Liquidity Is Expected To Return To Market Liquidity.

The first deposit rate reduction in the year did not bring immediate results to the assets.

In recent years, the short-term interest rate of the 7 day mortgage repurchase in the inter-bank market is still relatively high, which has greatly weakened investors' confidence in the medium and long term market funds.

However, it is worth noting that, in the meantime, the short-term capital improvement is limited. Meanwhile, the March SHIBOR (Shanghai interbank offered rate) IBO in March.

From the national interbank lending center, SHIBOR reported 5.2774% in March February 14th, a record low of nearly 8 months since June 14, 2011. In February 29th March, the IBO interest rate also set a low interest rate of 4.8987% months in the past 2 months since the beginning of December 5, 2011, which is the lowest point in nearly 8 months since the beginning of March.

The observers pointed out that, as a key sensitivity indicator for the mainstream financial institutions such as the national commercial banks for the medium and long term funds, the March SHIBOR and March period

Looking back at the course of monetary policy returning to a stable stage in recent years, monetary policy has always adhered to the principle of "pre tuning fine adjustment" in the current macroeconomic slowdown. It has not released a rapid and large-scale liquidity release, which has also changed the market's prematurity for easing the pace of policy.

A very critical reason is that monetary authorities still have some worries about the trend of price fall.

Judging from the specific reasons for falling prices this year than expected, the unexpected increase in vegetable prices caused by weather and other factors is the main reason leading to the rapid decline of CPI.

Over the past years, price movements showed that vegetable prices are basically not sustainable, which is different from pork prices or external import inflation, and its impact on CPI is more than a short period.

Under this background, we can expect that the future monetary policy orientation will still focus more on the support of the real economy.

As CPI continues to fall in the next few years, monetary policy will usher in a more relaxed space, and further promote market liquidity further easing.

In terms of foreign exchange, some foreign investors had a negative impact on the RMB, and the foreign exchange accounted for three consecutive months of negative growth in the fourth quarter of last year.

However, as the RMB exchange rate between the central parity of RMB and the RMB forward exchange rate in offshore markets has increased synchronously since late January, the expectation of empty Renminbi once appeared in overseas markets has weakened.

At the same time, foreign exchange accounted for a resumption of 140 billion 900 million yuan growth in January.

It is foreseeable that as the market reversing the expectation of RMB exchange rate, and in the context of current China's economic growth rate and development potential still significantly ahead of the major developed economies, foreign exchange earnings are expected to return to sustained positive growth in the future.

Looking ahead to the future trend of market funds, the observers pointed out that the real economic growth and pformation need urgently.