Central Bank Open Market Reverse Repurchase Bid Interest Rate Further Decline

Central bank reverse repurchase release 50 billion liquidity success rate fell again

Today, the Central Bank of China has 50 billion yuan and 7 days in the open market.

Operation, the winning rate fell again to 2.5%, the previous 2.7%.

According to market participants, the central bank continued its open market anti repurchase operation on Tuesday morning for a period of 7 days, with a paction volume of 50 billion yuan, an increase of 15 billion yuan over Thursday.

Market participants said that at the close of the end of the season, the central bank sharply reduced interest rates and directed down the market, breaking the market's speculation on the direction of monetary policy and improving market expectations.

In the short term,

In addition, the open and directional reverse repurchase and extension of MLF continued to raise the overbooking rate of the banks at a high level, and the short-term liquidity volatility slowed down. The cross season has no suspense. The future interest rate of funds is expected to further fall. Even if it can not return to the historical lows in May, it is expected to maintain a smooth operation at a relatively low level.

Market participants pointed out that, as the central bank has provided substantial liquidity support through directional reduction, and so on, the need for continued reverse repurchase operations has declined. But on the end of the season, the central bank continued to carry out counter repurchase, and the volume of pactions has been enlarged, which will help further improve the mood of the money market and release a strong signal to guide the downward trend of the money market interest rate on Tuesday.

On Monday, with the introduction of the "double down" measures, the money market capital side recovered and the mainstream capital interest rate fell.

Data show that the 29 day interbank pledged repo market, the terms of each period

Except for 1 months, the variety rose slightly and the whole line fell.

Among them, the mainstream overnight repo weighted average interest rate fell 2BP to 1.33%, the index varieties, the 7 day repo weighted average interest rate across half a year dropped 36BP to 2.85%, and the 14 days and 21 days of medium term were also down by 36BP, 38BP to 3.36% and 4.24% respectively.

Market traders said yesterday that the capital market of the repo market was relatively loose from the early morning, and the varieties were all released within 1 months. The funds supplied overnight and 7 days were abundant. The demand for 7 days varieties was strong and the turnover increased significantly at the end of the half year.

It is worth mentioning that since last week, although the interest rate of funds is still rising at the end of the six months' assessment, the supply and demand relationship between the money market has eased initially along with the last IPO buyout fund thaw, and on Thursday, the central bank restarted the reverse repurchase operation. The market participants generally believe that even if there is no further assistance measures of the central bank, it will not matter if the capital side passes smoothly at the end of the half year.

Last Saturday, the central bank resorted to "

"Big move" is undoubtedly "icing on the cake" for the money market.

The traders said that the 30 day was the last trading day in the first half of the year. From previous experience, the agency's work on the assessment at the end of the six months is basically over. It is a foregone conclusion that the capital side will pass through the end of the six months, and there is still a downward trend in the interest rate of funds. The pace of warming up after the month is expected to accelerate.

After the confirmation of the loosening orientation of monetary control, institutions generally believe that the interest rate of capital will fall again, even if it is difficult to fall below the May low point, it is also expected to remain low.