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(Original title: The central bank opened the market for 130 billion reverse repurchase operations, with a net return of 100 billion)
Hong Kong's Wind InfoCom reported that the central bank carried out 80 billion 7 days and 50 billion 14 days of reverse repurchase operations on Wednesday. On that day, there were 230 billion reverse repurchase maturities and a net return of 100 billion.
On the previous day, the central bank opened the market for 50 billion 7 days of reverse repurchase operations. On the same day, 40 billion reverse repurchase expired, and the net investment was 10 billion yuan, ending a net withdrawal for 6 consecutive days. In the previous six working days, the central bank’s open market net return reached 430 billion.
Traders said that although the central bank re-applied the net investment, the funds in the morning did not change tightly in the morning, the money market interest rate rose across the board, the interbank market repurchased over 5%, and the exchange market exceeded 7%. The supply increased and the situation eased slightly.
China Securities Journal said that although at the end of the month, the central bank still withdraws funds from the open market, stimulating market cautious expectations of liquidity. Insiders pointed out that the fiscal expenditure at the end of the month formed a liquid supply, but the central bank continued to return to the net to limit the liquidity recovery, and the capital fabrics crossed the moon in a tightly balanced pattern.
CITIC Solids clearly believes that the tighter funds in the past two months are more due to differences in aggregates and structures, rather than strong leverage, and it is difficult for capital interest rates to break through the first half of the year. After June, the bond market entered a relatively stable period, and the total liquidity was basically stable. The overall central bank's MLF, treasury cash operations and open market operations, as well as fiscal investment, the overall balance of liquidity and retraction, but the market generally felt tight. The main reasons are two. One is that the overall over-reserve rate is low, and the other is that the liquidity distribution is not balanced, rather than returning to the strong de-leverage state before May.
Wind information statistics show that this week, the central bank's open market has 560 billion reverse repurchase due, from 200 to 40 billion, 40 billion, 230 billion, 40 billion and 50 billion from Monday to Friday, no repurchase and central bank bills due .
According to CITIC Jiantou, the central bank’s open market operations returned to a net return last week due to factors such as fiscal expenditure last week, local treasury cash management commercial bank time deposit operations, and financial institutions’ statutory reserve withdrawal. This week, the reverse repurchase expires 560 billion yuan. Considering that the central bank's open market is affected by the changes in fiscal deposits, and the fiscal deposits in the latter half of the year are relatively large, it is expected that the open market operation may still maintain a returning posture.
For the liquidity in September, the Yangtze River consolidation believes or maintains a tight balance. The Yangtze River consolidated receipts said that the expiration of the interbank deposit receipts reached a record high in September, and it also faced the impact of the MPA assessment and the Fed FOMC meeting. Compared with the end of the first two quarters, the liquidity environment in September should not be too worried or too high. Money will continue to “cut the peaks and fill the valley†and keep the liquidity of the banking system basically stable. Liquidity management or a tight balance is still needed.
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