重启国债买卖，央行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 tools, marking a significant shift in monetary policy aimed at stabilizing the bond market and ensuring smooth transmission of monetary policy [1][2]. Group 1: Central Bank Operations - In November, the PBOC achieved a net liquidity injection of 20 billion yuan, with a net injection of 200 billion yuan through Medium-term Lending Facility (MLF) and 400 billion yuan through reverse repos [1]. - The resumption of government bond trading is a strategic move to enhance liquidity management and improve the effectiveness of the government bond yield curve [1]. - The PBOC had previously suspended government bond trading in early 2023 due to market imbalances and accumulated risks, but after nearly 10 months, the yield on 10-year government bonds has risen to around 1.8% [1]. Group 2: Market Expectations and Future Outlook - Analysts suggest that the PBOC's actions reflect a dual objective of maintaining liquidity and stabilizing market expectations, with the relatively low net purchase of 20 billion yuan indicating a cautious approach [2]. - The PBOC plans to conduct a fixed quantity, interest rate tendering, and multi-price bidding for a 700 billion yuan reverse repo operation, which is expected to be a continuation of previous operations [2]. - Future monetary policy may involve a combination of MLF, reverse repos, and government bond trading to maintain a balance between risk prevention and expectation stabilization, with an overall stable liquidity environment anticipated [2].