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Central Bank Inject 200 Billion To Contain Money

2013/12/20 19:03:00 28

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according to a joint-stock system < a href= "http://www.91se91.com/" > Bank < /a > financial market department, the central bank SLO scale is as high as 200 billion yuan.

At the same time, people familiar with the matter also revealed that yesterday, the inter-bank market trading system was delayed for half an hour after closing the market. P

Rumors of bank default began to emerge under tight money.

Yesterday, there was a breach of the contract between Ping An Bank and Hangzhou bank, but both banks denied the reporter's confirmation of the two banks.

money is tight. The central bank has injected liquidity into the market.

Recently, the capital market continued to be tense, the central bank announced yesterday that the intention to use SLO is already very obvious, that is, the stability and stability of the market is expected.

But as of today, there will be 10 days till the end of the year. The closer the end of the year, the more intense the interbank liquidity will be.

The market is worried that the financial strain in June may come again.

rumors of bank breach reappear /p >

After "P", "eleven", the capital side of banks continued to be tense, especially in the recent week, the interbank offered rate (Shibor) in Shanghai had a significant increase.

yesterday at 11:30, Shibor continued the trend of rising for many days.

Data released by the national interbank lending center in Shanghai showed that Shibor of all varieties rose, and short-term funds rose the highest in less than 1 months.

in which 2 weeks Shibor rose 113.9 basis points to 6.2180% level; 1 weeks Shibor increased 57 basis points to 6.4720% level; in January, Shibor rose 33.62 basis points to 7.1012% highs.

despite the high cost of capital, some of the money shortage institutions still cling to their teeth and finish trading at high places.

The current capital price is the highest level since June, and for a while, worries about financial constraints are beginning to spread among traders.

> to the afternoon, the foregoing insider disclosed that the inter-bank market trading system issued a notice, which was delayed for half an hour to 17:00.

this is the first time the trading system has been announced for half an hour in the form of notification in June.

Normally, the closing time is 16:30.

The news of "P > longer paction time exacerbated the external concerns, which meant that it might not be able to organically balance the accounts. Extending the < a href=" http://www.91se91.com/ "> paction < /a > time was giving them more time to find counterparties.

During the "tight money" period in June, the system had been extended for more than half an hour to facilitate the organization of a flat head.

this exaggerated the current tense atmosphere of liquidity.

Under the "tight money", rumors of bank default began to appear. The "middle shots" were Ping An Bank and Hangzhou bank.

Ping An Bank stakeholders later told reporters that Ping An Bank did not break any contracts, and that all pactions and deliveries had been completed within the time stipulated by the central bank. Meanwhile, relevant persons from Hangzhou bank also said that yesterday, "we have many positions" and there was no breach of contract at all.

The turning point occurred at 16:55. The central bank formally announced through its official micro-blog that liquidity has been moderately injected into the market through SLO in terms of market liquidity.

At P, the nervous market nerves were finally relieved.

SLO refers to the main organization participating in interbank market pactions. When liquidity shortage or surplus occurs, it can take the initiative to repurchase or reverse repurchase operations with the central bank, and the operation period is generally not more than 7 days.

the former financial market department of joint-stock banks said that the size of the central bank SLO is as high as 200 billion yuan, which is enough to ease the current financial pressure.

After the central bank promptly launched and publicly stabilized market expectations, interest rates began to show signs of downtrend, such as the 1 month Shibor varieties have already traded at low interest rates of 4.8000%.

the main reason is that the financing demand is relatively large.

Some pre investment projects are constantly rolling up financing.

Li Zhiqiang, chief economist at Minsheng Bank (600016, stock bar), said that the end of the year is also a time when seasonal funds are easy to run short.

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extension of paction time > /strong > /p >

yesterday, the interbank market paction time was extended to 17 points.

This is the first time since June.

for the reasons for prolonging the paction time, the financial market department of the joint-stock bank analyzed that the closing time of the paction such as borrowing and buyback was 16:30 at the normal time, and the closing time was extended. It was only to give banks more time to find counterparties, so that the accounts could be leveled.

he further said that the SLO scale of the central bank is as high as 200 billion yuan. After the big banks get these funds, they will be dismantled again, and traders will need time to input data.

Therefore, the central bank should extend the paction time to a certain extent.

"there has been an extension of the closing time before, but there is no formal notice."

The source said the funds were tight, and at 4:30 p.m. had passed. Some banks that were unable to keep accounts were still looking for money in the whole world.

"capital is tight, and the central bank is unwilling to relax monetary policy. This is a big environment."

Another bank trader said, near the end of the year, everyone is preparing for the next year's capital, and capital pactions are at high level.

Ma Yue P, a researcher at Minsheng Bank's Financial Market Research Center, said the reserve payment is also an important factor.

"the payment in the middle of the month makes it difficult for the capital to be opened."

