Net Release Of &Nbsp For Nine Consecutive Weeks; Ease Liquidity Concerns

In the open market operation for nine consecutive weeks, the central bank kept its week.

On Thursday, the central bank issued 2 billion yuan and 3 month central bank votes, with a decrease of 2 billion yuan compared with the previous period. The issuance rate of this central bank is 3.1618%, which has been flat at fifth levels.

At the same time, the central bank also carried out a 10 billion day 91 day repo operation, winning the bid rate of 3.16%, unchanged from the previous period.

Earlier this Tuesday, the central bank issued a 10 billion yuan 1 year central bank vote, and launched 7 days and 28 days two phases of repo operations, with a total paction volume of 110 billion yuan.

The market's interpretation of short term returns is that the central bank intends to increase short-term demand.

In September 15th, the central bank announced at the same time that in September 20th, the central treasury cash management commercial bank's time deposit (phase eight) will be tendering in 2011, with an operation volume of 30 billion yuan, with a term of 3 months (91 days).

W IN D's data also showed that 90 billion yuan central bank bills expired this week, and 49 billion yuan repurchase expired, with a total maturity of 139 billion yuan.

This week, the central bank issued a total of 12 billion yuan for the central bank, and a total of 120 billion yuan for the repurchase operation, that is, the central bank returned 132 billion of the total funds this week.

The central bank's open market operation this week invested a net capital of 7 billion yuan into the market.

The central bank has invested net funds in the open market for nine consecutive weeks, with a cumulative volume of 351 billion yuan.

As the central bank continued to net investment, although small and medium financial institutions paid 15 days to pay the enlarged base, the market funds remained basically stable.

On the 15 day, the interbank offered rate (Shibor) of each term rose and fell, and the short-term Shibor showed an upward trend. In the medium and long term products, except for 1 years, Shibor rose by 0.10 basis points, all of them appeared in Shanghai.

For future liquidity expectations, institutions are relatively optimistic.

Northeast Securities (18.51,0.00,0.00%) believes that liquidity improvement is expected to be accompanied by policy intensification.

The agency estimates that the central bank will not enter the policy wait-and-see period to increase the deposit rate.

In the face of the current loose capital side, the central bank increased the operation of the open market this week. On Tuesday, the central issue and the repo operation changed significantly.

Therefore, the uncertainty of monetary policy is slowly being eliminated. The current uncertainty is only when interest rates are adjusted once again and the impact of the European debt problem is being resolved. The bottom of the policy is gradually being recognized.

"The reserve ratio is unlikely to rise again in the year, but considering that the central bank can slow this impact through open market operations, and the possibility of lowering the reserve ratio is not very likely, and the downgrade will also easily give the market a clear signal to relax policy, which is not appropriate in the current situation.

In the next stage, monetary policy operations will rely more on flexible regulation of open market operations, maintain a reasonable and moderate market liquidity, optimize the distribution of funds, and adjust the maturity structure.

E Yongjian, a researcher at the 4.59,0.00,0.00% Financial Research Center, said.