央行重启公开市场国债买卖，稳中偏松政策取向延续

Core Viewpoint - The People's Bank of China (PBOC) has resumed public market treasury bond transactions for the first time since January 2025, indicating a supportive stance towards liquidity and stabilizing market expectations [3][4]. Group 1: Market Operations - In October, the PBOC conducted short-term reverse repos amounting to 47,453 billion yuan, with a net withdrawal of 5,953 billion yuan after a total of 53,406 billion yuan was recalled [1]. - The PBOC executed a buyout reverse repo of 17,000 billion yuan, resulting in a net injection of 4,000 billion yuan after recalling 13,000 billion yuan [1]. - The announcement on November 4 indicated a net injection of 20 billion yuan from treasury bond transactions, marking the first operation since the suspension in January 2025 [3]. Group 2: Interest Rates and Market Conditions - As of November 4, short-term treasury yields have risen, with the 1-year yield at 1.3350% (up 1.5 basis points) and the 10-year yield at 1.7905% (up 0.1 basis points) [3]. - The current 10-year treasury yield has reached around 1.8%, indicating favorable conditions for resuming treasury bond transactions [3]. Group 3: Future Expectations - The PBOC plans to conduct a 7,000 billion yuan buyout reverse repo on November 5, with a term of 3 months, to maintain ample liquidity in the banking system [4]. - There is an expectation of an additional 6-month buyout reverse repo operation in November, indicating a continued injection of medium-term liquidity [4]. - The PBOC is likely to utilize both buyout reverse repos and medium-term lending facilities (MLF) to inject liquidity into the market, while maintaining a supportive monetary policy stance [5][6].