The central bank launched a 150 billion reverse repurchase this week with a net withdrawal of 450 billion

　　Sino-Singapore Jingwei client, June 5th, according to the official website of the central bank, on the 5th, the central bank issued an announcement saying that on June 5, 2020, the central bank launched a 150 billion yuan reverse repurchase operation through interest rate tendering. On the same day, 300 billion yuan of reverse repurchase expired. Wind data shows that the central bank's open market has recovered a net 450 billion yuan this week.

　　Source: Central Bank's official website

　　In response to the 150 billion reverse repurchase carried out on June 5, the central bank said that this move is to hedge the impact of the reverse repurchase expiration of the open market and the deposit of legal deposit reserves by financial institutions, etc. The winning bid was still 2.2%, unchanged from the 4th.

　　On June 4, the central bank conducted a 70 billion yuan reverse repurchase operation through interest rate tendering to hedge the impact of factors such as open market reverse repurchase expiration and government bond issuance and other factors, and maintain a reasonable and sufficient liquidity in the banking system. 2.2%.

　　　Source: Wind

　　According to Wind data, this week (June 1-5), the central bank conducted a total of 220 billion reverse repurchase operations, reverse repurchase maturity of 670 billion, the open market this week net withdrawal of 450 billion yuan.

　　CDB analysis said that from the recent attitudes of the central bank and commercial banks, although the central bank has not lowered the reverse repurchase rate, there is no objection from the perspective of quantity to maintain reasonable and sufficient liquidity. The central bank said in its announcement on May 27 The reverse repurchase is for "hedging government bond issuance factors", which was updated to "factors for hedging government bond issuance, corporate income tax settlement and other factors" on May 28, indicating that the impact of current shock funds is multiple, and subsequent payments After the temporary shocks such as tax factors, the pressure on the capital should also be lessened than it is now.

　　CITIC Construction Investment believes that if market capital tightens in the future, the central bank will still use open market operations to supplement market liquidity. (Sino-Singapore Jingwei APP)