刚刚，央行发布11月中央银行各项工具流动性投放情况

Summary of Key Points Core Viewpoint - The central bank's liquidity injection in November 2025 shows a mixed approach with net withdrawals in some areas and significant net injections in others, indicating a strategic balance in monetary policy to manage liquidity in the economy [1]. Group 1: Central Bank Loan Tools - The central bank's standing lending facility (SLF) had a net withdrawal of 3 million yuan, indicating a reduction in liquidity through this channel [2][3]. - The medium-term lending facility (MLF) saw a net injection of 1000 million yuan, reflecting an effort to provide longer-term liquidity support [2][3]. - The pledged supplementary lending (PSL) had a net injection of 254 million yuan, contributing positively to liquidity [2][3]. - Other structural monetary policy tools resulted in a net injection of 1150 million yuan, further enhancing liquidity in the market [2][3]. Group 2: Open Market Operations - The 7-day reverse repurchase agreements experienced a net withdrawal of 5562 million yuan, indicating a tightening of short-term liquidity [2][3]. - Other term reverse repos had a net injection of 5000 million yuan, suggesting a targeted approach to manage liquidity over different time horizons [2][3]. - The net injection from open market transactions in government bonds was 500 million yuan, contributing to overall liquidity management [2][3]. - Central treasury cash management operations resulted in a net injection of 800 million yuan, supporting the liquidity framework [2][3].