央行“收短放长”保持流动性充裕

Core Viewpoint - The People's Bank of China (PBOC) has implemented a net liquidity injection of 6,500 billion yuan in November through various monetary policy tools, indicating a continued net liquidity provision in the medium to long term [1][2]. Group 1: Liquidity Injection Details - In November, the PBOC's net injection included 1,000 billion yuan from Medium-term Lending Facility (MLF), 254 billion yuan from pledged supplementary lending, and 1,150 billion yuan from other structural monetary policy tools [1]. - The PBOC's operations also included a net withdrawal of 5,562 billion yuan from 7-day reverse repos, while other term reverse repos saw a net injection of 5,000 billion yuan, and net purchases of government bonds amounted to 500 billion yuan [1]. - The overall strategy reflects a "short-term withdrawal and long-term injection" approach, aimed at maintaining liquidity efficiency and preventing excessive short-term funds in the market [3]. Group 2: Market Conditions and Economic Implications - The market liquidity in November was relatively loose, with the average DR007 at 1.47%, remaining stable compared to the previous month, while the average yield on 1-year AAA-rated interbank certificates of deposit decreased by 3 basis points to 1.63% [2]. - The PBOC's actions are seen as necessary to stabilize market sentiment amid a slowing stock market and to encourage banks to increase credit issuance [2][3]. - Analysts suggest that the PBOC's current liquidity management strategy is crucial for supporting economic growth, especially as the fourth quarter is a critical period for implementing growth-stabilizing policies [2][3].