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，实践中，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。 11月4日傍晚，中国人民银行官网公布2025年10月中央银行各项工具流动性投放情况，其中，公开市场 国债买卖净投放200亿元。这表明，10月份央行已恢复2025年1月份以来暂停的国债买卖操作。 为贯彻中央金融工作会议"要充实货币政策工具箱，在央行公开市场操作中逐步增加国债买卖"要求，去 年8月份，央行启动国债买卖操作。央行国债买卖定位于基础货币投放和流动性管理工具，既有买也有 卖，与其他工具灵活搭配，提升流动性管理的科学性和精准性。 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, maintaining liquidity in the market as it matches the maturity of the same amount of reverse repos due this month [1][4]. Group 1: Reverse Repo Operations - The PBOC has consistently conducted two reverse repo operations of different maturities each month since June, with expectations for another six-month reverse repo operation in November, indicating continued net liquidity injection [4][5]. - The central bank aims to stabilize the banking system's liquidity through reverse repos, especially in light of potential tightening pressures, thereby maintaining a relatively abundant funding environment [5][6]. Group 2: Government Bond Operations - The PBOC resumed government bond trading operations in October, injecting 20 billion yuan, which is seen as a significant signal for the market despite the small amount [4][7]. - The resumption of bond operations is expected to improve market sentiment and reverse bearish expectations in the bond market, with the 10-year government bond yield declining from 1.8423% to 1.7984% following the announcement [8][9]. Group 3: Market Impact and Expectations - Analysts suggest that the PBOC's actions are aimed at addressing the imbalance in the bond market and managing liquidity effectively, with expectations that the central bank may need to purchase between 700 billion to 1 trillion yuan in bonds to maintain stability [9].

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 through medium-term funding tools [1][4]. Group 1: Reverse Repo Operations - The PBOC will carry out a 700 billion yuan reverse repo operation with a term of three months, which is equivalent to rolling over the same amount of maturing reverse repos [1]. - Despite a total of 1 trillion yuan in reverse repos maturing this month, the PBOC has consistently conducted two different term reverse repo operations each month since June [4]. - Market institutions expect an additional six-month reverse repo operation in November, indicating a continued net injection of liquidity [4]. Group 2: Bond Market Operations - The PBOC resumed its bond buying operations in October, injecting 20 billion yuan, which is seen as a significant signal for the bond market despite the small amount [4][7]. - The bond market's supply-demand relationship has improved, with the 10-year government bond yield stabilizing around 1.8%, showing a notable improvement since the beginning of the year [7][8]. - The resumption of bond operations is expected to positively influence market sentiment and lead to a decline in long-term interest rates, as evidenced by the drop in the 10-year bond yield from 1.8423% to 1.7984% [8]. Group 3: Liquidity Management - The PBOC has been actively using reverse repos to address medium-term funding gaps since October of last year, aiming to maintain a stable and ample liquidity environment [5]. - The central bank's actions, including reverse repos and bond operations, are part of a broader strategy to manage liquidity and support the economy [6]. - Analysts suggest that the PBOC will continue to utilize a combination of reverse repos and medium-term lending facilities (MLF) to inject liquidity into the market [6].

Core Viewpoint - The People's Bank of China (PBOC) is actively managing liquidity through various monetary policy tools, including reverse repos and government bond transactions, to maintain a stable financial environment amid upcoming liquidity pressures. Group 1: Reverse Repo Operations - On November 5, the PBOC announced a 700 billion yuan reverse repo operation with a term of 3 months, indicating a rollover of the same amount due in November [1] - Despite a total of 1 trillion yuan in reverse repos maturing this month, the PBOC is expected to conduct another 6-month reverse repo operation, maintaining a net injection of liquidity [4] - The PBOC has consistently used reverse repos to supplement medium-term funding gaps since October of last year, with a focus on stabilizing market expectations [5] Group 2: Government Bond Transactions - The PBOC resumed government bond transactions in October, injecting 20 billion yuan, which is seen as a significant signal for the market despite the small amount [4][8] - The resumption of bond buying is expected to improve market sentiment and has already led to a decline in long-term bond yields, with the 10-year government bond yield dropping from 1.8423% to 1.7984% [8] - Analysts suggest that to maintain a stable scale of government bonds held by the PBOC, it may need to purchase between 700 billion to 1 trillion yuan in bonds this year [9] Group 3: Market Impact and Expectations - The PBOC's actions are aimed at countering potential liquidity tightening and ensuring a stable funding environment, reflecting a supportive monetary policy stance [5] - The market is reacting positively to the PBOC's signals, with expectations of improved liquidity conditions and a reversal of bearish sentiment in the bond market [6][8]

