3 Year Central Bank Reboot &Nbsp; Continuous Net Launch Or Brake.

Both the central issue and the repurchase operation have been posted at a rate of 157 billion yuan a week. The operation of the open market this week has been rare for several months.

Nonetheless, due to the recent high of funds after the holiday, this week continued the net run of 11 weeks before the holiday.

Behind the open market operation is the improvement of liquidity. At present, the capital interest rate has dropped to a fairly loose level.

3 year central bank restart

The 1, 3 and 3 month central bank bills issued by the central bank this week were issued at 10 billion yuan, 20 billion yuan and 7 billion yuan respectively, and the yields were flat. At the same time, the central bank also carried out repo operations of 50 billion yuan 7 days, 40 billion yuan 28 days and 30 billion yuan days.

This is the central bank's reopening of the 3 year central issue after nearly two months, and the circulation is 20 times that of the previous issue.

Analysts pointed out that loose funds in the face of the central bank has played a supporting role, the central bank is still trying to recover liquidity through quantitative tools.

Through the above operation,

Huatai Securities Research Report said that the October open market maturity funds increased sharply, which is largely the result of the central bank's adjustment of September due funds to October.

Since the two weeks before the month expired, it is reasonable for the central bank to increase its return, so there is no need to worry too much.

The release of large amounts of funds after the holiday prompted the rapid fall in the interest rate of funds, and the short-term liquidity was particularly abundant.

As of yesterday's closing, Shanghai interbank offered rate (Shibor) short-term varieties still fell across the board, including overnight interest rates fell 3.08 basis points to 2.9642%; 7 days varieties fell 16.41 basis points to 3.1517%; 14 days varieties fell 52.55 basis points to 3.4317%.

Another market participants said that although the possibility of raising interest rates and raising the deposit reserve ratio was not very likely, the impact of the new deal which had been extended before the reserve payment scope had not been eliminated, and the capital market in October would not be particularly loose.

Continuous net investment or termination

At the same time, after the expiration of the current round, the subsequent maturity of the open market will be significantly reduced, and in recent days, the bond market is beginning to stabilize and rebound. The central bank's one or two tier interest rate has narrowed down, and the demand for the central bank is expected to pick up gradually.

"The open market in the future should be relatively balanced or even a small amount of withdrawal, but the impact on the market will not be too significant."

A broker fixed income analyst told reporters, "now the market has thought that

Huatai Securities also said that the community's attention to private lending and financing of small and medium-sized enterprises has made the central bank face greater pressure. The central bank is more likely to strive to maintain stability in monetary market, and monetary policy may also partially relax.

"The management release of the credit signal policy for small and micro enterprises is also releasing the signal of easing monetary policy in the near future. When the external pressure of RMB appreciation rises, it is not appropriate to raise interest rates and raise accuracy."

One trader said.

The Bank of Nanjing (8.45, -0.04, -0.47%) four quarter bond market outlook report reminds investors that the fourth quarter of November is likely to be a relatively weak month for funds. The main reasons include the decrease in the maturity of the open market, and by the end of the year banks will gradually raise the level of payment, and the scale of the deposit reserve is larger. Therefore, the supply of funds in the banking system may be greater than the level of freezing funds.

However, the Bank of Nanjing believes that with the improvement of investors' liquidity management consciousness, the attention and early layout of liquidity expectations can often exert an active ironing on liquidity, and the market liquidity in the future will not be repeated more than expected in the first half of the year.