11月，央行连续九个月加量续作MLF，资金面合理充裕。11月，央行维持积极的操作，连续四个月通过买断式逆回购和MLF净投放6000亿元中长期资金， 全月公开市场整体净投放1738亿元。具体来看，11月，央行MLF提量续做10000亿元、净投放1000亿元，为连续第九个月加量续作；买断式逆回购投放 15000亿元、净投放5000亿元；国债买卖净投放500亿元；逆回购净回笼5562亿元；国库现金定存净投放800亿元。11月资金面整体延续了合理充裕的格局， 中下旬受政府债券集中发行缴款的影响，流动性一度边际收紧，月末在央行精准有力的呵护下重回平稳。 主要回购利率小幅上行。DR001、R001月度加权均值分别环比上行3BP、上行5BP至1.37%和1.43%；DR007、R007月度加权均值分别环比持平于1.47%、 1.51%。全月DR007最低值1.413%、最高值1.5239%、中位数1.4688%；波动幅度为11个基点，环比减少8个基点。具体看，月初政府债发行量和银行存单到 期量较小，OMO大额净回笼，但央行等量续作3个月7000亿元买断式逆回购，资金面保持平稳。月中在缴税走款、政府债集中缴款、存单大量到期等 ...

Group 1: Money Market Overview - The average daily trading volume and balance in the money market increased in April, with a significant decline in major repo rates and a rebound in the net lending balance of large commercial banks [2][4][5] - The total trading volume in the money market reached 143.1 trillion yuan, a month-on-month increase of 9.4%, with an average daily transaction of 6.5 trillion yuan, up 4.4% month-on-month [2][3] - The average daily balance in the money market rose to 11.6 trillion yuan, an increase of 3.8% month-on-month, while the net lending balance of large commercial banks increased by 18.4% [5][6] Group 2: Bond Market Dynamics - The total bond issuance in April was 4.96 trillion yuan, a month-on-month increase of 7.8% and a year-on-year increase of 23%, while net financing decreased by 7.9% month-on-month [8] - The trading volume of bonds decreased, with a total of 33 trillion yuan in transactions, reflecting a month-on-month decline of 12.6% [9][10] - Bond yields experienced a downward trend followed by a period of stability, with the 10-year government bond yield fluctuating between 1.62% and 1.81% [11] Group 3: Interest Rate Swap Market - The interest rate swap curve shifted downward overall, with significant decreases in swap rates for various maturities [12][13] - The average daily transaction volume in the interest rate swap market decreased, with a total nominal principal of 3.6 trillion yuan, reflecting a 14.6% month-on-month decline [13]