Home >

At The End Of The Year, "Money Shortage" Hit, The Central Bank Injected Incremental Funds 300 Billion

2013/12/24 21:34:00 26

??? 日本語 Fran?ais English 中文

Money Shortage Central Bank Interest Rate Societe Generale Bank Repo Rate

the bank began to discount interest on buying deposits. According to a fund broker, the discount rate in the past was about 3 per thousand -4.5 per thousand, usually 3 days. With the approaching of funds at the end of the year, the discount rate has risen to 4.5 per thousand -6 per thousand, and the time has extended to 10 days, so as not to borrow money at the end of the year. 
 latest news, according to market sources, the central bank resumed reverse repurchase on schedule on Tuesday, and launched a 29 billion yuan 7 day reverse repurchase operation in the open market. Market participants pointed out that although the price of capital is still upward, but because the Central Bank continues to inject incremental funds, the capital side is improving. With the advance of financial lending, the interest rate of funds is unlikely to reach the extreme level in the middle of the year. 
 Central Bank 300 billion has invested money not to quench thirst > /strong > /p >
Between P and December 23rd, interbank pledged repo market interest rates and Shanghai interbank offered rate (Shibor) continued to rise, of which 7 days Shibor rose 118.9 basis points to 8.84%, overnight interest rates rose 58.8 basis points to 4.52%, 14 days less than a href= "http:// www.91se91.com/news/index_c.asp" > interest rates < /a > up 124.3 basis points to 8.25%. 
 a number of analysts said that although liquidity is still tight, there will be no liquidity shortage in June. It is expected that there will not be too much money in the year ahead. 
 it is reported that yesterday, the interest rates of all varieties Shibor continued to rise all the way up a few days ago. The 1 week and 2 week varieties rose 118.9 and 124.3 basis points respectively, both of them broke 8% level, while the other varieties Shibor interest rate rose by 10 basis points. 
 a bond industry insider said that the short term liquidity adjustment tool (SLO) has a shorter deadline and a smaller audience. Last week, SLO will soon expire in this week, which has limited effect on easing the current financial strain. "At present, the demand for inter annual funds in the market is higher, which is reflected in the Shibor interest rate, which is the rapid upward trend of the interest rate of funds on 7 and 14 days." 
 in the face of the tight financial situation recently, the central bank in the evening of December 20th, through its official micro-blog, said that it has injected more than 300 billion yuan liquidity into the market over the past three days in a row. The official micro-blog also mentioned that the excess payment of the banking system was over 1 trillion and 500 billion yuan at the same time, which was relatively high in the same period of history. 
P, however, short-term interest rates continue to rise. On Monday, Shibor's interest rates rose at different maturities, and one week and two weeks continued to take the lead. The average weighted interest rates rose by 109 basis points and 187 basis points respectively over Friday. 
 in addition, on December 23rd, 2, 3, 7, and 14, the repo rates were all around 8.9%, and the 7 day repo rate even rose to 9% above noon. 
 although at the end of each year, the a href= "http://www.91se91.com/news/index_f.asp" > Bank < /a > will all appear in the war of attracting funds and reserves, which will cause the market interest rate upward to become a routine. However, the tighter liquidity of the interbank market appears in the current round than in previous years. 
 take the 14 day Shibor lending rate as an example. In December 2012, the highest 14 day lending rate appeared in December 27th. The average weighted interest rate on that day was 4.6535%. The interval of interest rate in the current month was basically fluctuating between 3.5%~4.5%, with a fluctuation of 100 basis points. The average weighted interest rate of the 14 day lending rate in December 2011 was higher, the peak value appeared on December 31st day, 6.481%, the whole month's volatility was between 5.1%~6.5%, and the amplitude was 140 basis points. {page_break} 

