快问快答丨央行恢复操作，净投放200亿元！体现什么监管意图？

Core Viewpoint - The People's Bank of China has resumed the trading of government bonds in October 2023, with a net injection of 20 billion yuan, marking the end of a suspension that began in January 2023 [1][2]. Group 1: Reasons for Resumption - The resumption of government bond trading is attributed to improved market conditions, with the 10-year government bond yield rising to approximately 1.8% and a widening yield spread [2]. - The current state of the bond market is considered stable, providing a conducive environment for the resumption of operations [2]. Group 2: Benefits of Resuming Operations - Resuming government bond trading supports the real economy, enhances the coordination between monetary and fiscal policies, and helps to release liquidity while stabilizing market expectations [3]. - This action enriches the monetary policy toolkit, enhances the financial functions of government bonds, and strengthens the pricing benchmark role of the yield curve [4]. Group 3: October's Net Injection Considerations - The net buying operation reflects the central bank's goal to nurture liquidity in the market and stabilize expectations in the bond market [5]. - The relatively low net buying scale of 20 billion yuan indicates the central bank's intention to avoid rapid declines in interest rates and excessive influence on market expectations [6].