Ma Yue explained that, with the end of the year, in order to cope with the liquidity demand at the end of the year, the big banks may take the initiative to raise the level of payment, which will lead to a lower willingness to finance, thereby exacerbating the seasonal tension of the funds.

in addition, a number of people interviewed by reporters also said that although the United States cut off quantitative easing (QE) and IPO gate opening events were not the main factors, they also hit the market at psychological level.

"The main reason for this week is that domestic factors are dominant."

In the morning of December 19th P, the Federal Reserve announced the withdrawal of the QE exit: it decided to reduce the purchase size of US $85 billion a month to US $10 billion to US $75 billion per month.

The withdrawal of QE from the US will push up global interest rates, leading to outflow of capital in emerging market countries.

SLO emergency release signal /p >

funds are tight, < a href= "http://www.91se91.com/" > market < /a > expect the central bank to launch early.

But the central bank seems to be in no hurry to invest in the market.

Counting yesterday, on several open market operation days, the central bank has suspended the reverse repurchase operation for several times.

analysts said that the pressure on banks to store stocks increased sharply at the end of the year, but the central bank failed to carry out counter repurchase for two weeks in a row, which is a great blow to market confidence.

400 billion of the Treasury expired, and the United States withdrew from the QE and the central bank did not carry out the counter repurchase.

In the early June, when p was tight, the central bank had stuck to the principle and did not inject liquidity into the market.

But since then, the situation has intensified, and Shibor has also set a record. The central bank has publicly voicing its stability and liquidity.

Perhaps the last experience, the central bank announced in a timely manner yesterday: SLO has been used to regulate market liquidity.

this has more or less played a certain role in stabilizing the market.

But the market expects the central bank to carry out counter repurchase operations. Why did the central bank choose SLO? /p?

in the view of the above bank traders, take SLO instead of reverse repurchase, which is a signal pmitted by the central bank to the market.

the trader explained that if the central bank carried out the reverse repurchase operation, it did not expect the funds to be so tight.

No counter buy back yesterday, the central bank is not hoping to convey a "pine" expectation to the market.

And SLO is a counterpart operation, using SLO to show that the central bank is moving at random to guide the market expectation at any time.

SLO was founded in January this year.

In the central bank's toolbox, SLO is a necessary supplement to the routine operation of the open market, and the camera is used when there is a temporary fluctuation in the liquidity of the banking system.

The central bank has said that the timely creation of this tool will not only help the central bank effectively regulate the supply of short-term funds in the market, irregulate the fluctuation of market capital supply and demand caused by sudden and temporary factors, promote the smooth operation of the financial market, but also help stabilize market expectations and prevent financial risks effectively.

Li Zhiqiang said that SLO is mainly aimed at several major lines, but it is only a partial relief and liquidity is still tight.

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end of the year "boots" to stay /p >

in fact, in addition to the year-end factors and the negative effects of QE withdrawal on liquidity, there are also some positive factors that can appropriately alleviate liquidity constraints.

November, all foreign financial institutions increased their foreign exchange reserves to 397 billion 900 million yuan, which has been increasing for 4 consecutive months.

Foreign exchange is the most important channel to create the basic currency, which is closely related to the liquidity of the interbank market.

The increase in foreign exchange means that liquidity is injected into the interbank market.

In the context of RMB appreciation, foreign exchange will remain high in December.

at the same time, compared with the previous year, the fiscal deposits in the beginning of 2013 have generally been retained more. From the first three quarters and the 10 and November fiscal deposit data, the central government has increased financial management and renovating the "three public consumption", which has made explicit restrictions on the payment of out of schedule finance. The fiscal deposits in the first three quarters were as high as 1 trillion and 460 billion, which is 2.5 times that of the same period last year.

E Yongjian, a researcher at the P Financial Research Center, said that, according to the rule of previous years, the phenomenon of concentrated expenditure at the end of the year - the centralized financial investment in December - is still likely to happen.

This will result in more than 1 trillion and 200 billion of the funds invested at the end of the year. Therefore, the market liquidity in December will be eased.

The central bank also said yesterday that the market liquidity at the end of the year was influenced by factors such as revenue and expenditure, and so on. P

after disclosing the SLO operation, the central bank also said yesterday that if necessary, it would continue to provide liquidity support to eligible financial institutions through SLO according to the progress of fiscal expenditure.

In the future, SLO will be used flexibly to regulate market liquidity.

traders think that no matter how the central bank operates, by the end of the year, funds will still be tight.

Because there is a certain inflationary pressure next year, and the state will not ask for a very high speed of economic growth, so it will keep the capital side in a tight state.

Ma Yue P also believes that liquidity will continue to be tight before the end of the year.

But Ma Yue stressed that in view of the experience of "tight money" in June, the central bank would not sit idly by the sharp rise in interest rates. Even at the end of the year, "tight money" could hardly be staged.