Reverse repo operation hit a new four-month high

The central bank actively responded to the amount of “Hongfeng”

Reverse repo operation

Created a new four-month high

The central bank increased its funding in the open market yesterday and actively responded to the “Hong Feng” of the funds due in the last week of June. On June 27th, the central bank launched a 270 billion yuan 7-day reverse repurchase operation, and the single-day reverse repurchase volume hit a new high in four months. The reporter learned from the interbank market participants yesterday that the large amount of reverse repurchase on Monday made the interbank market funds face relatively stable overall, even though this week’s open market has a reverse repurchase of 660 billion yuan due to the central bank’s increase in rush. Strength, the current funding outlook is still relatively stable.

At the end of the half year, the funds in the gates were relatively stable.

Since June, central bank liquidity regulation has mainly focused on 7-day reverse repurchase and medium-term lending facilities (MLF). Since the reverse repurchase launched last week has expired this week, the repurchase dues this week amounted to 660 billion yuan, not only twice as much as last week, but also hit a new high of nearly 2 months.

Among them, yesterday's reverse repurchase amount was 170 billion yuan. In this context, the central bank launched a 270 billion yuan reverse repurchase for hedging on the same day. The daily operation volume hit a new high since February 26, and net funds were released on Monday. 100 billion yuan.

After the central bank yesterday's large-scale reverse repurchase, according to traders, the inter-bank market funds gradually recovered from equilibrium to equilibrium, and the overall funds were relatively stable. Short-term capital demand was still strong yesterday, especially the weighted average interest rates of the inter-season varieties such as 7 days and 14 days were slightly higher.

The data showed that the 7-day repurchase weighted average interest rate rose slightly by less than 1 basis point to 2.3836%, while the 14-day repo weighted average interest rate rose by 11 basis points to 3.0976%. The Shanghai interbank interest rate SHIBOR also rose mostly, with only the Shibor interest rate falling in March.

From this week's point of view, not only the pressure on the maturity of funds, the macro-prudential assessment (MPA) assessment and other factors, in the view of market participants, the British accident "Brexit" also put a pressure on the capital.

Yesterday, the central parity of the RMB against the US dollar fell sharply by nearly 600 basis points. 600030 CITIC Securities market, fixed income people buy on Monday that the UK referendum on Europe off the market risk aversion by this "black swan" event aggravated concerns about whether other countries will continue to follow the European Union, the British referendum on the EU by pushing off While raising the US dollar index, it also increased the pressure on the RMB depreciation, thereby increasing the pressure on cross-border outflows of funds.

High probability of safety at the end of the half year

Judging from the amount of funds due this week, it shows the traces of the central bank's careful co-ordination: the pressure on the last trading day of this month is relatively small, and only 60 billion yuan will expire on that day. The volume is above 100 billion yuan. Not only that, Wind data shows that from July to the end of this year, there will be more than 400 billion yuan in central bank bills. Among them, in July, there were 183.8 billion yuan of central bank bills due.

"Subsequent central banks are expected to take measures to reduce or increase the use of MLF as a monetary policy tool." CITIC Securities's collection team expects. In the short-term, some market participants pointed out that after the central bank increased funds in the near future, the key point of the end of the half-year period of fund security became a high probability event.

According to Xingye Research, overall, last week, market institutions demanded a large amount of 14-day repurchase products across the month, which led to an increase in capital prices and a slight tightening of liquidity. However, under the careful care of the central bank, the overall cost of fabrics at the end of the half year. No worries.

The central bank pointed out in the "China Financial Stability Report (2016)" released yesterday that it will maintain the continuity and stability of monetary policy, and coordinate the use of various monetary policy instruments such as open market operations, interest rates, reserve ratios, and refinancing. The banking system is reasonably plentiful, dredging transmission mechanisms and reducing financing costs. Further improve the macro-prudential policy framework, organize and implement a good macro-prudential assessment, guide financial institutions to increase the general credit in a reasonable way, and create a moderately moderate monetary and financial environment.

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