Central Bank For 3 Consecutive Weeks Of Net Release To Ease Financial Tensions

The central bank issued a 10 billion yuan March central bank ticket on the 10 day in the open market, and at the same time carried out a 10 billion yuan 91 day repo operation.

In March, the yield of central bank continued to rise to 1.5704% on schedule.

According to statistics, the central bank invested a total of 166 billion yuan to the market this week, the largest single weekly net scale since the Spring Festival.

Analysts said that the interest rate on the central issue is still facing the possibility of repositioning, and the Central Bank of the central bank in the open market will still rely on a larger scale net release to ease the current tight capital market situation.

March central bank interest rates continue upward

On Thursday, the central bank issued a 10 billion yuan 3 month central bank ticket and resumed a 91 day repurchase operation, with a scale of 10 billion yuan.

The results show that the issue price of the 3 month note is 99.61 yuan / 100 yuan, with a reference rate of 1.5704%, which is 4.04 basis points higher than that of last week. This is the interest rate for the fourth consecutive week.

In terms of repo rate, the 91 day repo operating rate is 1.57%, which is 16 basis points higher than that of the last (May 13th) operation of 1.41%.

Statistics from Wind show that the amount of funds expended in the open market is 211 billion yuan this week, up from 144 billion yuan last week.

On Tuesday, the central bank has issued a 25 billion yuan 1 year central bank vote. After deducting the 10 day hedging operation, this week, the central bank substantially invested 166 billion yuan in the market, providing a net fund for third consecutive weeks in the open market.

In the past two weeks, the open market has invested 145 billion yuan and 14 billion yuan respectively.

It is worth noting that this week's net investment of 166 billion yuan has created a new high net weekly turnover since the Spring Festival.

In terms of interest rates for all periods, the issuance rate of the 1 - year central bank votes rose by 8.33 basis points over the past second weeks, except for the 4.04 base points raised on Thursday, March.

Analysts said that the current two tier market situation, in addition to 3 years of the central bank, the other two term of the central rate of interest there is still room for adjustment.

Institutional traders said that the 10 - day interbank market's 1 - year trading rate of the central bank's votes was 2.23% to 2.24%. The 3 - year central rate of return was basically the same as that of the primary market, and the market quotation was concentrated near 2.685%.

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Net capital investment will continue

After third consecutive weeks of net capital investment, the intention of the central bank to put money into the market has been very obvious.

Wind statistics show that since May, the central bank has accumulated a total net investment of 404 billion yuan.

Meanwhile, analysts said the restart of the 91 day repo also showed the intention of the central bank to adjust the operation structure of the open market, that is, to increase the central bank's votes and repurchase operations within 1 years, and to reduce the issuance of the 3 year central bank tickets.

By raising the status of short-term varieties, reducing the amount of long-term capital freeze and increasing the number of funds due in the second half of the year.

In response, traders from a commercial bank in Beijing said that the short-term central bank and the repurchase should be the main force of operation. The central bank should first "control the circulation of the 3 year central bank's votes in less than 50 billion yuan".

But at the moment, it is not realistic to reduce the central bank's votes for 3 years.

According to the news of China Securities Daily 10 from the market, the situation of big banks' lack of money seems to be aggravating.

A source said that on the 9 day, after a big bank pulled in a huge amount of 100 billion yuan, another 3 banks in the 10 big four banks were able to borrow large sums of money from the market.

Analysts say the situation of hunger and thirst for big banks has not yet been alleviated, and short-term central banks still have greater "rainfall" pressure.

In terms of market repo rate, the fixed interest rate announced by the national interbank lending center on 10 may show that the 7 day repurchase fixed rate of mainstream lending varieties jumped 26 basis points to 2.4668% from 9 2.2078%.

Analysts said that in the medium term, even if the tight financial situation will gradually ease in the future, the 7 day repurchase rate will also be hard to fall below 2%.