央行连续两个月开展国债买卖操作

Core Viewpoint - The report indicates that the liquidity environment in December is expected to remain stable, supported by the central bank's policies, despite potential fluctuations due to year-end factors [1] Group 1: Liquidity Trends - In early November, funding prices began to rise, with DR001 exceeding 1.50%, likely influenced by "Double 11" preparation funds [1] - Mid-month, the liquidity environment tightened due to approaching tax deadlines and seasonal factors, leading to an increase in the funding sentiment index [1] - By the end of the month, the central bank's continued net injections helped ease the cross-month liquidity, resulting in a decline in funding rates [1] Group 2: December Outlook - Analysts expect increased liquidity volatility as the year-end approaches, but the central bank's supportive stance is anticipated to maintain a balanced liquidity environment [1] - Historical data suggests that December's liquidity fluctuations are primarily driven by year-end disturbances, with funding rates generally remaining stable around monthly averages [1] - Given the limited issuance of government bonds in December and the unchanged supportive attitude of the central bank, funding rates are not expected to deviate significantly from policy rates [1]