Core Viewpoint - The People's Bank of China (PBOC) will conduct a 10 trillion yuan reverse repo operation on December 5, 2025, to maintain ample liquidity in the banking system, with a term of 3 months (91 days) [1] Group 1: Reverse Repo Operations - The PBOC's operation on December 5 will be a continuation of the 10 trillion yuan 3-month reverse repo, marking the second consecutive month of equal renewal of this policy tool [5] - The decision not to increase the amount of the 3-month reverse repo may relate to the funding needs of financial institutions, indicating that the PBOC is not reducing liquidity injection [5] - There is an expectation of an additional 6-month reverse repo operation in December, with a possibility of an increased amount, as 4 trillion yuan of 6-month reverse repos will also mature [5][6] Group 2: Market Liquidity and Policy Implications - The PBOC aims to inject medium-term liquidity through reverse repos to counter potential tightening of liquidity, supporting government bond issuance and encouraging financial institutions to increase credit [6] - The operation on December 5 is expected to strengthen support for the year-end funding situation, effectively offsetting the maturity of the 10 trillion yuan 3-month reverse repo [6] - The PBOC is likely to utilize both reverse repos and Medium-term Lending Facility (MLF) tools to inject liquidity into the market, with a focus on maintaining a stable funding environment as over 25 trillion yuan of public market operation funds will mature in December [6][7]

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 10 trillion yuan buyout reverse repurchase operation on December 5, 2025, to maintain ample liquidity in the banking system, marking the second consecutive month of equal volume operations [2]. Group 1 - The PBOC's operation on December 5 will match the 10 trillion yuan of 3-month buyout reverse repos maturing in December, indicating a continuation of liquidity support [2]. - The decision not to increase the volume of the 3-month reverse repos may relate to the funding needs of financial institutions, rather than a reduction in liquidity provision [3]. - There is an expectation of an additional 6-month buyout reverse repurchase operation in December, as 4 trillion yuan of 6-month reverse repos will also mature [2][3]. Group 2 - Factors contributing to potential liquidity tightening include the issuance of 5 trillion yuan in local government bonds and a significant increase in the maturity of interbank certificates of deposit, reaching 37 trillion yuan in December [3]. - The PBOC aims to inject medium-term liquidity through buyout reverse repos to stabilize the funding environment and support government bond issuance [3]. - The central bank's strategy reflects a "short-term tightening, long-term easing" approach to ensure stable liquidity in the banking system as the year-end approaches [3][4]. Group 3 - The PBOC is expected to utilize both buyout reverse repos and Medium-term Lending Facility (MLF) tools to inject liquidity into the market in December [4]. - There is an anticipation of over 25 trillion yuan in open market operation funds maturing in December, which the PBOC will likely counteract through continued operations [4]. - The PBOC is projected to conduct a 6-month buyout reverse repo operation around December 15, with expectations for either equal or increased volume [4].

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].

Core Insights - The People's Bank of China (PBOC) has implemented multiple liquidity injection tools in November 2025, resulting in a net liquidity injection of 500 billion yuan from open market treasury transactions, 254 billion yuan from pledged supplementary loans, 1150 billion yuan from other structural monetary policy tools, and 1000 billion yuan from medium-term lending facilities (MLF) [1] Group 1 - In November, the PBOC's net liquidity injection totaled 2904 billion yuan across various tools [1] - Despite a net withdrawal from the 7-day reverse repurchase operations, the overall liquidity situation was improved through the use of medium- and long-term liquidity tools [1] - Industry experts anticipate that the PBOC will take multiple actions in December to ensure ample market liquidity, especially as the year-end approaches with increased government bond issuance and maturing interbank certificates of deposit [1]

投放情况还显示，11月份公开市场国债买卖净投放500亿元，中央国库现金管理净投放800亿元。 此外，7天期逆回购投放48056亿元，回笼53618亿元，实现净回笼5562亿元。（记者任军、吴雨） 【纠错】 【责任编辑:马俊卿】 中国人民银行12月2日公布的11月份各项工具流动性投放情况显示，当月，中期借贷便利（MLF）投放 10000亿元，回笼9000亿元，实现净投放1000亿元。 ...

