PBOC reports 150 billion yuan net injection from govt bond trading in October

The mix matters more than the headline number: outright bond trading added liquidity while the MLF drained it, so the net stance depends on how the tools are combined rather than on any single operation. That the PBOC is leaning on outright government bond purchases signals a liquidity toolkit shifting toward balance-sheet tools with direct bearing on bond supply absorption, which matters most to rates and duration positioning in onshore markets. Whether outright trading keeps offsetting MLF runoff is the open question to watch.