintain ample liquidity in the banking system, indicating ongoing support for the financial market [6].