连续4个月净投放6000亿，央行双工具护航年末经济收官

Core Viewpoint - The People's Bank of China (PBOC) announced a medium-term lending facility (MLF) operation of 1 trillion yuan on November 25, 2025, indicating a net liquidity injection of 1 trillion yuan for November, as 900 billion yuan of MLF is maturing [3][4]. Group 1: Liquidity Injection - In November, the total net liquidity injection reached 600 billion yuan, maintaining a high level for four consecutive months [3][4]. - The liquidity injection is primarily aimed at addressing three demands: the issuance of 500 billion yuan in local government bonds, the completion of 500 billion yuan in new policy financial tools, and the maturity of interbank certificates of deposit [3][4]. Group 2: Monetary Policy Outlook - The PBOC's approach to liquidity provision has become more fixed, with regular operations scheduled for different periods of the month [4]. - The report indicates that since the reserve requirement ratio cut in May, the market has seen sustained net liquidity injections, with a total of 1.5 trillion yuan injected through MLF and reverse repos in the third quarter [5]. - Future monetary policy is expected to focus on optimizing the structure rather than just increasing the scale, with an emphasis on directing financial resources towards key areas such as technological innovation and green development [5]. Group 3: Economic Stability Measures - Analysts predict that the PBOC will continue to use reverse repos and MLF to inject liquidity, but the scale may decrease from the current high level of 600 billion yuan per month [5]. - There is an expectation of new growth-stabilizing policies being introduced before the end of the year, focusing on fiscal support and monetary easing to stabilize the economy and achieve growth targets [5].