央行重启公开市场国债买卖 稳中偏松政策取向延续

Core Points - The People's Bank of China (PBOC) has resumed open market transactions of government bonds for the first time since January 2025, with a net injection of 20 billion yuan in October 2025 [1] - The PBOC's operations in October included a short-term reverse repurchase of 47,453 billion yuan and a net withdrawal of 5,953 billion yuan, indicating a cautious approach to liquidity management [1][2] - Analysts suggest that the PBOC's actions aim to stabilize market expectations and support long-term liquidity in the banking system, which is crucial for economic stability in the upcoming quarters [2][3] Open Market Operations - In October, the PBOC conducted a net injection of 20 billion yuan through government bond transactions, marking a significant policy shift [1] - The short-term reverse repurchase operations totaled 47,453 billion yuan, with a net withdrawal of 5,953 billion yuan, reflecting a balanced approach to liquidity [1][2] - The PBOC plans to conduct a 7,000 billion yuan reverse repurchase operation on November 5, 2025, to maintain ample liquidity in the banking system [2] Market Conditions - The yield on 10-year government bonds has risen to approximately 1.8%, indicating a favorable environment for the resumption of bond transactions [2] - Analysts believe that the current conditions support the PBOC's decision to resume government bond trading, which is expected to enhance liquidity and stabilize economic growth [2][3] - The PBOC is likely to continue using various monetary policy tools, including reverse repos and medium-term lending facilities, to inject liquidity into the market [3]