The central bank's purchase of 200 billion yuan in bonds in October is lower than expected. There is still room for imagination in the future.

According to the liquidity injection situation of various tools by the Central Bank on October 25, 2025, the Central Bank injected a net 20 billion yuan through open market treasury bond transactions in October. This means that the suspension of treasury bond transactions since January has been resumed. However, from the performance of the bond market, the above-mentioned news has led to a sense of "disappointment" in the market due to the significantly lower scale of bond purchases compared to the average monthly volume in the past. Many institutions believe that the size of the Central Bank's bond purchases this time is lower than market expectations, but it leaves more room for imagination for future operations. As the Central Bank's bond purchase expectations come to an end, the market will focus more on factors such as fundamentals and equity market performance.