11月4日，中国人民银行公布2025年10月中央银行各项工具流动性投放情况。数据显示，央行10月恢复公开市场国债买卖，当月净投放200亿元。这意味 着自今年1月起暂停的国债买卖操作已恢复。 问：国债买卖操作有何作用？ 答：这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，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。 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，保障货币政策顺畅传导和金 融市场平稳运行。 问：10月份净投放出于什么考虑？ 答：一方面，净买入的操作模式体现了央行呵护流动性市场和稳定债市预期的操作目标。 今年以来，国债买卖为何暂停又恢复？一起来看↓ 问：现在为何恢复？ 答：年初时，债券市场供求不平衡压力较大、市场风险有所累积。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。目前债市整体运行良好，具备恢复公开市场国债买卖操作的条件。 而且，恢复国债买卖操作既有利于支持实体经济，加强货币与财政政策协同，也有利于释放流动性，稳定 ...

Group 1 - The People's Bank of China (PBOC) announced a 700 billion yuan reverse repo operation to maintain liquidity in the banking system, with a term of 3 months (91 days) [1] - This operation is a continuation of the 700 billion yuan reverse repo maturing this month, indicating a rollover of the same amount [1] - Analysts expect the PBOC to conduct another 6-month reverse repo operation later this month, likely with an increased amount, to inject medium-term liquidity into the market for the sixth consecutive month [1] Group 2 - The PBOC is expected to utilize both reverse repos and Medium-term Lending Facility (MLF) tools to continuously inject medium-term liquidity into the market [2] - As of October, the net liquidity injection from various central bank tools included a net injection of 20 billion yuan from open market operations [2][3] - The PBOC's recent actions are aimed at stabilizing liquidity and supporting the bond market, with a cautious approach to avoid rapid declines in interest rates [4]

自年初暂停的公开市场国债买卖操作在10月份已经恢复。11月4日，中国人民银行（以下简称"央行"）公布2025年10月中央银行各项工具流动性投放情 况。数据显示，10月份，央行开展公开市场国债买卖操作，净投放200亿元。 10月27日，央行行长潘功胜在2025金融街论坛年会上发表主题演讲时表示："今年初，考虑到债券市场供求不平衡压力较大、市场风险有所累积，我们暂 停了国债买卖。目前，债市整体运行良好，我们将恢复公开市场国债买卖操作。" 图片来源：中国人民银行网站 | 工具类型 | 工具名称 | 投放 | 回笼 | 净投放 | | --- | --- | --- | --- | --- | | 准备金 | 调整法定存款准备金率 | - | - | | | 中央银行贷款 | 常备借贷便利(SLF) | 11 | 35 | -24 | | | 中期借贷便利(MLF) | 9000 | 7000 | 2000 | | | 抵押补充贷款(PSL) | 0 | રેર | -રેર | | | 其他结构性货币政策工具 | 2827 | 3000 | -173 | | 公开市场业务 | 短期逆回购 | 47453 | 534 ...

Core Points - The People's Bank of China (PBOC) resumed open market operations for government bonds in October 2025, with a net injection of 20 billion yuan [1] - In October, the PBOC conducted a net withdrawal of 595.3 billion yuan through short-term reverse repos, while net injections included 400 billion yuan from buyout reverse repos and 200 billion yuan from medium-term lending facilities (MLF) [1] - PBOC Governor Pan Gongsheng highlighted the importance of flexible operations in government bond trading to ensure smooth monetary policy transmission and stable financial market operations [3][4] Summary by Category Monetary Policy Tools - The PBOC has a variety of monetary policy tools, including reserve requirement adjustments, standing lending facilities (SLF), medium-term lending facilities (MLF), pledged supplementary lending (PSL), and other structural monetary policy tools [3] - Open market operations include short-term reverse repos, buyout reverse repos, government bond trading, and central treasury cash management [3] Market Conditions - The PBOC had previously suspended government bond trading due to significant imbalances in bond market supply and demand, as well as accumulated market risks [3] - Currently, the bond market is operating well, prompting the PBOC to resume government bond trading operations [3] Strategic Importance - The initiation of government bond trading in the secondary market is seen as a significant step to enrich the monetary policy toolkit, enhance the financial function of government bonds, and improve the pricing benchmark role of the government bond yield curve [4] - This move is also expected to facilitate the reform and development of China's bond market and enhance the market-making and pricing capabilities of financial institutions [4]

Core Viewpoint - The People's Bank of China (PBOC) has released liquidity injection data for October 2025, indicating a mixed approach to monetary policy with both net withdrawals and injections across various tools [1] Summary by Category Liquidity Injection and Withdrawal - The short-term reverse repos saw a net withdrawal of 595.3 billion yuan - The buyout reverse repos experienced a net injection of 400 billion yuan - The net injection from open market government bond transactions was 20 million yuan - The medium-term lending facility (MLF) had a net injection of 200 billion yuan - The pledged supplementary lending (PSL) recorded a net withdrawal of 5.5 billion yuan [1] Monetary Policy Tools Overview - The central bank's structural monetary policy tools had a net withdrawal of 17.3 billion yuan - The standing lending facility (SLF) showed a net withdrawal of 2.4 billion yuan - The MLF had a total injection of 900 billion yuan and a withdrawal of 700 billion yuan, resulting in a net injection of 200 billion yuan - The short-term reverse repos had a total injection of 47.453 billion yuan and a withdrawal of 53.406 billion yuan, leading to a net withdrawal of 5.953 billion yuan [2]

