Suspension 北京夜网 of reverse repurchase for three days after the beginning of the year
After the temporary holiday, the reverse repurchase was suspended for three days, and the net withdrawal of funds was 773.5 billion US dollars.Due to the influence of factors such as the gradual reverse repurchase expiration, no reverse repurchase operation will be carried out on the same day.
Three days after the holiday, the reverse repurchase operation was not carried out in advance, and the net withdrawn funds were 390 billion yuan.
At the same time, it is clear that the MLF termination in the first quarter will no longer be renewed when the deadline is announced one month in advance. On February 13, there were 383.5 billion MLF expired and not renewed.
Taken together, the net withdrawal of open market operations in the three days after the holiday was 773.5 billion yuan.
Dongfang Jincheng’s chief macro analyst Wang Qing said in an interview with the Securities Daily yesterday that due to the large amount of funds flowing back to the banking system after the Spring Festival, the recent DR007 (7-day pledged repo rate for deposit institutions) continued to reduce the average priceRunning below the policy-guided interest rate (gradual 7-day reverse repurchase rate), it indicates that the current market liquidity is in ample state.
This is the direct reason for the continuous implementation of the net withdrawal of funds after the Millennium Festival.
Wang Youxin, a foreign exchange judge at the Institute of International Finance of Bank of China, told a reporter of the Securities Daily yesterday that the market and the banking system are relatively liquid. The suspension of open market operations can balance market supply and demand changes.
Years ago, through the RRR cut, the use of TMLF and reverse repurchase provided the market with excessive liquidity, and smoothly passed the Spring Festival holiday. Before the average inter-bank borrowing interest rate for each period after the Spring Festival, the DR007 interest rate returned to the 7-day period.Interest rate 2.
By suspending the open market operation and recovering some excess liquidity, it can ensure the stable operation of the market.
Correctly predict whether the reverse repurchase operation will continue to be suspended. Wang Qing said that in January, leading indicators such as PMI showed that the short-term internal economic downward pressure still exists.
As a result, steady growth is in the forefront of current long-term monetary policy goals.
Focusing on promoting the substitution of “wide currency” to “wide credit” of the real economy, the current monetary policy is still focused on structural monetary policies such as substitutional RRR cuts, TMLF (directed medium-term lending facility), and inclusive financial cut-down dynamic assessments.Tools to guide the moderate decline in long-term interest rates and promote the flow of funds to small and micro enterprises that are lacking in water, and private enterprises.
Wang Qing stated that at the same time, abide by the principle of “reasonable and reasonable, not flood flooding”, gradually stabilize the short-term interest rate of the currency market, control the relatively moderate level of liquidity, and prevent the resurgence of 杭州桑拿网 financial leverage.
It is expected that before the DR007 return policy guides the interest rate to run near the transition rate, the net return operation may continue to be implemented, including the suspension of reverse repurchase.
This also means that short-term internal expectations are unlikely to reduce open market operating interest rates.
Wang Youxin said that this year’s long-term monetary policy will still be moderately loose. At present, the downward pressure on the economy is still contradictory. The effects of fiscal policy indicate that there is a time lag. Monetary policy in the first half of the year is expected to continue to exert force, but as far as possible, inclusiveInstead of short-term reverse repurchase operations to effectively support the real economy and long-term investment.