人民银行买国债稳市场预期 债市利率企稳

Core Insights - The People's Bank of China (PBOC) has resumed trading in government bonds, leading to a stable performance in the bond market, with the 10-year government bond yield dropping below 1.80% at one point on November 11 [1][2] - Analysts expect that the bond market will 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][3] Bond Market Performance - On November 11, government bond yields showed mixed movements, with the 30-year bond yield rising by 0.6 basis points to 2.1525%, while the 5-year bond yield fell by 0.25 basis points to 1.5250%, and the 10-year bond yield decreased by 0.1 basis points to 1.8040% [2] - The bond market has remained stable overall in November, with the PBOC's net purchase of government bonds amounting to 20 billion yuan in October, indicating limited impact on supply and demand dynamics [2][3] PBOC's Strategy - The PBOC's resumption of government bond trading is aimed at supporting year-end fiscal measures and maintaining liquidity, rather than aggressively driving down interest rates [3][4] - The PBOC's operations are primarily conducted in the secondary market, buying and selling existing government bonds to manage market liquidity [4] Market Sentiment and Future Outlook - The market perceives the PBOC's resumption of bond trading as a significant signal, stabilizing market expectations and encouraging investor confidence [6] - The bond market is expected to remain volatile, with analysts suggesting that investors should adopt a cautious approach and look for trading opportunities amid market fluctuations [6]