央行恢复公开市场国债买卖 10月净投放200亿元

Core Viewpoint - The People's Bank of China (PBOC) has resumed the operation of government bond trading, which is expected to support the real economy, enhance the coordination of monetary and fiscal policies, and stabilize market expectations [1][2]. Group 1: Government Bond Trading - The PBOC announced a net injection of 20 billion yuan through government bond trading on November 4, indicating the resumption of operations that were paused at the beginning of the year [1][2]. - The resumption of government bond trading comes as the 10-year government bond yield has risen to around 1.8%, creating favorable conditions for this move [2]. - The net buying of government bonds reflects the PBOC's aim to maintain liquidity and stabilize market expectations, while the relatively low scale of 20 billion yuan indicates a cautious approach to avoid excessive market impact [2]. Group 2: Liquidity Operations - On November 5, the PBOC will conduct a 700 billion yuan reverse repurchase operation with a term of 3 months, maintaining liquidity in the banking system [3]. - The upcoming reverse repurchase operation is an equal rollover of the same amount due on November 7, indicating that there is no need for increased liquidity injection at this time [3]. - There is an expectation that the PBOC will also conduct a 6-month reverse repurchase operation later in November, potentially increasing the amount, which would mark the sixth consecutive month of injecting medium-term liquidity into the market [3].