Core Viewpoint - The People's Bank of China has resumed government bond trading operations, indicating a shift in monetary policy to enhance liquidity management and ensure smooth financial market operations [1] Group 1: Central Bank Operations - On November 4, the People's Bank of China announced a net injection of 20 billion yuan through government bond trading in October, marking the resumption of operations that had been paused since January 2025 [1] - The central bank's governor, Pan Gongsheng, emphasized the need for flexible government bond trading operations to accommodate the demand for base currency and changes in the bond market's supply and yield curve [1] Group 2: Monetary Policy Tools - The resumption of government bond trading aligns with the central financial work conference's directive to expand the monetary policy toolkit by gradually increasing government bond transactions in open market operations [1] - The central bank's government bond trading is positioned as a tool for base currency injection and liquidity management, allowing for both buying and selling to enhance the scientific and precise management of liquidity [1]
10月净投放200亿元 央行恢复国债买卖操作
Sou Hu Cai Jing·2025-11-05 07:04