central bank: in september, the net purchase of government bond purchases in the open market was 200 billion yuan in face value.
2024-09-30
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the people's bank of china has been a net buyer of bonds in open market government bond transactions for two consecutive months.
on september 30, the people's bank of china issued an announcement on the purchase and sale of government bonds, saying that in order to increase the countercyclical adjustment of monetary policy and maintain reasonable and sufficient liquidity in the banking system, the people's bank of china launched open market purchase and sale of government bonds in september 2024. the net sales for the whole month were the face value of the bonds purchased is 200 billion yuan.
the central bank officially launched open market government bond buying and selling operations in august. during the month, short-term treasury bonds were purchased from some primary dealers in the open market business and long-term treasury bonds were sold. the net face value of bonds purchased throughout the month was 100 billion yuan.
pan gongsheng, governor of the central bank, said at a press conference of the state council information office on september 24 that in recent years, with the rapid development of my country's financial market, the scale and depth of the bond market have gradually increased. the central bank buys and sells treasury bonds and releases base currency through the secondary market. conditions have gradually matured. at present, the people's bank of china has included the purchase and sale of government bonds into its monetary policy toolbox and has begun trial operations. our operations are very transparent, and the people's bank of china website is open to the public. we are also working with the ministry of finance to study and optimize the issuance rhythm, term structure, custody system, etc. of government bonds. the entire process of the people's bank of china's treasury bond trading in the secondary market will be gradual.
at the third quarter regular meeting of the people's bank of china's monetary policy committee in 2024, it was proposed to "enrich the monetary policy toolbox, carry out treasury bond sales, and pay attention to changes in long-term yields."
the fixed income team of china post securities pointed out that the third quarter regular meeting continued to emphasize "paying attention to changes in long-term yields." a rapid rise or fall in long-term bond yields is not what the central bank wants to see. therefore, it does not rule out the possibility of continuous and rapid increases in long-term bond yields. in the process, the central bank will prompt risks and regulate risks by guiding major banks to buy long-term bonds or directly buy them in open market operations.
the paper reporter chen yueshi
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