 and in 2013, whether in terms of volatility or interest rate, it has reached a high level in recent years. 
The weighted average interest rate for the 14 days of Monday is less than P. The average interest rate has exceeded 450 basis points since the beginning of December. Compared with the previous years, the general short-term lending rate will appear at the end of December, and this year's peak will come earlier. 
 a brokerage analyst said: "compared with SLO, the central bank has a higher probability of reverse repurchase operations on Tuesday, and the scale should be no less than 50 billion yuan. The upward trend of short-term interest rates should be eased, but short-term interest rates should still be at a high level." 
 at the beginning of this year, the central bank launched the SLO tool, mainly for 12 large commercial banks in the interbank market. Its operation period is not more than 7 days. In contrast, the reverse repurchase period is more varied. At present, the most commonly used reverse repurchase period is 7 days, 14 days and 28 days, mainly facing the 40 first-class open market dealers in the market. 
 it is reported that < a > Societe Generale /a > Strategy Analyst Guo Caomin said that in general, the duration of SLO is relatively short, which has an impact on the psychology of the market. A brokerage analyst who declined to be named said that a lot of financial funds and articles No. 9 will be rumored recently, which are also factors leading to the recent tight funding. 
 according to the view of the industry, there is another reason for the tight liquidity in this round, that is, the organization is worried about Article 9. The rumor No. 9 is mainly aimed at the specification of banking business. Since the beginning of this year, banks have been expanding the "non-standard" assets under the same industry in order to get profits. 
 Shenyin Wanguo said in the research report that the central bank's position again clearly shows that the central bank fundamentally hopes that the financial institutions themselves will continue to change the mismatch of their assets and liabilities and reduce their financial leverage, rather than let the market place their hopes entirely on the central bank's initiative to invest more in total liquidity. 
 it is reported that at the end of the month, the end of the year and the end of the year, capital settlement and regulatory requirements often result in tight financial resources. Since the beginning of this year, because of the structural adjustment of bank assets, the phenomenon of "tight money" is particularly evident. As the real economy and financial institutions have not yet effectively leveraged, regulators do not easily relax liquidity, and the possibility of "tight money" will be more cyclical in the future, which will easily lead to market expectations. 
 industry insiders say that market interest rates soared in June, September and 12. In the capital market, < a > repo rate < /a > directly reflects the relationship between supply and demand of funds. In the past, when the repo rate rose sharply, that is, the market liquidity was tight, the central bank would intervene and put money into the market in various ways to stabilize the excessive interest rate. But in recent months, the attitude of the central bank has changed, and it is no longer the same as before. In some large banks, the central bank may deliberately shrink liquidity, even though banks are afraid to borrow money in the repo market even if they have enough money. This view further exacerbated the "tight money". {page_break} 

 > strong > interest rate is soaring all over the world: the bank discount interest is 6 per thousand, buying deposits /p >
 it is reported that near the end of the year, the savings war started. A kind of capital mobilization called "impulse" was also in the fire. Some banks that did not complete the deposit assessment task would "borrow" funds to meet the standard, and the impulse provided such a large amount of capital. 
 funds only need to spanfer funds to designated banks. Within 2-3 days of the month, it can easily get the interest discount of up to 4.5 per cent, without risk. 
 a fund broker said that the discount rate in the past was about 3 per thousand -4.5 per thousand, usually 3 days. With the approaching of funds at the end of the year, the discount rate has risen to 4.5 per thousand -6 per thousand, and the time has also been extended to 10 days, so as not to borrow money at the end of the year. 
 some banks also use procrastination to reduce the loss of deposits. For example, the broker and a number of partners have received several notices from several cooperative bankers, who said that after December 27th, large sums of money could not be removed. 
 December 23rd, Shibor interest rates surged across the board, including 7 days, 14 days, two varieties of interest rates rose to 8%. 
 at present, the funds available to the broker are close to 5 billion yuan, mainly from groups, private enterprises and some individual deposits. 
 in the past, the capital demand side was mainly composed of city commercial banks and branch banks, and some customer managers also had a single amount of 200 million -5 billion yuan. The period is 2-3 days across the month, of which 1-2 days are complicated for the account opening of the enterprise, and the money is deposited in the designated bank on the 29 day of the month, and is spanferred on the 1 th of next month. He said, the designated bank "borrowed" impulse funds, the discount rate is 3 per thousand -4.5 per thousand, and the end of the season is relatively high. Among them, the discount rate for the bank insiders and brokers is about 0.5 per cent, and the broker is 0.1. 
 "at present, some state-owned big banks and bank branches are also doing so. The amount of capital is more than 500 million -20 billion yuan. Less than 100 million yuan, the amount is too small, generally do not do. The broker has recently operated many orders and extended the deposit time to 10 days, because some banks are afraid that they will not be able to borrow money at the end of the month. The discount rate also rose to 4.5 per thousand -6 per thousand, and some banks also paid an additional financial discount, which was about 1 per 10 days. 
The difficulty of impulse operation is how to spanfer large amount of funds successfully as soon as possible. The broker's practice is to spanfer accounts many times at the counter, half an hour to 1 hours at a time, 1-2 yuan at a time, and 2 billion yuan in 1-2 days, and the funds are scattered to multiple accounts. 
 a counter at a city commercial office explains that the bank has an anti money laundering system inside the bank, which will monitor the large amount of remittance or the flow of funds which is not consistent with the normal business dealings. However, it is easier to pass remittances to different accounts through repeated operation. 
 the most important thing is to establish good cooperative relationship with the governor, so the spanfer will be very convenient. The broker said that the spanfer of funds was generally a long-term cooperation, and then returned to the bank after the impulse. 
 strong > interest rate "high fever does not retreat" highlights the urgency of financial reform /p >
 it is reported that the market and monetary authorities have not yet found a "game balance" for the recent tightening of market funds. Some market views point out that although management requires financial institutions to rationally adjust their asset liability structure and improve the scientificity and foresight of liquidity management, the "forward-looking guidance" of overall liquidity regulation does not seem to be clear, but the market itself has not yet achieved a real balance in such a balanced benchmark profit rate. {page_break} 

