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]. Summary by Sections Bond Market Performance - On November 11, the bond market saw a general 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]. 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 net purchase of 20 billion yuan in October [4][5]. - The scale of PBOC's bond purchases is relatively small, which limits its impact on market supply and demand, resulting in a stable interest rate environment [4]. Market Expectations and Future Outlook - Analysts expect the bond market to experience a range-bound fluctuation for the remainder of the year, influenced by regulatory policies, capital flows, and spillover effects from the stock market [1][6]. - The market's reaction to the PBOC's bond trading resumption has been muted, as expectations were already well-formed prior to the actual implementation [4][6]. Liquidity and Interest Rates - On November 11, the Shanghai Interbank Offered Rate (Shibor) saw an increase across various maturities, indicating a tightening liquidity environment [6]. - The PBOC's recent operations, including a 403.8 billion yuan reverse repurchase agreement, reflect ongoing efforts to manage liquidity in the market [5][6].