央行最新动作！已重启国债买卖 开展7000亿元买断式逆回购！

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, maintaining liquidity in the banking system as it faces significant maturity amounts this month [1][2]. Group 1: Reverse Repo Operations - The PBOC will conduct a 700 billion yuan reverse repo operation with a term of three months, which is equivalent to the amount maturing in November [1]. - Despite a total of 1 trillion yuan in reverse repos maturing this month, the PBOC has been consistently conducting two different term reverse repo operations each month since June [2]. - Market institutions expect another six-month reverse repo operation in November, indicating continued net liquidity injection [2]. Group 2: Market Signals and Expectations - The PBOC's resumption of government bond trading operations in October, with a 20 billion yuan injection, is seen as a significant signal for the market, despite the small amount [2][4]. - Analysts believe that the PBOC's actions are aimed at stabilizing the banking system's liquidity and maintaining a supportive monetary policy stance [4][5]. - The resumption of government bond operations is expected to improve market sentiment and reverse negative expectations in the bond market [6][7]. Group 3: Bond Market Dynamics - The 10-year government bond yield has decreased from 1.8423% to 1.7984% following the PBOC's announcement to resume bond buying operations [7]. - The PBOC's bond buying is necessary to maintain a stable scale of government bonds held, with estimates suggesting a need to purchase between 700 billion to 1 trillion yuan this year [7].