Our reporter Wang Wei
On Wednesday (June 14), the central bank launched a 90 billion yuan reverse repurchase operation in the open market. On the same day, 70 billion yuan of reverse repurchase expired, resulting in a net investment of 20 billion yuan, which was the second consecutive day. Delivery. Market participants pointed out that since June, the central bank has achieved a net release in the open market for six days, achieving a net return in only two days, and two days to achieve full hedging. In general, the central bank’s attitude of maintaining liquidity balance is clear. Since June, the funding has also been tightened. In the past few months, short-term capital supply has been abundant. In the next two weeks, despite the multiple disturbances such as MPA assessment, the funds face multiple disturbances. In light of the statement made by the central bank reaffirming the “balance between leveraging and maintaining the basic stability of liquidityâ€, it is expected that the probability of smoothing the funds in June will be greater.
OMO netted for two consecutive days
The central bank announced yesterday that it had carried out a 30-billion-day period of 10 billion yuan, 10 billion yuan, 14 days, and 50 billion yuan in 28-day reverse repurchase operations in the open market. The 7-day, 14-day, and 28-day reverse repurchase bids were won. The interest rates were 2.45%, 2.60%, and 2.75%, respectively, which were the same as last time. At the same time, there was a 70 billion yuan reverse repurchase due yesterday, which resulted in a net investment of 20 billion yuan, which was the second consecutive day of net delivery.
Judging from the market performance, yesterday's funds remained in a balanced and loose state throughout the day, and the liquidity of the funds was loose during the month. According to traders, there were large institutions in the early morning yesterday, and the market quickly borrowed. There are also 7 days and 14 days of selling in the market, mostly non-silver institutions. Demand for buying across the end of June remained positive, with buying demand nearing 5.20-5.50%. In the afternoon, the market still maintains a balanced and loose state.
Yesterday, in the inter-bank pledged repo market (deposit institutions), most of the maturity rates tend to go down. Among them, the overnight and 7-day weighted interest rates were down 0.91BP and 12.9BP respectively, with the latest reported respectively 2.8033% and 2.8899%; the 14-day weighted interest rate also dropped 15.72BP to 3.7433%; the 21-day weighted interest rate across the month rose slightly by 0.76BP to 4.9745. %.
Capital fabrics maintain tight balance
It is worth noting that the central bank announced the monetary credit data for May yesterday. The growth rate of broad money supply (M2) fell below 10% for the first time, setting a record low, which caused market concern. Analysts pointed out that the weaker M2 year-on-year reflects the fact that financial de-leverage has achieved certain results. In light of the downward pressure on the current economic growth rate, the central bank will continue to grasp the de-leverage and maintain liquidity based on changes in economic fundamentals and market supply and demand. The balance between basic stability is expected to have a greater probability of smoothing the funds in June.
Kyushu Securities Deng Haiqing commented that the sharp decline in M2 year-on-year growth in May was mainly due to strict regulatory policies to promote the de-leveraging of the financial system. In addition, the weaker M2 year-on-year reflects the fact that financial de-leverage has achieved certain results, which will likely promote future regulation. A marginal slowdown in policy and monetary policy.
China Gold Corporation also said that since the bond interest rate has been over-adjusted to a certain extent, especially the short-term bond yields are rising, the future monetary policy and banking supervision policies may not be tightened even more, even in the currency increase. The situation of speed and further weakening of the economy has gradually relaxed. In the short-term, we need to pay attention to whether the MLF will continue to renew after the expiration of this week. If the Fed raises interest rates, will the central bank continue to raise the open market interest rate? If this time it does not increase, it will show that the policy attitude is somewhat Loosening is conducive to the repair of overshoot in the bond market.
"The credit performance exceeded expectations, the growth rate of social welfare did not fall, the real economy still has financing needs, financial de-leverage and "strengthening of regulatory coordination", the overall pattern of currency slowdown and stock structure adjustment remains unchanged, central bank policy The focus is still on leveraging leverage and maintaining the balance between de-leverage and liquidity. The probability of smoothing the funds in June is greater," Tianfeng Securities said.
(Editor: Ji Liya HN003)
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