央行10月国债买卖操作点评：如何看待央行200亿国债净

Report Industry Investment Rating - No specific industry investment rating is provided in the content [1][2][3] Core View of the Report - The central bank's resumption of Treasury bond purchases is generally neutral for the bond market. In the short term, it helps accelerate the stabilization of the bond market; in the medium term, it is beneficial for the market to form an expectation of an "upper limit" on interest rates; in the long term, it better coordinates with fiscal policy tools. However, the market lacks positive factors for a significant decline in interest rates [2][3][6] Summary by Related Catalogs Event - On November 4, 2025, the People's Bank of China announced that the net investment in open - market Treasury bond transactions in October was 20 billion yuan [3][4][5] Analysis of Net Investment Scale - The 20 - billion - yuan net investment scale is not large, but it is the result of operations in the last few trading days of October. The central bank's average monthly net purchase of Treasury bonds from August to December last year was 200 billion yuan, so the significance of the 20 - billion - yuan net purchase should not be underestimated [3][5] Motivation for Resuming Treasury Bond Purchases - The central bank emphasized the supply - demand relationship when resuming Treasury bond purchases. It chose October instead of September, probably to coordinate with fiscal policy rather than to inject liquidity, and the operation mode is likely to assist the market in digesting the supply of interest - rate bonds [3][5] Implication of the Central Bank's Action - The central bank's resumption of Treasury bond purchases implies that the current bond market yield is within its desirable range, and it is unlikely to break this state due to its own actions [3][5] Expectation of the Central Bank's Net Bond - Buying Scale - It is expected that the social financing scale will grow moderately in the remaining two months of this year, and a reasonable assumption is that the central bank's net bond - buying scale should be roughly the same as that of the same period last year [3] Central Bank's Attitude towards Market Attention - The central bank does not want the market to over - focus on the scale of Treasury bond purchases. It has been guiding the market to view monetary policy operations from the perspective of "emphasizing price rather than quantity" [3]