The central bank escorted a net investment of 60 billion yuan in three trading days and the liquidity was stable at the end of the half year
Our reporter Liu Qi
On June 28, the People's Bank of China (hereinafter referred to as the "central bank") issued an announcement showing that a 7-day reverse repurchase operation of 30 billion yuan was carried out through interest rate bidding on that day, and the operating interest rate remained unchanged at 2.2%.
It is worth noting that since the central bank broke the "new normal" of rolling 10 billion yuan of reverse repurchase operations every trading day since March on June 24, this is the third consecutive trading day that the central bank has carried out a 30 billion yuan reverse repurchase. Purchase operation.
In view of the expiration of 10 billion yuan of reverse repurchase in the open market on these three trading days, the central bank has realized a cumulative net investment of 60 billion yuan.
Regarding the sudden increase in open market operations, the central bank has made it clear in the public market business transaction announcements on June 24, June 25, and June 28-in order to maintain stable liquidity at the end of the six-month period.
In fact, in recent years, at the end of every six months, the central bank will steadily escort mid-year liquidity by increasing its open market operations.
However, the "Securities Daily" reporter noticed that compared with previous years, the reverse repurchase operation to maintain liquidity at the end of the six months came relatively late this year, and the intensity was relatively small.
For example, in 2019, the central bank issued an announcement on June 13 stating that in order to maintain stable liquidity at the end of the six-month period, it carried out a 100 billion yuan 28-day reverse repurchase operation on the same day through interest rate bidding.
At the mid-point of 2020, the wording "in order to maintain stable liquidity at the end of the half year" appeared for the first time in the public market business transaction announcement on June 18, when the central bank launched a 7-day reverse repurchase of 50 billion yuan on the same day, superimposing 700 yuan. RMB 100 million in reverse repurchase in 14 days, totaling RMB 120 billion, and such a "7+14" reverse repurchase operation has been carried out for 4 consecutive trading days.
Regarding the changes this year, Tao Jin, deputy director of the Macroeconomic Research Center of the Suning Institute of Financial Research, said in an interview with a reporter from the Securities Daily that on the one hand, the current banking system continues to be in a relatively loose state of liquidity, and short-term lending demand is not large. This is a decision. The central bank’s policy to deal with seasonal constraints on liquidity at the end of the six-month period is not strong; on the other hand, it is currently at the end of the six-month period, and there is little need for a relatively long-term liquidity investment such as 14 days.
The current relatively loose liquidity in the banking system can be confirmed by the money market interest rate.
According to data from the National Interbank Funding Center, on June 25, the overnight Shibor (Shanghai Interbank Offered Rate) reported 1.55%, the lowest level since June; on June 28, the overnight Shibor rose slightly by 0.8 basis points. Reported at 1.558%, but still at a low level.
However, data from Oriental Wealth Choice shows that as of 16:30 on June 28, the weighted average interest rate of DR007 was 2.2903%, and its 10-day average value was 2.2661%. Although it is still operating around 2.2% for the 7-day reverse repurchase rate, There is an upward trend.
Liang Si, a researcher at the Bank of China Research Institute, analyzed to a reporter from the Securities Daily that if interest rate products such as DR007 continue to rise significantly, then it is also necessary to appropriately increase liquidity placement operations to meet the market's reasonable liquidity demand and maintain the relative stability of market interest rates. .
It is expected that at the end of this month and early next month, the central bank will continue to provide liquidity to the market mainly through short-term reverse repurchase operations to help financial institutions overcome the impact of special time points.
"After the half-year end of the year, the need for the central bank to continue to increase short-end liquidity may be temporarily reduced. However, as the supply of government bonds increases, the central bank still seems to need to maintain a certain investment scale, but this also depends on the use of previous fiscal funds. The degree of efficiency improvement.” Tao Jin believes that, on the whole, the subsequent liquidity may return to a relatively stable and reasonable state of sufficient.
(Securities Daily)