央行连续两月开展国债买卖操作，11月净投放规模较上月扩大300亿

Core Viewpoint - The People's Bank of China (PBOC) has resumed government bond trading operations to inject long-term liquidity into the banking system, signaling a supportive monetary policy stance aimed at stabilizing macroeconomic operations in Q4 of this year and Q1 of next year [2][3]. Group 1: Monetary Policy Actions - In November, the PBOC conducted a net injection of 50 billion yuan through government bond trading, an increase of 30 billion yuan compared to the previous month [2]. - The PBOC's actions reflect a favorable overall operation of the bond market, allowing for the resumption of government bond trading after a pause due to previous market imbalances [2]. - The central bank's continuous bond trading operations indicate a commitment to maintaining a supportive monetary policy, which is expected to release signals for stable growth [2][3]. Group 2: Liquidity Injection Details - In addition to government bonds, the PBOC reported net injections of 254 billion yuan through the Pledged Supplementary Lending (PSL), 1,150 billion yuan through other structural monetary policy tools, and 1,000 billion yuan through Medium-term Lending Facility (MLF) [3]. - The total net liquidity injection for November, including the aforementioned tools, reached 6,500 billion yuan, slightly higher than in October [4]. - The increase in net liquidity injections is seen as a response to the rising financing needs of government bonds and the upcoming maturity of interbank certificates of deposit [4]. Group 3: Economic Indicators and Future Outlook - The GDP growth rate for Q3 was reported at 4.8%, while the average PMI for October and November was 49.85%, indicating a significant slowdown compared to the previous quarter [5]. - Analysts suggest that the amount of bonds purchased by the central bank in November will be a critical observation point, as larger purchases may boost expectations for a looser monetary policy [5]. - Looking ahead, the PBOC is expected to maintain a policy of ample liquidity, although there may be year-end pressures on funding, which could lead to potential fluctuations in funding rates [6].