央行：灵活开展国债买卖等操作，为政府债券顺利发行创造适宜的货币金融环境和条件

Core Viewpoint - The People's Bank of China (PBOC) is actively managing government bond issuance and liquidity to ensure a stable financial environment for the smooth issuance of government bonds in 2025 [1] Group 1: Government Bond Issuance - In 2025, the total issuance of government bonds reached 16 trillion yuan, with a net increase of 6.6 trillion yuan for the year, resulting in a year-end balance of approximately 40 trillion yuan [1] - Financial institutions, including banks and non-bank financial institutions, hold 27 trillion yuan and 5 trillion yuan of these bonds, respectively, while foreign institutions hold 2 trillion yuan [1] Group 2: Role of the People's Bank of China - The PBOC's operations in buying and selling government bonds aim to ensure smooth issuance at reasonable costs while meeting the asset allocation needs of market institutions [1] - In 2025, the PBOC conducted buyback operations for government bonds and local government bonds amounting to nearly 7 trillion yuan, enhancing market liquidity for government bonds [1] Group 3: Future Operations and Market Stability - The PBOC plans to flexibly conduct bond buy and sell operations, considering factors such as the need for base currency issuance, bond market supply and demand, and changes in the yield curve [1] - These operations, along with other liquidity tools, aim to maintain ample liquidity and create favorable monetary conditions for the smooth issuance of government bonds [1]