Core Points - The People's Bank of China (PBOC) has resumed open market transactions of government bonds for the first time since January 2025, with a net injection of 20 billion yuan in October 2025 [1] - The PBOC's operations in October included a short-term reverse repurchase of 47,453 billion yuan and a net withdrawal of 5,953 billion yuan, indicating a cautious approach to liquidity management [1][2] - Analysts suggest that the PBOC's actions aim to stabilize market expectations and support long-term liquidity in the banking system, which is crucial for economic stability in the upcoming quarters [2][3] Open Market Operations - In October, the PBOC conducted a net injection of 20 billion yuan through government bond transactions, marking a significant policy shift [1] - The short-term reverse repurchase operations totaled 47,453 billion yuan, with a net withdrawal of 5,953 billion yuan, reflecting a balanced approach to liquidity [1][2] - The PBOC plans to conduct a 7,000 billion yuan reverse repurchase operation on November 5, 2025, to maintain ample liquidity in the banking system [2] Market Conditions - The yield on 10-year government bonds has risen to approximately 1.8%, indicating a favorable environment for the resumption of bond transactions [2] - Analysts believe that the current conditions support the PBOC's decision to resume government bond trading, which is expected to enhance liquidity and stabilize economic growth [2][3] - The PBOC is likely to continue using various monetary policy tools, including reverse repos and medium-term lending facilities, to inject liquidity into the market [3]

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].

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, indicating a continuation of liquidity support in the market [1][4] Group 1: Reverse Repo Operations - The PBOC will conduct a 700 billion yuan reverse repo operation with a term of 3 months, which is equivalent to rolling over the same amount of maturing reverse repos [1] - Market institutions expect another 6-month reverse repo operation in November, indicating a continued net injection of liquidity [1][4] - Since June, the PBOC has been conducting two different term reverse repo operations each month, maintaining a stable liquidity environment [4] Group 2: Government Bond Operations - In October, the PBOC resumed government bond trading operations, injecting 20 billion yuan into the market, which is seen as a significant signal despite the small amount [1][7] - The resumption of government bond operations is expected to improve market sentiment and reverse bearish expectations in the bond market [8] - The 10-year government bond yield has decreased from 1.8423% to 1.7984% following the announcement of resumed operations, indicating a positive market response [8] Group 3: Market Impact and Expectations - The PBOC's actions are aimed at addressing potential liquidity tightening and maintaining a stable funding environment [4][5] - Analysts suggest that the PBOC will continue to use reverse repos and medium-term lending facilities (MLF) to inject liquidity into the market [5] - The need for the PBOC to buy government bonds is driven by the maturity of previously purchased bonds, with estimates suggesting a need to buy between 700 billion to 1 trillion yuan to maintain stable holdings [9]

Core Viewpoint - The People's Bank of China (PBOC) has resumed open market operations for government bonds after a ten-month hiatus, indicating a supportive stance towards liquidity and the bond market [1][3]. Market Operations - In October, the PBOC conducted short-term reverse repos amounting to 47,453 billion yuan, with a net withdrawal of 5,953 billion yuan after a total of 53,406 billion yuan was recalled [1]. - The PBOC executed a buyout reverse repo of 17,000 billion yuan, resulting in a net injection of 4,000 billion yuan after recalling 13,000 billion yuan [1]. - The announcement revealed a net injection of 20 billion yuan from government bond transactions, marking the first such operation since January 2025 [1][3]. Bond Market Performance - As of November 4, short-term government bond yields have risen, with the one-year yield at 1.3350% (up 1.5 basis points) and the ten-year yield at 1.7905% (up 0.1 basis points) [3]. - Analysts suggest that the PBOC's 20 billion yuan net purchase reflects a cautious approach to avoid rapid declines in interest rates while supporting market liquidity [3]. Economic Implications - The resumption of government bond trading is seen as a signal to stabilize macroeconomic conditions for Q4 2025 and Q1 2026, enhancing long-term liquidity support for the banking system [3][6]. - The PBOC plans to conduct a 7,000 billion yuan buyout reverse repo on November 5, with a term of three months, to maintain ample liquidity in the banking system [3][6]. Future Expectations - Analysts anticipate that the PBOC will continue to utilize buyout reverse repos and medium-term lending facilities (MLF) to inject liquidity into the market, while the recent bond trading resumption does not alter expectations for a reserve requirement ratio (RRR) cut in Q4 [6][7]. - The PBOC's policy stance is expected to remain supportive, with potential increases in net bond purchases to counterbalance the maturity of other monetary tools [6][7].

