央行连续6个月加码中期流动性，8000亿买断式逆回购明日落地

Core Viewpoint - The central bank is taking measures to maintain ample liquidity in the banking system through a series of reverse repos, indicating a commitment to a loose monetary policy environment [3][5]. Group 1: Central Bank Actions - On November 17, the central bank will conduct a 800 billion yuan reverse repo operation with a term of 6 months, marking a net increase of 500 billion yuan in the 6-month reverse repo for November [3]. - The central bank previously conducted a 700 billion yuan 3-month reverse repo on November 5, resulting in an equal rollover due to the same amount maturing [3]. - The total net increase in reverse repos for November is 500 billion yuan, which is 100 billion yuan higher than the previous month, indicating a continuous expansion for two consecutive months [3]. Group 2: Market Liquidity Analysis - The central bank's recent report emphasizes maintaining liquidity and creating a suitable monetary environment, reflecting a clear intention to support a loose liquidity stance [5]. - Market liquidity in November is relatively loose, with overnight and 7-day rates at their lowest levels for the year, while 1-year interbank certificate of deposit rates also remain low [5]. - Analysts expect the central bank to continue using reverse repos and medium-term lending facilities (MLF) to inject liquidity into the market, especially with 900 billion yuan of MLF maturing [5]. Group 3: Government Debt and Financing - The arrangement of 500 billion yuan for local government debt limits in October is aimed at resolving existing debt and expanding effective investment, suggesting an increase in government bond net financing in November [4]. - The completion of 500 billion yuan in new policy financial instruments in October is expected to boost medium-term loan issuance following an increase in entrusted loans [4].