中国货币政策系列七：央行现券买断交易支持特别国债到期续作

Group 1: Monetary Policy Actions - On August 29, the People's Bank of China (PBOC) conducted a buyback transaction, purchasing CNY 400 billion of special government bonds from primary dealers[1] - The Ministry of Finance will roll over CNY 400 billion of special government bonds maturing on August 29, 2024, using funds raised to repay maturing principal[2] - The PBOC emphasized maintaining a supportive monetary policy stance, utilizing various tools to enhance financial support for the real economy[3] Group 2: Market Expectations and Risks - The market is expected to experience a rebound ahead of the Federal Reserve's anticipated "preventive" rate cut on September 18, 2024, driven by liquidity easing expectations[4] - There are risks associated with short-term economic data volatility and fluctuations in financial markets[5] - The PBOC's recent establishment of a "government bond trading" section on its website has heightened market expectations for future bond trading as a monetary policy tool[6]