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 700 billion yuan reverse repurchase operation on November 5, 2025, to maintain ample liquidity in the banking system, with a term of 3 months (91 days) [1] Group 1: Reverse Repo Operations - The PBOC's operation on November 5 will be a continuation of the 700 billion yuan 3-month reverse repo that is set to mature in November, indicating a rollover of liquidity [5] - An additional 300 billion yuan 6-month reverse repo is expected to be conducted later in November, suggesting a potential increase in liquidity injection for the sixth consecutive month [5][6] - The PBOC's recent actions reflect a stable yet slightly accommodative monetary policy stance, with a focus on maintaining market liquidity and stabilizing bond market expectations [6] Group 2: Market Expectations and Tools - The PBOC's net purchase of 20 billion yuan in government bonds during October indicates a cautious approach to avoid rapid declines in interest rates while supporting liquidity [5] - The upcoming maturity of 9 billion yuan in Medium-term Lending Facility (MLF) also suggests that the PBOC may continue to use both reverse repos and MLF to inject medium-term liquidity into the market [6] - The introduction of the reverse repo tool in October 2024 has made it a primary instrument for medium to long-term liquidity supply, surpassing MLF in net injection volume this year [6]

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, 2025, to maintain liquidity in the banking system, indicating a continuation of medium-term liquidity support [1][2] Group 1: Reverse Repo Operations - On November 5, the PBOC will conduct 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 repo maturing in November, indicating a consistent approach to liquidity management [1] - An additional 300 billion yuan 6-month reverse repo is expected to be conducted in November, suggesting a potential increase in liquidity support [1][2] Group 2: Government Debt and Financial Instruments - The issuance of 500 billion yuan in local government bonds is anticipated by the end of the year, which will likely maintain a high level of government bond issuance in November [1] - The completion of 500 billion yuan in new policy financial instruments in October is expected to drive a rapid increase in associated loans [1] - A significant increase in the maturity of interbank certificates of deposit in November is also noted, contributing to liquidity dynamics [1] Group 3: Monetary Policy and Economic Outlook - The PBOC's actions are aimed at countering potential liquidity tightening, ensuring a stable and ample funding environment [2] - The central bank may also conduct a similar or slightly increased amount of Medium-term Lending Facility (MLF) operations, with 900 billion yuan maturing [2] - Expectations of a new round of reserve requirement ratio (RRR) cuts in the fourth quarter are linked to economic growth dynamics and efforts to stabilize the real estate market [2][3] Group 4: Bond Market and Long-term Liquidity - In October, the PBOC resumed net bond trading with a net injection of 20 billion yuan, indicating a return to supporting long-term liquidity in the banking system [3] - The current conditions in the bond market, including a 10-year bond yield around 1.8%, support the resumption of bond trading [3] - The resumption of bond trading is seen as a signal to stabilize macroeconomic operations in the fourth quarter and the first quarter of the following year [3]

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, 2025, to maintain ample liquidity in the banking system [1] Group 1: Reverse Repo Operations - On November 5, the PBOC will carry out a 700 billion yuan three-month reverse repurchase operation, which is aimed at rolling over the same amount that is maturing [1] - This operation is expected to help keep market liquidity abundant, as there are also 300 billion yuan in six-month reverse repos and 900 billion yuan in Medium-term Lending Facility (MLF) maturing this month [1] Group 2: Expert Insights - Dong Ximiao, Chief Researcher at Zhongan, indicates that the PBOC's actions are intended to ensure liquidity remains sufficient in the market [1] - Wang Qing, Chief Macro Analyst at Dongfang Jincheng, notes that the reverse repo operations will support government bond issuance and encourage financial institutions to increase credit supply, reflecting a continued supportive monetary policy stance [1]

