The central bank uses multiple policy tools to support year-end liquidity.

On December 2, the People's Bank of China disclosed the liquidity injection situation of various central bank tools in November 2025. The data shows that in November, a net injection of 500 billion yuan was made through open market transactions of government bonds, a net injection of 254 billion yuan was made through collateral supplementary loans, a net injection of 1150 billion yuan was made through other structural monetary policy tools, and a net injection of 1000 billion yuan was made through medium-term lending facilities. Although the 7-day reverse repurchase operations resulted in a net withdrawal during the same period, the People's Bank of China still achieved a net injection of funds overall by increasing the use and combination of medium and long-term liquidity tools. Many industry insiders believe that the current period is a critical time for closing the annual work and with the year-end approaching, the net issuance of government bonds by the government is expected to significantly increase, and the amount of interbank certificates of deposit reaching maturity is also expected to increase. It is anticipated that the People's Bank of China will continue to ensure market liquidity through multiple operations in December to create a stable and suitable monetary and financial environment for achieving the annual economic and social development goals.