11月4日，中国人民银行（下称"央行"）发布预告称，将在5日以固定数量、利率招标、多重价位中标方式开展7000亿元买断式逆回购操作，期限为3个月 （91天）。鉴于当月有7000亿元3个月期品种的到期量，本次操作意味着11月3个月期买断式逆回购为等量续作。 尽管本月有累计1万亿元买断式逆回购到期量，但自今年6月以来央行每月均开展两次不同期限的买断式逆回购操作。市场机构普遍预计11月央行还将开展 一次6个月期限的买断式逆回购操作，看好当月买断式逆回购继续保持净投放。 近期，中国人民银行行长潘功胜在2025金融街论坛年会上提前"预告"，指出目前债市整体运行良好，央行将恢复国债买卖操作。 值得注意的是，当天央行公布的2025年10月中央银行各项工具流动性投放情况显示，10月央行通过公开市场国债买卖操作（下称"国债买卖操作"）投放 200亿元，这意味着央行在当月重启国债买卖操作。虽然当月投放量较小，但市场更看重央行重启操作的信号意义。"对债市而言，利好不仅是资金宽松效 果，更在于市场预期的逆转。"华西证券首席经济学家刘郁表示。 持续释放中期流动性 自去年10月启用以来，央行持续通过买断式逆回购操作补充中长期资金缺口。为 ...

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) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, indicating a continuation of liquidity support in the market, particularly through medium-term funding tools [1][4]. Group 1: Reverse Repo Operations - The PBOC will carry out a 700 billion yuan reverse repo operation with a term of three months, which is equivalent to rolling over the same amount of maturing reverse repos [1]. - Market institutions expect the PBOC to conduct another six-month reverse repo operation in November, maintaining a net injection of liquidity [1][4]. - Since October last year, the PBOC has consistently used reverse repo operations to address medium to long-term funding gaps [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][6]. - The resumption of government bond operations is expected to improve market sentiment and reverse bearish expectations in the bond market [7]. - 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 [7]. Group 3: Market Impact and Expectations - Analysts believe that the PBOC's actions will help stabilize the banking system's liquidity and maintain a supportive monetary policy stance [4][5]. - The PBOC's use of reverse repos and government bond operations is aimed at managing liquidity effectively, especially in light of potential tightening pressures [4][5]. - To maintain a stable scale of government bond holdings, the PBOC may need to purchase between 700 billion to 1 trillion yuan of bonds this year [8].

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].

Core Viewpoint - The People's Bank of China (PBOC) plans to resume open market operations for government bonds, indicating a positive outlook for the bond market and a commitment to supportive monetary policy [1] Group 1: Bond Market Operations - The PBOC has previously implemented government bond trading operations in the secondary market as part of enhancing monetary policy tools and improving the pricing capabilities of financial institutions [1] - The central bank will conduct flexible two-way operations in government bonds to ensure smooth monetary policy transmission and stable financial market operations [1] Group 2: Monetary Policy Stance - The PBOC emphasizes a supportive monetary policy stance, aiming for moderately loose monetary conditions while utilizing various monetary policy tools to provide liquidity across different time frames [1] - The central bank will continue to refine the monetary policy framework and strengthen the execution and transmission of monetary policy [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 MLF operations, to support economic recovery and maintain a stable financial environment [1][3][4] Group 1: PBOC Operations - On September 15, the PBOC conducted a 600 billion yuan six-month reverse repo operation, marking the second operation in September following a 1 trillion yuan operation on September 5 [1] - The total reverse repo operations in September reached 1.6 trillion yuan, with an expiration amount of 1.3 trillion yuan, resulting in a net injection of 300 billion yuan, indicating a fourth consecutive month of increased operations [1] - The PBOC has established a routine of conducting reverse repo operations at the beginning and middle of each month since June, effectively stabilizing market expectations and providing clear policy signals [1] Group 2: Market Conditions - In September, the banking system faces liquidity challenges due to accelerated government bond issuance, the maturity of 3.5 trillion yuan in interbank certificates of deposit, and a shift of household deposits to wealth management products [3] - Additionally, 300 billion yuan in MLF is set to mature in September, prompting market institutions to predict continued PBOC operations to ensure stable liquidity [3] - The bond market sentiment remains low, with increasing expectations for the PBOC to resume government bond trading operations, which previously helped maintain liquidity and stabilize government bond yields [3] Group 3: Policy Coordination - Experts emphasize the importance of coordinating monetary and fiscal policies, suggesting that government bonds serve as a key tool for this collaboration [3] - With a more proactive fiscal policy in place, increasing government bond issuance is deemed necessary, and the PBOC is encouraged to enhance its open market operations in government bonds to better align with fiscal efforts [3] - The PBOC's recent actions reflect its commitment to using various monetary policy tools flexibly to support ongoing economic recovery and maintain a conducive financial environment for high-quality economic development [4]