 the interbank market front-line traders said that with the recent market capital price "explosion table", the traditional benchmark interest rates such as fixed interest rates and short-term treasury bonds have been significantly lost, and a large number of large organizations "looting" have further exacerbated the fluctuations of the market's "water level". Against this background, the true equilibrium point of market capital and capital price is hard to find. 
 Guoxin Securities latest research shows that comprehensive monetary authorities' balance sheet, monthly financial deposit of financial institutions and monthly foreign exchange inflows and other data reckon that the central bank may have contracted money through non-public channels in November this year. The agency pointed out that the contraction of monetary channels in November may be the source of the rapid tightening of the current capital market. Huatai Securities and other agencies also said that the most powerful tool to solve the "tight money" in the current market may not be some specific liquidity control measures such as reverse repurchase or RR reduction, but a "forward-looking guidance" which the central bank seldom used formally and has been in practice. 
 analysts say that by controlling the sharp fluctuation of capital level, it is not only to smooth the market with some conventional or irregular regulation methods, but also to achieve two-way and full communication with the market through the "policy forward-looking guidance". In terms of liquidity regulation, we should not only achieve "ironing" fluctuations, but also "ironing" market expectations. 
 it is reported that the liquidity is once again tense, which highlights the urgency of our current "a href=" http://www.91se91.com/news/index_x.asp "financial reform" /a. 
 "under the background of China's broad money stock M2 exceeding 100 trillion yuan, the" money shortage "of banks is actually a false proposition. Behind it is the problem of disconnection between bank financial resources and the real economy. Guo Tianyong, director of China banking research center, Central University of Finance and Economics, said. 
 at present, a considerable portion of bank funds are invested in high-income interbank assets. Due to the mismatch of time limit in the off balance sheet business, such a way of capital allocation by banks has brought about the problem of "counterfeit money shortage" which can not be solved by the capital gap, and at the same time, it has also resulted in the "thirst for capital" in the manufacturing sector. 
"P", "banks continuously innovate in order to avoid regulation, from non-standard business to interbank business, has accelerated the rapid development of shadow banking, and has increasingly highlighted the credit risk of the banking system." Wen Bin, head of macroeconomic research at Bank of China, believes that only by deepening financial reform and making the market a decisive factor in the allocation of financial resources will we be able to resolve structural contradictions and avoid the "shortage of money" frequently seen at the end of the quarter. 
The central economic work conference, recently concluded by P, pointed out that we should improve and optimize the financing structure and credit structure, enhance the efficiency of financial operation and the ability to serve the real economy. 
 a positive sign is that the pace of China's financial market reform has accelerated significantly since the beginning of this year. Following the liberalization of loan interest rate control in July, the central bank recently opened the interbank deposit certificate business, laying the foundation for the next step in the marketization of deposit interest rates. 
 data show that since the middle of 12, the interbank market interest rate has increased. The most typical weighted average of 7 day repo rate broke through 8% on the 19 day, 7% and 20, and reached the peak of 8.50% in the morning of 21. 
The central bank also revealed in its micro-blog that although it has injected 300 billion yuan liquidity into the market, it has prompted the major commercial banks to rationally adjust their assets and liabilities structure and enhance the scientificity and foresight of liquidity management.