Expert analysis: The resumption of trading in government bonds in October may not affect expectations of reserve requirement ratio cuts in the fourth quarter.

Wang Qing, Chief Macro Analyst of Oriental Goldman Sachs, analyzed that compared with the suspension of treasury bond trading at the beginning of the year, the current 10-year Treasury bond yield has risen to around 1.8%, the term spread has widened, the bond market is operating well overall, and the conditions for resuming treasury bond trading have been met. In addition, resuming treasury bond trading at present will increase support for the long-term liquidity of the banking system, further releasing signals of stable growth, and help stabilize macroeconomic operations in the fourth quarter of this year and the first quarter of next year. The resumption of treasury bond trading in October does not affect the expectation of a reserve requirement ratio cut in the fourth quarter. Next, the central bank will comprehensively use various types of price-type and quantity-type policy tools to increase efforts to stabilize growth, and monetary policy has ample operational space.