央行恢复公开市场国债买卖操作 10月份净投放200亿元

Group 1 - The People's Bank of China (PBOC) resumed the operation of buying and selling government bonds in October 2025, marking a return to activities that had been paused since January 2025, with a net injection of 20 billion yuan [1] - The PBOC's bond trading is aimed at enhancing liquidity management and is intended to be a flexible tool in conjunction with other monetary policy measures [1] - The low net buying scale of 20 billion yuan indicates the PBOC's intention to avoid rapid declines in interest rates and to maintain stable market expectations [1][2] Group 2 - The resumption of bond trading is seen as a signal to support long-term liquidity in the banking system and to stabilize macroeconomic operations for the fourth quarter of this year and the first quarter of next year [2] - The PBOC has primarily relied on reverse repos and Medium-term Lending Facility (MLF) to ensure medium-term liquidity supply since the suspension of bond trading [2] - A significant amount of reverse repos and MLF are set to mature in November, indicating ongoing liquidity management efforts by the PBOC [2][3] Group 3 - There is a high likelihood that the PBOC will increase the scale of reverse repos in November to counteract potential liquidity tightening due to high government bond issuance and increased interbank deposit maturities [3] - The PBOC's actions are aimed at maintaining a stable and ample liquidity environment in the banking system [3][4]