Capital Continues To Tighten Until Spring Festival.

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Shoes and net reporters to understand the recent exchange rate situation:

The central parity of the US dollar rose three days to recover 304 basis points, and was strong at 6.886 stalls.

However, the Shanghai interbank offered rate (Shibor) has risen for fifteenth consecutive trading days.

The overnight interbank offered rate (Shibor) of Shanghai rose 2.3160% basis points in November 30th, rising by 1.40 basis points; 7 days Shibor reported 2.4960%, up 1.50 basis points; 3 months Shibor 3.0358%, up 1.86 basis points, and increased by 30 trading days, hitting the longest cycle of rising at the end of December 2010.

"Money shortage is too exaggerated."

Insiders said in an interview with reporters that the current situation is only higher capital costs.

With bank analysts forecasting, overlaying the end of the month, MPA assessment and other factors, the situation of tight funds in the future will continue for some time, or until the Spring Festival.

What caused the continuous rise in the price of funds in the near future?

According to the world

Shoes and net reporters learned, merchants

Liu Dongliang, senior analyst at the Ministry of asset management, said that after October, the depreciation rate of the renminbi accelerated, the pressure on foreign exchange holdings increased, and the basic monetary gap widened. The central bank chose to continue to put liquidity into the open market operation, and the central bank had increased the length of the delivery period, in fact, increased the weighted cost of the invested funds, resulting in a rising interest rate in the money market.

At the same time, market institutions' expectations for easing policy have shifted from relative optimism in the past three quarters to prudence and conservatism, and the factors such as the end of the month and the MPA (macro Prudential assessment) have led to the continued tightening of capital.

However, last year's foreign exchange accounted for a large gap, and the central bank dropped five times last year. Why not see such an expensive capital market?

The cost and duration of the currency released by the quasi market and the open market are different, so the effect is quite different.

Moreover, now the central bank's open market operation, the deadline is stretched.

MLF is almost half a year, and it is sure that the weighted cost will rise and the capital will be more expensive.

Liu Dongliang pointed out.

Yesterday, the central bank has changed the net return operation, carried out 140 billion yuan 7 days reverse repurchase operation, 80 billion yuan 14 days reverse repurchase operation, 10 billion yuan 28 day reverse repurchase operation, and 140 billion reverse repurchase expired 140 billion yuan, so it was equivalent to the central bank net invested 90 billion yuan.

Is the market pocketbook really tight?

People in the industry predict that, with the factors such as the end of the month and MPA assessment, the situation of tight funds will continue for some time, at least until the Spring Festival break.

"Near the end of December, agencies are stepping up efforts to raise funds across the years.

Only in the last week or so of the end of December, with the release of fiscal deposits, there may be a slight drop in the capital side.

However, after the new year's day, the Spring Festival factor is emerging again. At the same time, the amount of individual purchase of foreign exchange opens in the new year, and the demand for foreign exchange purchase is expected to be released.

The downward pressure on funds is rising further.

Liu Dongliang said, "whether the capital will improve after the Spring Festival is still unknown. Even if it improves, it will still be a tight balance."

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