200亿净投放！央行重启国债买卖靴子落地

Core Viewpoint - The People's Bank of China (PBOC) has resumed open market operations for government bonds, indicating a shift in monetary policy to stabilize liquidity and bond market expectations while avoiding rapid interest rate declines [1][3][4]. Group 1: Liquidity Operations - In October 2025, the PBOC net injected 200 billion yuan through open market government bond transactions, while also conducting various liquidity operations including a net withdrawal of 5,953 billion yuan via short-term reverse repos and a net injection of 4,000 billion yuan through buyout reverse repos [1][2]. - The PBOC's operations reflect a balanced approach to managing liquidity, with a focus on maintaining stability in the bond market and avoiding excessive impacts on market expectations [3][4]. Group 2: Market Conditions - The resumption of government bond transactions comes after a period of significant adjustments in the bond market, with the 10-year government bond yield surpassing 1.8% and the 30-year yield exceeding 2.1% [4][5]. - Analysts suggest that the current conditions in the bond market, characterized by a substantial supply of government bonds and improved market stability, justify the PBOC's decision to restart these operations [4][5]. Group 3: Policy Implications - The PBOC's actions are seen as a means to enhance the effectiveness of monetary policy and fiscal policy coordination, contributing to a more reasonable and effective government bond yield curve [5]. - The central bank's strategy aims to support economic stability and growth, particularly in light of recent GDP growth rates and other economic indicators [5].