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, injecting long-term liquidity into the banking system, signaling a supportive monetary policy stance to stabilize macroeconomic performance in Q4 2025 and Q1 2026 [1][2]. Group 1: Government Bond Trading - 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 [1]. - The resumption of government bond trading follows a period of suspension due to imbalances in the bond market and accumulated market risks, indicating improved market conditions [1]. - Analysts suggest that the increased net injection in November reflects a relatively loose liquidity environment and aims to soothe market sentiment amid a slowing stock market [1][2]. Group 2: Liquidity Tools and Net Injection - In addition to government bonds, the PBOC's liquidity measures included a net injection 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) [2]. - The total net injection of long-term liquidity in November reached 6,500 billion yuan, slightly higher than in October, indicating a continued effort to maintain liquidity in the financial system [3][4]. Group 3: Economic Indicators and Future Outlook - The average PMI for October and November was 49.85%, significantly lower than the 50.43% average in Q3, suggesting a slowdown in economic activity [4]. - Looking ahead, analysts expect the PBOC to maintain a policy of ample liquidity, with potential year-end funding pressures that could lead to short-term fluctuations in funding rates [5].