中国央行连续两月开展公开市场国债买卖 11月净投放500亿元

Core Viewpoint - The People's Bank of China (PBOC) has conducted net bond purchases in the open market for two consecutive months, with a net injection of 50 billion yuan in November, indicating a strategic move to manage liquidity in the financial system [1] Group 1: Market Operations - In November, the PBOC executed a net bond purchase of 50 billion yuan, alongside a net injection of 500 billion yuan through reverse repos and 100 billion yuan via Medium-term Lending Facility (MLF) [1] - The PBOC had previously suspended bond trading operations in January due to a persistent supply-demand imbalance in the government bond market, but resumed these operations in October with a net injection of 20 billion yuan [1] Group 2: Economic Analysis - Analysts suggest that the resumption of bond trading may serve as a "substitute for reserve requirement ratio cuts" [1] - The PBOC is expected to avoid large-scale purchases in a short period to prevent significant disturbances in bond yields, with future bond buying likely dependent on changes in yield rates [1] - The overall policy stance of maintaining ample liquidity has not changed, although the urgency for increased liquidity injections in November is considered low [1]