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Core Viewpoint - The People's Bank of China (PBOC) maintains a moderately loose monetary policy, ensuring ample liquidity in the market as it continues to inject funds through various tools, with expectations for continued support in December [2][5][6]. Group 1: Liquidity Injection Details - In November, the PBOC conducted a net injection of 500 billion yuan through reverse repos and 1 trillion yuan through Medium-term Lending Facility (MLF), totaling a liquidity injection of 6 trillion yuan [2][5]. - The average monthly rate for the 7-day reverse repo was 1.47%, remaining stable compared to the previous month, while the 1-year AAA-rated interbank certificate of deposit yield decreased by 3 basis points to 1.63% [5]. - The PBOC's operations included a net injection of 500 billion yuan through government bond transactions, which is an increase of 300 billion yuan from the previous month, indicating a stable bond market [5][6]. Group 2: Market Reactions and Expectations - Analysts suggest that the PBOC's liquidity measures are aimed at supporting government bond issuance and encouraging banks to increase credit lending [5][6]. - The bond market remains under pressure despite the liquidity easing, with expectations that the PBOC will continue to stabilize market sentiment through its operations [5][6]. - There is an anticipation of over 2.5 trillion yuan in public market operations maturing in December, leading to expectations of continued liquidity support through MLF and reverse repos [6][7]. Group 3: Future Monetary Policy Outlook - Economists predict that the PBOC may implement further monetary policy adjustments, including potential reductions in the reserve requirement ratio and policy rates, possibly in the first quarter of 2026 [7]. - The overall stance of maintaining ample liquidity is expected to persist, with adjustments made as necessary to address year-end liquidity pressures [7].