The central bank's equal continuation of the 200 billion MLF expert: release the signal to keep the fund stable

　　China-Singapore Jingwei Client, June 15 According to the official website of the Central Bank, on June 15, the People's Bank of China launched a 200 billion yuan mid-term loan facility (MLF) operation (including the renewal of the MLF expired on June 15) and 10 billion yuan Yuan reverse repurchase operation.

　　Source: Central Bank's official website

　　Regarding MLF and reverse repurchase operations, the central bank explained that the move was to maintain a reasonable and sufficient liquidity in the banking system.

　　The announcement shows that the 200 billion MLF operation has a period of 1 year, the winning bid rate is 2.95%, and the 10 billion reverse repurchase operation has a period of 7 days, and the winning bid rate is 2.20%, which is the same as before.

　　Source: Wind

　　Wind data shows that this week (June 15-June 18), a total of 50 billion yuan of reverse repurchase and 200 billion yuan of MLF expired.

Among them, 20 billion yuan of reverse repurchase expires on Tuesday, and 10 billion yuan of reverse repurchase expires from Wednesday to Friday.

On Tuesday, another 200 billion yuan of medium-term loan facility (MLF) is due.

　　Zhou Maohua, an analyst from the Financial Markets Department of Everbright Bank, told the Sino-Singapore Jingwei client that the central bank will continue to produce MLF at equal prices to ensure that long-term liquidity remains stable. This time, the central bank will recover a small amount of equivalent reverse repurchase liquidity with a seven-day period. Without excessive interpretation, the near-term market liquidity continues to be a reasonable and abundant pattern. The market interest rate is operating in the "interest rate corridor" as a whole. The central bank makes flexible adjustments according to the disturbance factors of the fund, and the central bank releases the signal to continue to maintain the stability of the fund.

　　In the second half of the year, Zhou Maohua expects that the central bank will continue to use a variety of tools flexibly to deal with short-term disturbances and ensure stable funding.

In the second half of the year, the maturity of open market instruments increased, and the supply of special bonds by local governments increased slightly. Disturbance factors increased slightly. However, the domestic economic recovery is in good shape. International commodity prices and overseas inflation have risen, making my country's monetary policy trending. To be cautious, the central bank's policy is stable.

(China-Singapore Jingwei APP)