人民银行再买国债稳定市场预期，债市利率走势平稳

Core Viewpoint - The People's Bank of China (PBOC) has resumed trading of government bonds, leading to a stable performance in the bond market, with yields showing mixed movements across different maturities [1][3][4]. Market Performance - On November 11, the bond market saw a decline in yields, with the 10-year government bond yield dropping to 1.8040%, down 0.1 basis points from the previous trading day [1][3]. - The 30-year government bond yield increased by 0.6 basis points to 2.1525%, while the 5-year yield decreased by 0.25 basis points to 1.5250% [3]. - The overall bond market has remained stable since the beginning of November, with the PBOC's net purchase of government bonds amounting to 20 billion yuan in October [3][4]. PBOC's Actions and Market Impact - The PBOC's resumption of government bond trading is aimed at supporting year-end fiscal liquidity and enhancing control over the yield curve, with a relatively small net purchase scale of 20 billion yuan [4][5]. - Analysts suggest that the PBOC's actions are not intended to significantly lower interest rates but rather to guide market expectations without causing excessive market reactions [4][5]. Future Outlook - The bond market is expected to experience a range-bound fluctuation, influenced by regulatory policies, capital flows, and spillover effects from the stock market [1][6]. - Investment strategies may focus on leveraging interest rate strategies in a relatively stable funding environment, while investors are advised to remain cautious and attentive to policy developments [6].