其次，作为长期流动性供给工具之一，这将有利于呵护金融机构年底流动性充裕。年初国债买卖暂停 后，今年央行中长期流动性供给主要依靠买断式逆回购和MLF操作。后续时段两类工具存在到期压 力，11月MLF到期9000亿元，而12月买断式逆回购共到期12万亿元。演讲指出，实践中，人民银行根 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。 央行买卖国债作为长期流动性的主要供给方式之一，也为呵护年底金融机构流动性充裕提供了保障。 最后，央行持债规模下降，重启国债买卖有利于强化央行对曲线形态调控能力。演讲指出，央行买卖国 债是"是丰富货币政策工具箱、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"，而伴随央行持有国债规模在国债到期等因素下逐步缩减，央行对曲 线形态的调控力度也会有所下降。因此，在当下时段选择恢复国债买卖，也是为了恢复和强化央行对曲 线形态的调控能力边际。 此外，除去恢复国债买卖，本次演讲中潘功胜行长还提及"研究实施支持个人修复信用的政策措施"，具 体而言"对于疫情以来违约在一定金额以下且已归还贷款的个人违约信息，将在征信 ...

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]