央行恢复公开市场国债买卖

Core Viewpoint - The People's Bank of China (PBOC) has resumed the operation of buying and selling government bonds, with a net injection of 20 billion yuan, signaling support for the real economy and enhancing the coordination of monetary and fiscal policies [1][2]. Group 1: Government Bond Operations - The PBOC's resumption of government bond trading is aimed at supporting the real economy and stabilizing market expectations, following a pause in operations earlier this year due to market imbalances [1][2]. - As of November 4, the PBOC reported a net injection of 20 billion yuan in government bond trading, indicating a shift in policy to enhance liquidity in the banking system [1][2]. - The current 10-year government bond yield has risen to approximately 1.8%, providing a favorable condition for the resumption of bond trading operations [1]. Group 2: Liquidity Management - The PBOC announced a fixed quantity, interest rate bidding, and multi-price method for a 700 billion yuan reverse repurchase operation with a term of three months, aimed at maintaining ample liquidity in the banking system [2]. - The upcoming maturity of 700 billion yuan in three-month reverse repos on November 7 aligns with the PBOC's strategy to maintain liquidity levels without increasing the volume of operations [2]. - There is an expectation for an additional 300 billion yuan six-month reverse repurchase operation in November, indicating a continued injection of medium-term liquidity into the market [3].