Sino-Singapore Jingwei Client, September 24, according to the announcement on the central bank's website, in order to maintain stable liquidity at the end of the quarter, the People's Bank of China launched a 120 billion yuan reverse repurchase operation on September 24, 2020 through an interest rate bidding method.

On that day, 110 billion yuan of reverse repurchase expired, realizing a net investment of 10 billion yuan.

　　Screenshot of the central bank website

　　The central bank's announcement showed that on the 24th, a reverse repurchase operation of 120 billion yuan was conducted for 14 days, and the winning bid rate remained unchanged at 2.35%.

Since the central bank restarted the 14-day reverse repurchase operation on the 18th, it has carried out a total of 470 billion yuan of reverse repurchase operations over 14 days in 5 trading days.

　　Huaxin Securities pointed out that on September 18, the central bank launched a 14-day reverse repurchase of 60 billion yuan. This is since the last time it was launched on August 25, the central bank has restarted the 14-day reverse repurchase again, mainly to hedge cross-season and cross-section pressure .

From historical data, it is an operational practice to launch a 14-day reverse repurchase at the end of September, because in addition to the inter-seasonal pressure, it also faces the inter-seasonal pressure of the 11th long holiday.

　　On the 23rd, the central bank launched a 200 billion reverse repurchase, realizing a net investment of 80 billion.

The Shanghai Interbank Offered Rate (Shibor) fell shortly and rose long.

Among them, the overnight Shibor fell 40.20 basis points to 1.8840%; the 7-day Shibor fell 18.3 basis points to 2.1490%; the 14-day Shibor rose 24.90 basis points to 2.7510%.

　　According to an analysis by China Development Bank Securities, at present, on the one hand, the economy is still on the right track of recovery and gradually approaching potential growth; on the other hand, the rapid economic rebound in the early stage mainly depends on production, and demand is still weak, and the superimposed overseas epidemic is still Proliferation, the foundation of economic recovery is still weak.

At the same time, although the overseas easing policy has entered the observation period, the road to economic recovery is still difficult to be smooth sailing, and there is still the possibility of continued easing in some countries.

Under such circumstances, there is no possibility of substantial relaxation of domestic monetary policy, nor will it be immediately tightened significantly.

The overall thinking of monetary policy has shifted from the early emergency easing to the overall sound and structural easing. The steady operation and tight liquidity balance will run through most of the second half of the year.

(Zhongxin Jingwei APP)