Core Viewpoint - The People's Bank of China (PBOC) is conducting a 700 billion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a continuation of monetary policy measures to support liquidity management [1] Group 1: Reverse Repo Operations - On November 5, the PBOC conducted a 700 billion yuan buyout reverse repo operation with a term of 3 months (91 days) [1] - This operation is a continuation of the 700 billion yuan 3-month reverse repos maturing in November, indicating a rollover of liquidity support [1] - The PBOC has introduced the buyout reverse repo tool in October 2024 to enhance liquidity management within a year [1] Group 2: Market Data - In October 2023, the PBOC conducted reverse repos amounting to 17 trillion yuan, with 13 trillion yuan being withdrawn, resulting in a net injection of 4 trillion yuan [1] - Additionally, on the same day, the PBOC executed a 655 billion yuan 7-day reverse repo operation at a fixed rate of 1.40%, maintaining the same rate as the previous operation [1]

Monetary Policy - The People's Bank of China (PBOC) will resume open market operations involving the buying and selling of government bonds [1] - In October 2025, the PBOC's open market operations resulted in a net injection of 20 billion RMB through government bond purchases [1] Regulatory Focus - The PBOC will continue to crack down on speculation in digital currencies to maintain financial order [1] - The PBOC is closely monitoring the development of stablecoins outside of China [1]

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on November 3, with a fixed rate and quantity tendering, amounting to 783 billion yuan at an interest rate of 1.40% [1] - On the same day, 3,373 billion yuan of reverse repos matured, resulting in a net withdrawal of 2,590 billion yuan [1] Group 2: Liquidity Conditions - The interbank market showed ample liquidity, with overnight repo rates for deposit institutions slightly decreasing and stabilizing around 1.31% [2] - The overnight quotes in the anonymous click (X-repo) system remained around 1.3%, with supply near 1 trillion yuan; non-bank institutions' overnight borrowing rates for pledged certificates of deposit and credit bonds fell to 1.42%-1.43% [2] - Market liquidity is generally abundant, with no significant disturbance factors expected in the short term, and institutions are willing to lend, keeping rates low [2] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is approximately 1.63%, unchanged from the previous day [3] Group 4: Bond Yield Rates - The yield rates for major interbank bonds are as follows: - 1-year government bonds at 1.3850% - 3-year government bonds at 1.3775% - 10-year government bonds at 1.5075% [9] Group 5: Government Bond Futures - The closing prices for government bond futures showed a decline in the 30-year main contract by 0.11%, while the 10-year main contract increased by 0.01% [12] Group 6: Recent Debt Market Developments - The Hong Kong Special Administrative Region plans to establish a "Bond Connect" with Switzerland and the UAE [16] - The Agricultural Development Bank will auction up to 6 billion yuan in two phases of financial bonds on November 4 [16] - Chongqing will issue 14.988 billion yuan in four phases of new special bonds on November 10 [16]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Economic fundamentals' continuous recovery and the implementation of expansionary fiscal policies require a low - interest - rate environment. The market generally expects the central bank to purchase medium - and short - term bonds, which may lead to a decline in short - term interest rates and potentially drive long - term rates down. However, the potential upward pressure on long - term rates due to a rise in risk appetite should be watched out for. It is recommended to buy on dips with a light position [2]. Summary by Relevant Catalogs 1. Futures Market - **Futures Prices and Volumes**: T, TF, TS, and TL are the main contracts of 10 - year, 5 - year, 2 - year, and ultra - long - term (TL) treasury bond futures respectively. T's closing price rose 0.01% to 108.680, with a trading volume of 65,902 (down 276). TF's closing price fell 0.01% to 106.050, with a trading volume of 52,682 (up 1,537). TS's closing price fell 0.03% to 102.516, with a trading volume of 24,640 (down 6,201). TL's closing price fell 0.11% to 116.510, with a trading volume of 98,827 (down 4,923) [2]. - **Futures Spreads**: Most spreads showed changes. For example, the TL2512 - 2603 spread was 0.24 (down 0.02), and the T12 - TL12 spread was - 7.83 (up 0.17) [2]. - **Futures Positions**: T's main position increased by 1,313 to 243,868. TF's main position increased by 1,862 to 151,286. TS's main position decreased by 1,209 to 71,166. TL's main position decreased by 4,976 to 137,774 [2]. 2. Cash Bond Market - **CTD Bonds**: The net prices of some CTD bonds changed. For example, the net price of 220017.IB (4y) rose 0.0332 to 106.7458, while the net price of 250018.IB (4y) fell 0.0417 to 99.0955 [2]. - **Active Treasury Bonds**: Yields of active treasury bonds showed different trends. The 1 - year yield remained unchanged at 1.38%, the 3 - year yield remained unchanged at 1.41%, the 5 - year yield rose 0.75bp to 1.53%, the 7 - year yield fell 0.75bp to 1.63%, and the 10 - year yield fell 1.00bp to 1.7925% [2]. 3. Interest Rates - **Short - term Interest Rates**: Most short - term interest rates declined. The overnight silver - pledged repo rate fell 3.99bp to 1.3101%, and the 7 - day silver - pledged repo rate fell 6.00bp to 1.4000% [2]. - **LPR Rates**: The 1 - year and 5 - year LPR rates remained unchanged at 3.00% and 3.5% respectively [2]. 4. Open Market Operations - The central bank conducted reverse - repurchase operations. The issuance scale was 783 billion yuan, the maturity scale was 3373 billion yuan, and the net withdrawal was 2590 billion yuan. The interest rate was 1.4% for 7 - day operations [2]. 5. Industry News - In October, China's manufacturing PMI was 49%, down 0.8 percentage points from the previous month. The non - manufacturing PMI was 50.1%, up 0.1 percentage points from the previous month. The composite PMI output index was 50%, down 0.6 percentage points from the previous month [2]. - The central bank governor detailed the main tasks of the "dual - pillar system". The finance minister proposed measures for the "15th Five - Year Plan" period, including using special bonds and ultra - long - term special treasury bonds, optimizing income distribution, and dealing with local government debt [2]. 6. Key Data to Watch - On November 3 at 23:00, the US October ISM manufacturing PMI will be released. On November 5 at 21:15, the US October ADP employment data (in ten thousand people) will be released [3].

