Reverse Repurchase Has A Moderate Volume, The Central Bank Carried Out 20 Billion Yuan 7 Days Reverse Repurchase.

In order to hedge the impact of risk premium and increase the effect of interest rate pmission, the central bank still has the space to reduce interest rate.

In the future, taking into account the domestic economic situation, it is expected that the central bank will maintain the short-term interest rate steady and downward, and the probability of large fluctuations will be relatively low.

For the bond market, as long as the economy is still in the downside, there will be further room for monetary policy and support for the bond market.

The central bank launched a 20 billion yuan 7 day reverse repurchase operation in the open market 19 days, the reverse repurchase scale increased 10 billion yuan compared with the previous time, and the winning rate was flat with the previous several times.

Market participants pointed out that the reverse repurchase of this week is only 20 billion yuan, and the central bank's open market pressure is small. But considering the fluctuation of liquidity in the new year's purchase and seasonal factors, the reverse repo rate is reasonable. But in general, the level of profit and the level of capital balance have reached the policy target. The monetary policy will continue to aim at smoothing the fluctuation of capital market during the year, and the probability of further unconventional easing is relatively small.

On Thursday (November 19th), the central bank website announced that the reverse repurchase operation was carried out with interest rate bidding, with a paction volume of 20 billion yuan, a period of 7 days and a winning bid rate of 2.25%.

According to Wind data, the central bank this week

There will be a 20 billion yuan reverse repurchase expiry. Based on this calculation, the central bank's open market has invested 10 billion yuan this week.

Judging from the recent performance of liquidity, the whole is still relatively stable.

Despite the end of the year, there has been no tightening of capital.

The 18 day overnight mortgage repo rate was flat at 1.77%, 7 days.

Then the downlink 5BP to 2.27%, the 14 day repurchase rate across the month rose 5BP to 2.66%, and 1 and 3 months were flat at 2.67% and 3.05% respectively.

On the exchange side, GC001 opened 2.05%, closed 0.8%, weighted average 1.70%; GC007 opened 2.15%, closed 2%, weighted average 2.18%, and Tuesday basically unchanged.

Market participants believe that the short term

The whole is still relatively stable, and the central bank will continue to maintain its neutral operation strategy in the open market in line with the expectations of all parties. At the same time, the open market will still shoulder the task of timely smoothing short-term liquidity.

Shen Wan Hongyuan securities in the latest research report also pointed out that it is expected that the central bank will maintain short-term interest rates stable and downward, the probability of significant fluctuations is relatively low.

The restrictions on the number of loans, in fact, in the absence of social financing needs, financial institutions will not be willing to lend, the number of loans has basically no restrictions; and reduce the deposit reserve ratio, which means that the future room for reduction is still very large, the rhythm should be related to changes in foreign exchange, basic currency changes to coordinate; to dilute the M2 growth rate, may change the previous annual growth rate of M2 target, first changed to a given target interval, and finally does not announce the M2 growth target.