央行买债200亿低于预期？ 后续仍有想象空间

Core Viewpoint - The People's Bank of China (PBOC) resumed its treasury bond buying operations in October, with a net purchase of 20 billion yuan, which is significantly lower than market expectations, leading to disappointment among investors [1][2][3]. Group 1: Market Reaction - Following the announcement, major interest rate bond yields initially rose but then quickly fell as buying interest surged, with the 30-year bond yield decreasing by 0.4 basis points to 2.136% [2]. - The overall bond market showed a mixed performance, with yields on various maturities experiencing fluctuations, indicating a volatile market response to the PBOC's actions [4][5]. Group 2: Analyst Insights - Analysts noted that the 20 billion yuan net purchase is low compared to last year's monthly net purchases of 100 billion to 300 billion yuan, which has led to a sense of disappointment among investors [2][3]. - The PBOC's cautious approach aims to avoid causing excessive downward pressure on interest rates, reflecting a balanced strategy to maintain market stability [3][5]. Group 3: Future Expectations - There is speculation that the PBOC may increase the scale of treasury bond purchases in November, potentially exceeding the October figures, as the market adjusts to the new liquidity conditions [1][6]. - Analysts suggest that the future scale of bond purchases will depend on the movement of bond yields, indicating a responsive strategy from the PBOC based on market conditions [6][7].