在近期举行的2025金融街论坛年会上，中国人民银行行长潘功胜透露，将恢复公开市场国债买卖操作。 央行在公开市场买卖国债是增强国债金融功能、发挥国债收益率曲线定价基准作用、增进货币政策与财 政政策相互协同的重要举措，也有利于我国债券市场改革发展和金融机构提升做市定价能力。 近日，中国人民银行公布的2025年10月份中央银行各项工具流动性投放情况显示，公开市场国债买卖净 投放200亿元。这意味着，自今年1月起暂停的国债买卖操作已于10月份恢复。 在实践中，央行会根据基础货币投放需要，兼顾债券市场供求和收益率曲线形态变化等情况，灵活开展 国债买卖双向操作，保障货币政策顺畅传导和金融市场平稳运行。自去年8月份开始开展公开市场国债 买卖操作以来，截至去年12月份，央行共累计买入1万亿元国债。但在今年年初，债券市场供求不平衡 压力较大、市场风险有所累积，国债买卖按下了"暂停键"。 "与年初暂停国债买卖时相比，当前10年期国债收益率已升至1.8%附近，期限利差走阔，债市整体运行 良好。"东方金诚首席宏观分析师王青认为，当前恢复国债买卖操作，加大对银行体系长期流动性的支 持，也在进一步释放稳增长信号，有助于稳定今年四季度和明 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to resume government bond trading operations, signaling a strong easing policy amid a complex market environment and the need for coordination between fiscal and monetary policies [2][3]. Group 1: Reasons for Resuming Bond Trading - The resumption of government bond trading is driven by three main factors: 1. The necessity for monetary policy to align with fiscal policy as year-end fiscal increments are implemented [3]. 2. The need to ensure liquidity for financial institutions at year-end, as the PBOC has relied on other liquidity tools since the suspension of bond trading [4]. 3. The decline in the PBOC's bond holdings, which necessitates the resumption of trading to enhance its ability to manage the yield curve [5]. Group 2: Policy Measures and Future Directions - The PBOC is exploring mechanisms to provide liquidity directly to non-bank institutions, which could lead to innovative policy measures similar to those implemented during the financial crisis in the U.S. [6]. - The PBOC's focus on supporting personal credit repair through changes in credit reporting for individuals who have settled small amounts of debt post-pandemic reflects a broader strategy to improve the financing environment [5].

Group 1 - The central bank has resumed the trading of government bonds, enhancing confidence in the bond market [5][6] - The resumption is part of a broader strategy to enrich the monetary policy toolkit and improve the financial functions of government bonds [5][6] - The central bank's actions aim to ensure smooth transmission of monetary policy and stable operation of financial markets [5][6] Group 2 - The central bank's previous suspension of bond trading was due to an imbalance in market supply and demand and accumulated market risks [5][6] - The current bond market environment has improved, with rising risk appetite among investors and a significant increase in government bond yields [6] - The resumption of bond trading is expected to support the real economy and enhance the coordination between monetary and fiscal policies [6] Group 3 - The central bank's strategy includes a flexible approach to bond trading, considering market conditions and the shape of the yield curve [5][6] - The anticipated operations may involve a cautious approach, focusing on short-term bonds while selectively including medium to long-term bonds [6] - The impact on the bond market may lead to a short-term decline in interest rates, while also reinforcing the upper limit on long-term rates [6]