央行重启国债买卖，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 market as it matches the maturity of the same amount of reverse repos due this month [1][4]. Group 1: Reverse Repo Operations - The PBOC has consistently conducted two reverse repo operations of different maturities each month since June, with expectations for another six-month reverse repo operation in November, indicating continued net liquidity injection [4][5]. - The central bank aims to stabilize the banking system's liquidity through reverse repos, especially in light of potential tightening pressures, thereby maintaining a relatively abundant funding environment [5][6]. Group 2: Government Bond Operations - The PBOC resumed government bond trading operations in October, injecting 20 billion yuan, which is seen as a significant signal for the market despite the small amount [4][7]. - The resumption of bond operations is expected to improve market sentiment and reverse bearish expectations in the bond market, with the 10-year government bond yield declining from 1.8423% to 1.7984% following the announcement [8][9]. Group 3: Market Impact and Expectations - Analysts suggest that the PBOC's actions are aimed at addressing the imbalance in the bond market and managing liquidity effectively, with expectations that the central bank may need to purchase between 700 billion to 1 trillion yuan in bonds to maintain stability [9].