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, indicating a continuation of liquidity support in the market through medium-term funding tools [1][4]. Group 1: Reverse Repo Operations - The PBOC will carry out a 700 billion yuan reverse repo operation with a term of three months, which is equivalent to rolling over the same amount of maturing reverse repos [1]. - Despite a total of 1 trillion yuan in reverse repos maturing this month, the PBOC has consistently conducted two different term reverse repo operations each month since June [4]. - Market institutions expect an additional six-month reverse repo operation in November, indicating a continued net injection of liquidity [4]. Group 2: Bond Market Operations - The PBOC resumed its bond buying operations in October, injecting 20 billion yuan, which is seen as a significant signal for the bond market despite the small amount [4][7]. - The bond market's supply-demand relationship has improved, with the 10-year government bond yield stabilizing around 1.8%, showing a notable improvement since the beginning of the year [7][8]. - The resumption of bond operations is expected to positively influence market sentiment and lead to a decline in long-term interest rates, as evidenced by the drop in the 10-year bond yield from 1.8423% to 1.7984% [8]. Group 3: Liquidity Management - The PBOC has been actively using reverse repos to address medium-term funding gaps since October of last year, aiming to maintain a stable and ample liquidity environment [5]. - The central bank's actions, including reverse repos and bond operations, are part of a broader strategy to manage liquidity and support the economy [6]. - Analysts suggest that the PBOC will continue to utilize a combination of reverse repos and medium-term lending facilities (MLF) to inject liquidity into the market [6].