The Central Bank Or Continue To Maintain The General Trend Of Market Prices Through Open Market Operations.

Recently, the volatility of foreign financial markets has made the global foreign exchange, gold, commodities and bond markets fluctuate greatly, and investors' expectations have also changed accordingly. Therefore, it is normal for China's money market to react. It is expected that there will be occasional fluctuations in the liquidity of the domestic market before the Federal Reserve increases interest rate boots. Taking into account the overall macroeconomic stability and exchange rate in China, Central Bank In the future or continue to maintain the overall stability of market prices through open market operations.

The rise of interbank offered rate in Shanghai is a normal phenomenon, and the liquidity of money market can not be tightened because of the change of the day. Short term monetary policy is still dominated by stability, and it is believed that the central bank will adjust market liquidity in time according to market changes.

Affected by uncertainties in the external market, such as the Fed's rate hike expectations, the interbank offered rate in Shanghai Rose 14 days, indicating that domestic market liquidity has tightened. Among them, overnight Shibor interest rate was 2.2310%, up 2 basis points. The 7 day Shibor interest rate was 2.4070%, up 0.50 basis points. 3 months Shibor reported 2.8846%, up 0.95 basis points.

Wen Bin believes that as foreign exchange holdings are constantly shrinking, the central bank mainly replenish market liquidity through the reserve ratio and the open market operation, and the open market operation is mainly through the "medium term". To loan The combination of convenience (MLF) + reverse repurchase will guide the market to satisfy the general liquidity and keep the price stable.

Reporters learned that the central bank on Monday (14) in the open market for 105 billion yuan 7 days of reverse repurchase operations, 65 billion yuan 14 days of reverse repurchase operations, the winning rate remained unchanged at 2.25% and 2.40%, the day the open market net invested 90 billion yuan, a net investment of two consecutive days.

Wen Bin believes that the market will be taken into account in the future. Inflation The rise and the Fed's constant release of interest rate signals will have a certain impact on the money market. The central bank will consider and judge on the basis of maintaining a stable tone of monetary policy. As the RMB exchange rate depreciation pressure is great, therefore, the central bank in the short term or consider the short-term and medium-term open market operation to regulate the liquidity of the market, to a certain extent, increased the initiative of monetary policy.