Core Tip: The central bank announced on the 12th that due to factors such as the tax period, the total liquidity of the banking system has declined but is still at a relatively high level. On April 12, no open market operations were carried out. This is the central bank's suspension of open market operations for 13 consecutive days. On the same day, 40 billion reverse repurchase expired, and the net return on the 13th was 490 billion.
2017 central bank open market operations
Beijing (CNFIN.COM/XINHUA08.COM)--The central bank announced on the 12th that due to factors such as the tax period, the total liquidity of the banking system has declined but is still at a relatively high level. No open market operations will be carried out on April 12. . This is the central bank's suspension of open market operations for 13 consecutive days. On the same day, 40 billion reverse repurchase expired, and the net return on the 13th was 490 billion.
This week, the open market will have 130 billion yuan reverse repo and 217 billion yuan MLF (interim loan lending) expired. There were 100, 200, 400, 400, and 20 billion yuan reverse repurchase orders from Monday to Friday, and 217 billion MLFs expired on Thursday.
Wen Bin, chief researcher of China Minsheng Bank, believes that "the central bank's intention is to actively promote financial de-leverage and prevent risks under the premise of keeping the total liquidity basically stable. This is also an effective guide to market expectations."
“Although the new MPA assessment rules made the liquidity relatively tight at the end of March, due to the concentration of the fiscal expenditure at the end of the quarter as a hedge, the central bank did not see any significant liquidity. The liquidity pressure in April was greatly eased. There is no need to make a net release through reverse repurchase." Chen Yu, senior researcher at the Bank of Communications Financial Research Center.
The Shibor interest rate, which reflects the level of inter-bank fund prices, has continued to rise slightly since the end of March, and has generally shown a slight downward trend since April. The price signal also shows that the current liquidity is basically stable.
Analysts pointed out that in the short-term overall liquidity situation, the central bank continued to suspend open market operations and moderate net withdrawal of funds within the market expectations. On the other hand, considering that the enterprise's first quarter tax payment period will come in the middle and late, more than 200 billion yuan MLF will also expire, the next stage of open market operations still need to follow attention. There is still no obvious negative factor in the supply and demand of funds in a short period of time, but the market's expectation of the central bank's monetary policy is still tight. The overall situation of the capital situation may still show a "short and tight" operation pattern.
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