10月净投放200亿元，央行恢复国债买卖操作

Core Viewpoint - The People's Bank of China (PBOC) 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: Monetary Policy Actions - In October, the PBOC conducted a net injection of 20 billion yuan through government bond trading, marking the resumption of operations that had been paused since January 2025 [1]. - PBOC 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 demand dynamics [1]. Group 2: Strategic Objectives - The resumption of government bond trading aligns with the central financial work conference's directive to enrich the monetary policy toolkit and gradually increase government bond trading in open market operations [1]. - The PBOC'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].