连续4个月净投放6000亿，央行双工具护航年末经济收官

Core Viewpoint - The central bank's liquidity injection in November remains at a high level of 600 billion yuan, with a net injection of 1 trillion yuan through medium-term lending facilities (MLF) and 5 trillion yuan through reverse repos, indicating ongoing support for market liquidity [1][2]. Group 1: Liquidity Injection Details - In November, the central bank announced a 10 trillion yuan MLF operation, with 9 trillion yuan of MLF maturing, resulting in a net injection of 1 trillion yuan [1]. - The total net liquidity injection for November reached 600 billion yuan, consistent with the previous month, marking a sustained high level over four months [1]. - The central bank's liquidity support is primarily driven by three factors: local government debt issuance, completion of new policy financial tools, and an increase in bank interbank certificates of deposit maturing [1]. Group 2: Future Policy Directions - The central bank is expected to maintain a moderately accommodative monetary policy, focusing on optimizing the structure rather than merely increasing the scale of liquidity [3]. - Future monetary policy will emphasize directing financial resources towards key areas such as technological innovation, consumption stimulation, and green initiatives, enhancing policy precision [3]. - There is a prediction that the central bank will continue to use reverse repos and MLF to inject liquidity, but the scale may decrease from the previous high of 600 billion yuan per month as year-end policies are introduced [3].