公开市场国债买卖操作恢复 促进货币政策与财政政策相互协同

Core Viewpoint - The People's Bank of China (PBOC) has announced the resumption of open market operations for government bonds, which is a significant move to enhance the financial function of government bonds and improve the coordination between monetary and fiscal policies [1] Group 1: Market Operations - The PBOC's resumption of government bond trading is aimed at enhancing the pricing benchmark role of the government bond yield curve and supporting the development of the bond market [1] - The net injection of 20 billion yuan in October indicates that the bond trading operations, which were paused since January, have now resumed [1] - Government bond trading serves as a conventional monetary policy tool for managing liquidity and can be both bought and sold to improve the scientific and precise management of short- to medium-term liquidity [1] Group 2: Economic Implications - Analysts suggest that the resumption of bond trading signals increased support for long-term liquidity in the banking system, which is expected to stabilize macroeconomic operations in the fourth quarter of this year and the first quarter of next year [2] - The PBOC's actions reflect a moderately accommodative monetary policy stance, balancing the need to avoid liquidity tightness while not signaling excessive easing, thus supporting both growth and risk prevention [2] - The 20 billion yuan net buy is seen as a cautious approach, allowing for structural adjustments while maintaining market stability and leaving room for targeted adjustments through other tools if necessary [3] Group 3: Future Outlook - The PBOC's current operations may lead to an increase in the scale of net bond purchases to counteract the pressure from other monetary tools maturing in the near future [3] - The fourth quarter is viewed as a critical period for implementing growth-stabilizing policies, with the PBOC expected to maintain ample market liquidity to encourage increased credit issuance by financial institutions [3]