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Core Viewpoint - The People's Bank of China (PBOC) announced measures to maintain ample liquidity in the banking system, including a significant reverse repurchase operation of 1 trillion yuan scheduled for December 5, 2025 [1] Group 1: Reverse Repo Operations - PBOC will conduct a fixed quantity, interest rate tender, multi-price bidding reverse repo operation amounting to 1 trillion yuan with a term of 3 months (91 days) [1] - On the same day, PBOC also conducted a 7-day reverse repo operation amounting to 180.8 billion yuan at an interest rate of 1.4% [4][5] Group 2: Market Interest Rates - Recent data indicates a decline in funding rates, with the overnight Shanghai Interbank Offered Rate (Shibor) down by 0.1 basis points to 1.301%, and the 7-day Shibor down by 0.8 basis points to 1.426% [6] - The weighted average rate of DR007 decreased to 1.4409%, while the 1-day government bond reverse repo rate (GC001) fell to 1.407% [6] Group 3: Liquidity Assessment - According to a report from CITIC Securities, there is essentially no liquidity gap in December when excluding the factors of MLF and reverse repo maturities, indicating limited risk to the bond market [6] - However, it is noted that fiscal spending may be delayed, which could lead to disturbances at certain points in the middle of the month [6]