Core Viewpoint - The People's Bank of China has implemented a total of 9 reserve requirement ratio cuts since the beginning of the 14th Five-Year Plan, reducing the statutory deposit reserve ratio by 3.5 percentage points, which has provided approximately 7 trillion yuan in long-term liquidity [1] Monetary Policy Tools - The central bank has employed various monetary policy tools to flexibly adjust short- and medium-term liquidity [1] - The toolbox for monetary policy has been enriched, including operations such as open market transactions of government bonds and reverse repos [1] Credit Growth Management - There is an emphasis on strengthening the understanding and grasp of the supply and demand patterns and new characteristics of monetary credit to promote reasonable growth in monetary credit [1]

Core Viewpoint - The People's Bank of China (PBOC) has released the liquidity injection data for September 2025, indicating various monetary policy tools used to manage liquidity in the financial system [1] Group 1: Liquidity Injection Details - In September, the net injection from short-term reverse repos amounted to 390.2 billion yuan [1] - The net injection from the medium-term lending facility (MLF) was 300 billion yuan [1] - The net injection from the pledged supplementary lending (PSL) showed a net withdrawal of 88.3 billion yuan [1] Group 2: Market Operations - The net injection from the buyout reverse repos was 300 billion yuan [1] - There was no net injection from the open market treasury transactions, indicating a neutral stance in this area [1]

Core Points - The People's Bank of China (PBOC) released the liquidity injection data for September, indicating significant net injections through various monetary policy tools [1] Group 1: Liquidity Injection Details - The net injection through short-term reverse repos amounted to 390.2 billion yuan [1] - The net injection from the buyout reverse repos was 300 billion yuan [1] - There was no net injection from the open market treasury transactions [1] - The net injection from the Medium-term Lending Facility (MLF) was 300 billion yuan [1] - The net withdrawal through the Pledged Supplementary Lending (PSL) was 88.3 billion yuan [1] Group 2: Monetary Policy Tools Overview - Various monetary policy tools were utilized, including the adjustment of the required reserve ratio and several types of central bank loans [2] - The tools listed include Standing Lending Facility (SLF), Medium-term Lending Facility (MLF), and Pledged Supplementary Lending (PSL) [2] - Open market operations included short-term reverse repos and buyout reverse repos, with specific amounts allocated to each [2]

Group 1 - The central bank announced liquidity injection and withdrawal measures for August, with a net injection of 300 billion yuan through Medium-term Lending Facility (MLF) [1] - In August, the central bank conducted a net withdrawal of 53.4 billion yuan through short-term reverse repos [1] - The central bank also executed a net injection of 300 billion yuan via buyout reverse repos, while no public market transactions of government bonds were conducted during the month [1] Group 2 - Various monetary policy tools were utilized, including adjustments to the required reserve ratio, standing lending facility (SLF), MLF, and pledged supplementary lending (PSL) [2] - The central bank's open market operations included short-term reverse repos, buyout reverse repos, and cash management for the central treasury [2]

Core Insights - The People's Bank of China (PBOC) reported liquidity injection data for August 2025, indicating a mixed approach to monetary policy with both net injections and withdrawals across various tools [1] Group 1: Liquidity Tools Overview - The net injection from the Standing Lending Facility (SLF) was 0.2 billion yuan, while the Medium-term Lending Facility (MLF) saw a net injection of 300 billion yuan [1] - The PBOC conducted a net withdrawal of 160.8 billion yuan through the Pledged Supplementary Lending (PSL) and a net withdrawal of 53.4 billion yuan via short-term reverse repos [1] - A net injection of 300 billion yuan was recorded from the buyout reverse repos, with no public market transactions for government bonds during the month [1] Group 2: Detailed Tool Performance - The SLF had a total lending of 1.6 billion yuan and a repayment of 1.4 billion yuan, resulting in a net injection of 0.2 billion yuan [2] - The MLF had total lending of 600 billion yuan and repayments of 300 billion yuan, leading to a net injection of 300 billion yuan [2] - The PSL had total lending of 4 billion yuan and repayments of 16.12 billion yuan, resulting in a net withdrawal of 160.8 billion yuan [2] - The short-term reverse repos had total lending of 63.146 billion yuan and repayments of 63.680 billion yuan, leading to a net withdrawal of 53.4 billion yuan [2] - The buyout reverse repos had total lending of 12 billion yuan and repayments of 9 billion yuan, resulting in a net injection of 3 billion yuan [2] - The central treasury cash management showed total lending of 1.2 billion yuan and repayments of 2.2 billion yuan, resulting in a net withdrawal of 1 billion yuan [2]