Core Viewpoint - The People's Bank of China (PBOC) is actively managing liquidity in the banking system through various monetary policy tools, including reverse repos and government bond transactions, to maintain a stable and ample funding environment amid potential liquidity tightening [1][2][5]. Group 1: Reverse Repo Operations - On November 5, the PBOC announced a 700 billion yuan reverse repo operation with a three-month term, indicating a continuation of the same amount of reverse repos maturing in November [1]. - The market anticipates another six-month reverse repo operation in November, suggesting ongoing net liquidity injection [1][2]. - Since October, the PBOC has consistently increased the scale of reverse repo operations, with five consecutive months of increased reverse repos and eight months of Medium-term Lending Facility (MLF) operations [2]. Group 2: Government Bond Transactions - The PBOC resumed government bond transactions in October, injecting 20 billion yuan, after an eight-month hiatus, signaling a shift in market expectations [4][6]. - The resumption of bond buying is seen as beneficial for the bond market, not only for liquidity but also for reversing negative market sentiment [6]. - Following the announcement of resumed operations, the yield on 10-year government bonds decreased from 1.8423% to 1.7984% by November 4, indicating improved market sentiment [6]. Group 3: Market Implications - The PBOC's actions are aimed at stabilizing the banking system's liquidity, especially in light of the recent issuance of new policy financial tools and local government debt limits [2]. - Analysts suggest that the PBOC will continue to utilize a combination of reverse repos and MLF to inject medium-term liquidity into the market [2]. - The overall improvement in the bond market's supply-demand relationship has led to a more stable yield environment, with the 10-year government bond yield stabilizing around 1.8% [4].

最近美联储宣布两件事，一个是降息25个基点，另外就是结束缩表。两个组合拳出手，说直白点就是市 场上的美元不会减少了，流动性也会更宽松。 这一降一停，等于一套宽松组合拳，加上咱们央行也在恢复国债买卖，释放宽松信号，人民币贬值压力 就小了。最近人民币兑美元都升破7.1了，这对我们是好事，货币政策能更从容。 其引发的一系列反应，到我们这边就是人民币贬值的压力减少，我们在楼市上面的货币政策有了更多的 施展空间。 房价跌了，利率好像要动，可到底该不该出手？ 先看数据，国家统计局刚发布的9月70城房价，依然是一如既往的寒意逼人。新房价格全线下跌，一线 城市环比降了0.3%，二三线都跌了0.4%。更扎心的是，一二线跌幅还在扩大。 二手房就更不用提了，70个城市环比没一个涨的，全部下跌，这是今年头一回。尤其一线城市二手房， 环比跌幅直接冲到1%。 整体看，今年房价跌幅比去年收窄了点，但趋势还是向下，特别是下半年以来，这势头挺明显的。所 以，单从价格说，市场还没完全稳住，还得靠政策托底。 回过头看美联储，它最近搞了个大动作：降息25个基点，还宣布结束缩表。 啥叫结束缩表？简单说，以前美联储卖资产、收美元，让市场钱变少；现在不这 ...

21世纪经济报道记者 唐婧 11月4日，中国人民银行公布2025年10月各项工具流动性投放情况。数据显示，人民银行10月恢复公开市场国债买卖，当月净投放200亿元。此外，人民银行 10月通过短期逆回购净回笼5953亿元，通过买断式逆回购净投放4000亿元，通过中期借贷便利（MLF）净投放2000亿元。 | 工具类型 | 工具名称 | 投放 | 回笼 | 3 | | --- | --- | --- | --- | --- | | 准备金 | 调整法定存款准备金率 | l | - | | | 中央银行贷款 | 常备借贷便利(SLF) 中期借贷便利(MLF) | 11 9000 | 35 7000 | 2 | | | 抵押补充贷款(PSL) | 0 | 55 | | | | 其他结构性货币政策工具 | 2827 | 3000 | = | | 公开市场业务 | 短期逆回购 | 47453 | 53406 | -6 | | | 买断式逆回购 | 17000 | 13000 | 4 | | | 公开市场国债买卖 | 200 | 0 | 2 | | | 中央国库现金管理 | 1200 | -1500 | - | 而就在不久 ...