Central Bank To Strengthen Stability Signal, Billions Of Main Funds Rebound Into The Field

This week, the net put in 145 billion yuan, the central bank strengthened the signal of maintaining stability.

Experts say yesterday's stock market has responded positively to this.

After winning the winning bid for the 3 month central bank last week, this week rose another 4.04 basis points, and the 1 - year central bank interest rate on Tuesday remained unchanged.

The market parties generally believe that in the next period of time, while monetary policy continues to maintain stability, it will strengthen the management of short-term liquidity and adjust the short-term capital return structure in order to alleviate the tense situation of money market funds.

Yesterday, the stock market gave a positive understanding of the signals released by the central bank.

The central bank released interest rate bidding in the open market yesterday, issuing 5 billion yuan RMB 3 month central bank votes, with a decrease of nearly 20% in last week's issuance, creating a new low in 10 months.

The issuance results showed that the central bank rose by 4.04 basis points to 1.4896% after the unexpected increase of 4.04 basis points last week.

Shi Lei, an analyst at Bank of China (601988), said that the obvious volatility of money market interest rates has shown that the interbank market liquidity is at a critical level from loose to tight.

On the whole, this is consistent with the central bank's recent policy orientation of strengthening liquidity management, and is also affected by short-term capital flows.

Yesterday, the 3 month trading in the currency market was quoted as 1.5973%/1.5455%, and the 1 year period was 2.0091%/1.9600%.

Industry experts believe that the winning rate of winning the 3 month central bank's continuous rise shows that in the context of the aggravation of economic growth concerns, the central bank will pay more attention to short-term tools in the selection of the term structure of capital withdrawal, and the next 3 month central bank votes will be reused.

In view of the current money market situation, many banks have voluntarily raised the earnings of ultra short term financial products on their second initiative.

If ICBC (601398) will have no fixed term, the annual yield of RMB over the short term will increase from 1.40% to 1.45%. Huaxia Bank (600015) a one year product return rate also increased to 4%, far higher than the 2.25% bank deposits in the same period.

It is understood that the investment direction of these short-term financial products is mainly treasury bonds, financial bonds, central bank bills, money market funds and so on.

Data show that the total number of central bank bills and repurchase bills expended this week amounted to 180 billion yuan, while the central bank issued 30 billion yuan 1 year notes on Tuesday. Accordingly, the central bank will invest 145 billion yuan in the open market this week.

Last week, the central bank cleared 51 billion yuan through the open market.

In addition, the central bank has not carried out repo operations for several weeks.

Analysts said that the central bank's net investment in the open market this week should relieve liquidity tensions at the source and help increase demand for the 3 month central bank.

Now, as long as the 1 - year central bank interest rate remains unchanged, it will not strengthen the expectation of further tightening monetary policy.

Market participants said that the time when the Shanghai stock index began to pull up after the fall of the Shanghai stock index yesterday coincided with the time of the issuance of the 3 month central bank ticket, which is at around 10. This indicates that the market parties have unified views on the stability of monetary policy in the coming period.

A trader in a joint-stock commercial bank said that the two month increase in the yield of the 3 month central bank's votes was aimed at attracting agencies to increase the allocation of the varieties. Meanwhile, the money market repo rate rose sharply, reflecting the fact that the funds were indeed tight at the moment.

The 3 - and 1 - year central banks have a longer lock up period. When the current economic situation is more uncertain, the central bank strengthens the use of short-term capital return tools, making the future monetary policy space more flexible.

She predicted that 3 months later, the economic situation at home and abroad would become clearer.

Shi Lei also believes that the uncertainty of internal and external environment has made China's macroeconomic regulation and control in a state of temporary tightening and turned to wait-and-see, and monetary policy is no exception.

The yield stability of the 1 - year central issue is stable, indicating the intention of monetary policy to maintain stability.

He stressed that it is not yet clear that monetary policy will be relaxed in the second half of the year, but at least the central bank will continue to raise interest rates for many times in the second half of the year.