公开市场业务方面，7天期逆回购净投放-5562亿元，其他期限逆回购净投放5000亿元，公开市场国债买 卖净投放500亿元，中央国库现金管理净投放800亿元。 北京商报讯(记者刘四红)12月2日，中国人民银行官网发布2025年11月中央银行各项工具流动性投放情 况，数据显示，11月，中央银行贷款方面，常备借贷便利净投放-3亿元，中期借贷便利净投放1000亿 元，抵押补充贷款净投放254亿元，其他结构性货币政策工具净投放1150亿元。 ...

Core Viewpoint - The People's Bank of China (PBOC) reported the liquidity injection situation for November 2025, indicating various monetary policy tools used to manage liquidity in the financial system [1][3]. Group 1: Liquidity Injection Overview - In November 2025, the net injection from the open market government bond transactions was 50 billion RMB [1][3]. - The PBOC conducted a net withdrawal of 556.2 billion RMB through 7-day reverse repos [1][3]. - A net injection of 500 billion RMB was made through other term reverse repos [1][3]. - The medium-term lending facility (MLF) saw a net injection of 100 billion RMB [1][3]. - The standing lending facility (SLF) experienced a net withdrawal of 0.3 billion RMB [1][3]. - The pledged supplementary lending (PSL) had a net injection of 25.4 billion RMB [1][3]. - Other structural monetary policy tools contributed a net injection of 115 billion RMB [1][3]. Group 2: Detailed Breakdown of Monetary Tools - The MLF had a total injection of 100 billion RMB and a total withdrawal of 90 billion RMB, resulting in a net injection of 10 billion RMB [2]. - The PSL had a total injection of 25.4 billion RMB with no withdrawals [2]. - Other structural monetary policy tools had a total injection of 61.08 billion RMB and total withdrawals of 49.58 billion RMB, leading to a net injection of 11.5 billion RMB [2]. - The 7-day reverse repo had a total injection of 48.056 billion RMB and total withdrawals of 53.618 billion RMB, resulting in a net withdrawal of 55.62 billion RMB [2]. - Other term reverse repos had a total injection of 15 billion RMB and total withdrawals of 10 billion RMB, leading to a net injection of 5 billion RMB [2]. - The open market government bond transactions had a total injection of 50 billion RMB with no withdrawals [2].

人民财讯12月2日电，央行发布2025年11月中央银行各项工具流动性投放情况，11月投放8亿元常备借贷 便利(SLF)，回笼11亿元。 ...

Core Insights - The People's Bank of China reported a net liquidity injection of 25.4 billion yuan through the pledged supplementary lending (PSL) in November 2025 [1] Group 1 - The central bank's liquidity tools are aimed at supporting the financial system and ensuring adequate funding for economic activities [1] - The net injection of 25.4 billion yuan indicates a proactive approach by the central bank to manage liquidity in the market [1]

央行发布2025年11月中央银行各项工具流动性投放情况，其中11月公开市场国债买卖净投放500亿元，为连续第二个月开展国债买卖操作。 | 工具类型 | 工具名称 | 投放 | 回笼 | 净投放 | | --- | --- | --- | --- | --- | | 准备金 | 调整法定存款准备金率 | - | - | - | | 中央银行贷款 | 常备借贷便利(SLF) | 8 | 11 | -3 | | | 中期借贷便利(MLF) | 10000 | 9000 | 1000 | | | 抵押补充贷款(PSL) | 254 | 0 | 254 | | | 其他结构性货币政策工具 | 6108 | 4958 | 1150 | | 公开市场业务 | 7天期逆回购 | 48056 | 53618 | -5562 | | | 其他期限逆回购 | 15000 | 10000 | 5000 | | | 公开市场国债买卖 | 500 | 0 | 500 | | | 中央国库现金管理 | 2000 | 1200 | 800 | | | 文章来源: | 2025-12-02 18:00:00 | | --- | --- | - ...