央行重启国债买卖

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, indicating a continuation of liquidity support for the economy and stability in financial markets [1][2]. Group 1: Central Bank Operations - The PBOC will implement a fixed-quantity, interest-rate tendering method for a 700 billion yuan reverse repurchase operation with a term of three months (91 days) [1]. - This operation is equivalent to rolling over the 700 billion yuan of three-month products maturing in November, suggesting a stable liquidity environment [1]. - The PBOC has resumed government bond trading operations in October after an eight-month hiatus, with a net injection of 20 billion yuan in the open market [1]. Group 2: Market Implications - Analysts believe that the PBOC's actions are aimed at supporting the real economy and enhancing the coordination between monetary and fiscal policies, which will help stabilize expectations in the stock and bond markets [1][2]. - The relatively small net purchase of 20 billion yuan in government bonds reflects a cautious approach by the PBOC to avoid excessive influence on market expectations [2]. - The PBOC's policy direction is expected to remain stable yet slightly accommodative, with potential for increased net purchases of government bonds to counteract other monetary tool expirations [2].