China-Singapore Jingwei Client, September 21. According to the announcement on the official website of the Central Bank, in order to hedge against the influence of government bond issuance and payment and other factors, and maintain stable liquidity at the end of the quarter, on September 21, 2020, the People's Bank of China is launching the central treasury cash management business On the basis of 80 billion yuan of fixed deposit operations in banks, 140 billion yuan of reverse repurchase operations were carried out through interest rate bidding.

　　Screenshot source: the official website of the central bank

　　Data from the China Foreign Exchange Trading Center showed that the central parity of the RMB against the US dollar depreciated by 4 basis points to 6.7595.

On the previous trading day, the central parity of RMB against the US dollar was reported at 6.7591, the closing price at 16:30 was at 6.7588, and the closing price at 23:30 was at 6.7700.

　　Previously, on September 11, the central bank announced financial statistics for August.

At the end of August, the broad money (M2) balance was 213.68 trillion yuan, a year-on-year increase of 10.4%, and the growth rate was 0.3 percentage points lower than the end of the previous month and 2.2 percentage points higher than the same period last year; the narrow money (M1) balance was 60.13 trillion yuan, a year-on-year increase An increase of 8%, the growth rate was 1.1 and 4.6 percentage points higher than the end of last month and the same period of last year respectively; the balance of currency in circulation (M0) was 8 trillion yuan, an increase of 9.4% year-on-year.

Net cash invested in the month was 17.5 billion yuan.

　　Huachuang Securities Zhou Guannan’s team pointed out that the central bank’s large-scale investment of MLF and the restart of 14-day reverse repurchase have obvious intentions to maintain stability and inter-season liquidity, and liquidity is worry-free. However, the timing of capital price increases and capital stratification may still be somewhat different. reflect.

　　Zhou Guannan’s team stated that, in the

later period, there is a high probability that funds will be seasonally tightened

at the

end of the quarter

. In an environment of “no

RRR cut

”, both MLF and open market liquidity are “top-down”. "The transmission of liquidity, the high probability of capital stratification is still reflected in tight times; if the central bank’s investment scale is large before the end of the quarter, and the scale of financial expenditures in the 2-3 working days at the end of the month is relatively large, the capital price may Only at the end of the month will we see signs of a fall.

　　Media reports pointed out that entering the end of the quarter, the central bank significantly accelerated liquidity.

Experts believe that the long-term positive trend of China's economy will not change. The central bank's recent liquidity operations are more of a hedging nature, especially the intention to re-increase the medium and long-term liquidity supply.

(Zhongxin Jingwei APP)