12月份首周资金面压力整体可控

Group 1 - The People's Bank of China (PBOC) is maintaining ample liquidity through various monetary policy tools, resulting in a stable funding environment by the end of November [1] - The DR007 rate peaked at 1.5239% on November 18 and decreased to 1.4668% by November 28, with an average of approximately 1.46% from November 24 to 28 [1] - Factors influencing December's funding environment include concentrated government bond issuance, a mid-to-long-term liquidity withdrawal of 1.7 trillion yuan, and significant single-day maturity of certificates of deposit [1] Group 2 - In the first week of December, the main disturbance in liquidity comes from the maturity of public market funds, with a total of 15,118 billion yuan in reverse repos maturing and an additional 10,000 billion yuan in three-month reverse repos due on December 5, creating a funding gap of over 25 trillion yuan [2] - Since August, the PBOC has consistently conducted three-month reverse repo operations in the first week of each month to alleviate funding pressure from maturing funds [2] - The PBOC's liquidity injection remains a key factor affecting funding operations, with expectations that reverse repo operations will provide effective support, keeping overall funding pressure manageable [2]