During the Spring Festival, the liquidity of the central bank was basically adequate-www.777vk.com

The central bank continued to implement reverse repurchase, liquidity is basically adequate during the Spring Festival, the Central Bank continues to implement reverse repurchase, liquidity is basically adequate during the Spring Festival, this reporter Liu Quanjiang central bank routine open market operations slightly overweight. This Thursday (February 4th), the central bank interest rate tender to carry out reverse repurchase operation, 14 days, 28 days and two different period of operation of reverse repurchase transactions amounted to 150 billion yuan, which is since last Thursday (January 28th), the central bank for the 6 consecutive trading days through the implementation of open market liquidity put. In the current round of operations, the central bank continued to suspend the 7 day reverse repo transaction. Specifically, 14 days reverse repurchase trading volume of 80 billion yuan, the bid rate of 2.40%; 28 days reverse repurchase trading volume of 70 billion yuan, the winning bid rate remained at 2.60%. Insiders said that the current liquidity during the Spring Festival is basically sufficient. Guide the expected security liquidity supply "on Thursday (February 4th) 80 billion yuan reverse repurchase expires, the central bank for third consecutive days of 14 day repurchase, the main purpose is to guarantee the liquidity during the Spring Festival, while continuing to expand the 28 day repo scale." Gao Yuwei, a researcher at the International Finance Research Institute of Bank of China, said in an interview with our reporter. "Since last Thursday (January 28th), the central bank has reverse repurchase operations on every weekday. At present, the liquidity is basically adequate during the spring festival. However, as the reverse repurchase expires, the liquidity of the market will continue to face greater pressure, and then may continue rolling, launched reverse repurchase operations, release funds." Gao Yuwei believes that Friday (February 5th) will have 100 billion yuan reverse repurchase expires, the central bank will be expected to enlarge the size of the reverse repurchase of 14 days, and is still possible to continue the 28 day reverse repurchase. Prior to January 28th, the central bank issued a notice and notice to the primary dealers in the open market operations, liquidity management before and after the Spring Festival for the good work, maintain appropriate and sufficient liquidity, since January 29th to February 19th, except Tuesday and Thursday routine operation, other daily work is to carry out open market operations, the operation process remains unchanged. However, the central bank on Monday (February 1st) only 10 billion yuan 28 days the amount of reverse repurchase operations. But insiders told reporters that its symbolic significance is greater than the real meaning, the main purpose is to release signals to the market, to guide market expectations, to show the central bank to ensure the determination of liquidity supply. On Tuesday (February 2nd), the central bank enlarged reverse repurchase operation scale to 100 billion yuan. After all, the inter-bank bond repurchase rate increased by 37 basis points over the past 3 trading days and 7 days; in February 1st, SHIBOR increased by 11 basis points in the 7 day period. Note that the central bank to restart the 14 day repurchase operations, the scale of 50 billion yuan, the main reason is that the Spring Festival is coming, the supply of liquidity to ensure open market operations during the lockout." Gao Yuwei expresses. He believes that from the money market interest rate in February 2nd, the 7 day SHIBOR edged up by 1 basis points, but the absolute level is still high (2.455%). Liquidity management to fine development

央行连续实施逆回购 春节期间流动性基本充足   央行连续实施逆回购 春节期间流动性基本充足   本报记者刘泉江   央行常规公开市场操作略有所加码。本周四(2月4日),央行以利率招标方式开展逆回购操作,14天、28天两项不同期限的逆回购操作交易规模合计达到1500亿元,这是自上周四(1月28日)以来,央行连续6个交易日通过公开市场实施流动性投放。   在本轮操作中,央行继续暂停了7天期逆回购交易。具体来看,14天期逆回购交易量800亿元,中标利率2.40%;28天逆回购交易量700亿元,中标利率维持在2.60%。业内人士表示,目前来看春节期间流动性基本充足。   引导预期保障流动性供给   “周四(2月4日)有800亿元逆回购到期,央行连续第三天进行14天期逆回购,主要目的还是在于保障春节期间的流动性,同时继续扩大了28天期逆回购规模。”中国银行国际金融研究所研究员高玉伟在接受本报记者采访时表示。   “从上周四(1月28日)开始,每个工作日央行都有逆回购操作,目前来看春节期间流动性基本充足。但是,随着节后逆回购陆续到期,市场流动性仍将面临较大压力,届时可能会继续滚动推出逆回购操作释放资金。”高玉伟认为,周五(2月5日)将有1000亿元逆回购到期,预计央行将会放大14天期逆回购规模,且仍有可能继续进行28天期逆回购。   此前的1月28日,央行向公开市场业务一级交易商发布通知并公告,为做好春节前后流动性管理工作,保持流动性合理充裕,自1月29日起至2月19日,除了周二、周四常规操作外,其他工作日均正常开展公开市场操作,操作流程保持不变。   不过,本周一(2月1日)央行仅进行了100亿元28天期地量逆回购操作。但业内人士向记者表示,其象征意义要大于实质意义,主要目的在于向市场释放信号,引导市场预期,展示央行保障流动性供给的决心。   本周二(2月2日),央行放大逆回购操作规模至1000亿元。“毕竟,此前3个交易日,7天期银行间债券回购利率上升了37个基点;2月1日,7天期SHIBOR上升了11个基点。需要注意的是,央行重启14天期逆回购操作,规模为500亿元,主因在于春节假期即将到来,要保障公开市场操作停摆期间的流动性供给。”高玉伟表示。他认为,从2月2日货币市场利率看,7天期SHIBOR微升1个基点,但绝对水平仍然较高(2.455%)。   流动性管理向精细化发展   而对于近期临时增加场次的“春节版”公开市场操作方案,业内人士称,此举显示了流动性管理方式已向精细化方向发展,截至目前,投放资金量已可满足春节前机构的资金需求,节后逆回购到期将与现金回笼自然对冲。   国泰君安固定收益部研究总监周文渊认为,结合近期公开市场及向市场释放的信号,可以判断央行主要通过公开市场操作和SLO(短期流动性调节工具)、SLF(常备借贷便利)、MLF(中期借贷便利)、PSL(抵押补充贷款)等工具提供流动性,通过对冲流动性压力,资金面应该有保障,但整体影响偏中性,银行的流动性管理会趋谨慎。   事实上,中国人民银行研究局首席经济学家马骏此前也曾表示,春节期间对流动性的需求具有明显的季节性,春节之后不少资金就会回笼。如果过度采用降准的措施,可能对短期利率造成过大的下行压力,不利于稳定资本流动和汇率。   而对于近期央行公开市场操作规模整体有所下降,也有业内人士分析,主要有两方面的考虑:   一方面,银行体系内流动性紧张局面出现缓和,对公开市场流动性支持的需求有所减少。事实上,2016年年初以来,央行运用货币政策组合拳驰援春节前骤紧的流动性,借钱机构需求基本能够得到满足,对公开市场获取流动性支持的依赖在逐渐下降。与此同时,时间进入春节前最后一周,机构节前备付工作也基本进入尾声,整个银行间市场的借款压力逐渐减轻。   另一方面,公开市场操作场次增加后,央行可以根据春节前后的现金投放回笼规律更好地安排资金投放的节奏和规模,增加操作频率,但减少单次操作规模,可避免节后逆回购集中到期影响短期流动性。   此外,业内人士还分析,因7天期逆回购已跨春节,实际占用资金期限较长,若继续开展操作,可能需要对利率进行适当调整,而这可能引发政策信号的紊乱。因此,用期限更加合适的14天期逆回购替代7天期品种就显得顺理成章。   来源:金融时报 进入【新浪财经股吧】讨论相关的主题文章: