央行去年净买入国债1200亿元，国债买卖操作成流动性调节新工具

Group 1 - The People's Bank of China (PBOC) reported a net injection of 6 trillion yuan through open market operations in 2025, including a net buy of government bonds amounting to 120 billion yuan [1][3] - The issuance of government bonds reached 16 trillion yuan in 2025, with a net increase of 6.6 trillion yuan, resulting in a year-end balance of approximately 40 trillion yuan [3] - Major holders of government bonds include banks (27 trillion yuan), non-bank financial institutions (5 trillion yuan), and foreign institutions (2 trillion yuan) [3] Group 2 - The PBOC aims to maintain liquidity and create a favorable monetary environment for the smooth issuance of government bonds by flexibly conducting bond buy-sell operations [3][4] - The bond buy-sell operations are part of the central bank's efforts to enhance coordination between monetary and fiscal policies, especially in light of increased government bond issuance [3][4] - The PBOC's operations also aim to prevent market volatility and ensure a balanced supply-demand situation in the bond market [4]