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央行重启国债买卖操作“信号释放”
经济观察报·2025-09-05 13:18

Group 1 - The central bank is expected to restart government bond trading operations, which may lead to a reduction in the reserve requirement ratio (RRR) in the fourth quarter, indicating a potential increase in the use of quantity-based monetary policy tools [1][2][9] - The recent meeting between the Ministry of Finance and the People's Bank of China focused on financial market operations and government bond issuance management, highlighting the importance of stabilizing the bond market [1][2] - Analysts suggest that the central bank's decision to resume bond trading is influenced by the need to stabilize bond prices amid recent market fluctuations and to enhance the flexibility of monetary policy tools [2][4][11] Group 2 - The central bank's previous bond trading operations effectively stabilized market interest rates and maintained a reasonable yield curve, preventing market distortions [4][5] - Since January, the central bank has paused bond trading operations, leading to a significant increase in bond prices and a decline in yields, with the 10-year government bond yield dropping below 1.6% [6][10] - The tightening of the funding environment, coupled with high government bond issuance and the maturity of interbank certificates of deposit, has increased pressure on liquidity, prompting expectations for the resumption of bond trading [11]