央行连续两个月开展国债买卖操作 12月资金面均衡可期

Group 1 - The central bank has implemented various policy tools to ensure a stable liquidity environment as the year-end approaches, with expectations that it will continue to support liquidity in December [1][3] - In November, the central bank's 7-day reverse repo operations resulted in a net withdrawal of 556.2 billion yuan, while medium to long-term liquidity remained in a net injection state, indicating a "short-term withdrawal, long-term injection" strategy [2][3] - The central bank's net purchase of government bonds in November amounted to 50 billion yuan, marking the second consecutive month of bond trading operations, which reflects a supportive monetary policy stance [2][3] Group 2 - November saw slight fluctuations in liquidity, with the average R001 rising by 4 basis points to 1.43% and the average DR001 increasing by 3 basis points to 1.37%, indicating a generally reasonable liquidity level [3][4] - Analysts expect that while liquidity fluctuations may increase towards the end of December, the central bank's supportive attitude will help maintain a balanced liquidity environment [3][4] - Concerns about instability in bank liabilities may persist, but overall liquidity is expected to remain ample under the central bank's guidance [4]