央行邹澜：综合考虑多种因素 灵活开展国债买卖操作｜快讯

Group 1 - The People's Bank of China (PBOC) announced the resumption of government bond trading operations in October 2025, aiming to gradually increase bond trading in 2026 as part of its monetary policy toolbox expansion [2] - In 2025, the PBOC conducted a net injection of 6 trillion yuan through various open market operations, including a net buy of 120 billion yuan in government bonds [2] - The PBOC is enhancing the transparency of monetary policy operations and improving the pricing mechanism for basic currency issuance and operational tools [2] Group 2 - The increase in government bond issuance, totaling 16 trillion yuan in 2025 with a net increase of 6.6 trillion yuan, is supported by the PBOC's bond trading operations to ensure smooth issuance at reasonable costs [3] - The PBOC's bond repurchase operations, close to 7 trillion yuan in 2025, have significantly improved the market liquidity of government bonds [3] - The bond trading operations also serve to establish a benchmark for government bond yield curves and enhance macro-prudential management tools to mitigate market volatility risks [3] Group 3 - The PBOC plans to flexibly conduct government bond trading operations while considering factors such as basic currency injection needs, bond market supply and demand, and yield curve changes to maintain liquidity and support smooth government bond issuance [4]