Core Tip: On Wednesday (August 2nd), the central bank launched a 90-billion-day and 30-billion-day 14-day reverse repurchase operation in the open market, with the winning bid rate unchanged at 2.45% and 2.6% respectively. As today's 120 billion yuan reverse repurchase expires, the open market to achieve equal amount of hedging, is also the third day of the central bank "zero zero return."
On Wednesday (August 2), the central bank launched a 90-billion-day and 30-billion-day 14-day reverse repurchase operation in the open market, with the winning bid rate unchanged at 2.45% and 2.6% respectively. As today's 120 billion yuan reverse repurchase expires, the open market to achieve equal amount of hedging, is also the third day of the central bank "zero zero return."
This week, the central bank’s open market has a 750 billion yuan reverse repurchase, which expires 240 billion yuan, 170 billion yuan, 120 billion yuan, 80 billion yuan and 140 billion yuan from Monday to Friday. No MLF, repurchase and central bank bills expired.
Shanghai Interbank Offered Rate (Shibor) rose nearly yesterday: overnight Shibor reported 2.8033%, up 0.33 basis points; 7-day Shibor reported 2.8860%, up 0.40 basis points; 3-month Shibor reported 4.2631%, up 0.70 basis points .
The "Securities Daily" author analyzed that the central bank suspended the "filling the valley" action, and it is expected that the funds will remain tight in August. In addition to the open market maturity funds in August, the impact of dividends and tax payments also needs to be closely monitored.
The newspaper quoted a trader from a state-owned commercial bank as saying that it is expected that the central bank will still use MLF, PSL and SLF in August to maintain liquidity.
Yesterday, the 7-day Shibor interest rate was 2.8860%, and the 7-day reverse repo rate was 2.45%. There is still a big gap between the two. Market participants believe that if the difference between these two interest rates can be reduced, it will significantly improve the liquidity situation in August.
CITIC Securities analyst Ming Ming pointed out in the report that under the condition that the money multiplier and M2 year-on-year growth rate remained stable, through the spin-off of the central bank's balance sheet, and the analysis and calculation of the base currency balance change and liquidity gap, 8- The liquidity gap in December was about 1 trillion yuan. The central bank is required to conduct an average of about 200 billion yuan in open market monthly investment to maintain a stable and neutral state of market liquidity during the year.
The central bank branch president meeting held recently pointed out that in the second half of the year, we should innovate the ideas and methods of regulation, continue to implement a stable and neutral monetary policy, and handle the relationship between stable growth, restructuring, and total control, and maintain moderate growth of money and credit. The liquidity is basically stable, creating a suitable monetary and financial environment for the supply-side structural reform.
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