Core Viewpoint - The People's Bank of China (PBOC) has announced the resumption of government bond trading operations after a pause earlier this year due to imbalances in supply and demand in the bond market and accumulated market risks [1] Group 1 - The PBOC suspended government bond trading at the beginning of the year due to significant pressures from supply-demand imbalances and market risks [1] - Currently, the overall operation of the bond market is reported to be stable [1] - The PBOC is set to restore open market operations for government bonds [1]

Core Viewpoint - The People's Bank of China (PBOC) has decided to resume the trading of government bonds in the open market after a pause earlier this year due to significant supply-demand imbalances and accumulated market risks [1] Group 1 - The PBOC's governor, Pan Gongsheng, announced the resumption of government bond trading at the 2025 Financial Street Forum Annual Meeting [1] - Earlier this year, the PBOC suspended government bond trading to address the pressures from the imbalanced supply and demand in the bond market [1] - The overall operation of the bond market is currently stable, prompting the PBOC to reinstate open market operations for government bonds [1]

Core Viewpoint - The People's Bank of China (PBOC) plans to resume the operation of buying and selling government bonds in the open market, following a pause earlier this year due to significant supply-demand imbalances in the bond market [1]. Group 1 - The PBOC's Governor, Pan Gongsheng, announced the resumption of government bond trading operations at the 2025 Financial Street Forum [1]. - Earlier in the year, the PBOC suspended government bond trading due to considerable pressure from supply-demand imbalances in the bond market [1]. - Currently, the overall operation of the bond market is reported to be stable, prompting the decision to resume trading [1].

中国央行行长潘功胜宣布，央行将恢复公开市场国债买卖。人民银行将持续打击数字货币炒作，维护金融秩序，同时动态跟踪境外稳定币发展动态。 ...

Core Points - The central bank conducted a reverse repurchase operation on October 23, 2025, with a fixed rate and quantity tendering method, amounting to 212.5 billion yuan for a 7-day term [1] - The operation interest rate was set at 1.40%, with both the bidding and winning amounts being 212.5 billion yuan [1] - A total of 236 billion yuan in reverse repos is set to mature today [1]

Core Points - The central bank conducted a reverse repurchase operation of 212.5 billion yuan for a 7-day term at an interest rate of 1.40%, unchanged from previous rates [1] - A total of 236 billion yuan in 7-day reverse repos matured today, resulting in a net withdrawal of 23.5 billion yuan by the central bank [1]