Sino-Singapore Jingwei Client, June 21, today (June 21), the new loan market price rate (LPR) was released.
The People's Bank of China authorized the National Interbank Funding Center to announce that the 1-year LPR is 3.85% and the 5-year or more LPR is 4.65%.
As of the current quotation, LPR has "fourteen consecutive draws."
Source: Central Bank website
On June 15, the central bank announced the launch of a one-year mid-term lending facility (MLF) operation of 200 billion yuan, and the winning interest rate was 2.95%, which was the same as in May; this month’s MLF maturity scale was 200 billion yuan, thus the MLF operation in June Still do it for equal amount.
Since the LPR quotation is linked to the MLF interest rate, the market is concerned about the central bank’s MLF operating interest rate while also including the pre-judgment of the LPR quotation.
The LPR remains unchanged this time and is in line with market expectations.
When the 200 billion yuan MLF operating interest rate remained unchanged at 2.95% in June, the market generally expects that the LPR will likely remain unchanged this month.
According to Wind, a total of 40 billion yuan of reverse repurchases expired in the central bank's open market this week, of which the maturity scale on Monday was zero, and the 10 billion yuan of reverse repurchases expired from Tuesday to Friday.
Regarding liquidity, the central bank’s competent media "Financial Times" published an article on the 21st, saying that under the policy orientation of “stable” monetary policy, the central bank’s maintaining reasonable and abundant liquidity is not an empty talk.
The central bank has repeatedly emphasized through the monetary policy implementation report and other channels that it will guide the money market interest rate to operate around the central bank's short-term policy interest rate fluctuations, and pay more attention to the central bank's policy interest rate level rather than the amount of operation.
Therefore, market entities do not need to have unnecessary concerns about liquidity, and it is not advisable to use unfounded guesses to predict liquidity "tightening" and "volatility" and the central bank's policy orientation, misleading market expectations and artificially creating volatility.
(Zhongxin Jingwei APP)Keywords: