央行等量续作3个月期买断式逆回购，流动性稳定充裕状态有望延续

Group 1 - The central bank conducted a 700 billion yuan reverse repurchase operation with a fixed amount and interest rate, maturing in 3 months, indicating a strategy to maintain liquidity in the market [1] - There is an expectation for another 6-month reverse repurchase operation in November, with a possibility of increasing the amount, reflecting the central bank's proactive approach to manage liquidity [2] - The central bank's resumption of government bond trading is aimed at injecting liquidity into the bond market, which is expected to bolster market confidence and support the issuance of government bonds in the upcoming year [3][4] Group 2 - The central bank's actions are seen as a means to stabilize the funding environment, especially with the anticipated increase in local government bond issuance and the maturity of interbank certificates of deposit [2] - The resumption of government bond trading is expected to alleviate pressure on commercial banks' bond holdings and provide a quasi-reduction in reserve requirements, ensuring smooth market operations in the fourth quarter [3][4] - The current low inflation levels provide ample room for the central bank to implement various monetary policy tools to support economic stability [4][5]