China-Singapore Jingwei, September 24th, the central bank continues to carry out 100 billion-level reverse repurchase today.
According to the announcement, in order to maintain stable liquidity at the end of the quarter, on September 24, 2021, the People's Bank of China launched a 120 billion yuan reverse repurchase operation by way of interest rate bidding, with a winning interest rate of 2.35%.
Wind data shows that today's 50 billion yuan reverse repurchase and 70 billion yuan treasury cash deposits expire, and a net investment of 70 billion yuan that day.
The central bank has carried out 100 billion-level reverse repurchase operations for the fifth consecutive working day. Previously, the central bank carried out 100 billion yuan, 100 billion yuan, 100 billion yuan, 100 billion yuan, 100 billion yuan, 100 billion yuan, 100 billion yuan, 120 billion yuan and 120 billion yuan reverse repurchase operations.
In terms of funding, the central bank’s open market reverse repurchase operations continued to remain strong on September 23, and the inter-bank market continued to improve as a whole. The supply was abundant within the month. The overnight and seven-day pledged repo rates both fell, and the overnight repo rates fell. More than 14bp to near 2.0%, it is not too difficult to integrate inter-season funds, and interest rates are generally stable; and the long-term fund price indicator has a rebound in the interest rate of the one-year interbank deposit certificate.
Some traders said that the central bank continued blood transfusions to stabilize the market. With the gradual increase of fiscal funds at the end of the quarter, there is no much pressure to smoothly pass the end of the quarter.
On September 23, the People's Bank of China held a video conference to promote the reform of the convenient operation method of standing lending and implement the 300 billion yuan refinancing policy.
The meeting pointed out that the standing lending convenience rate is the upper limit of the money market interest rate corridor. It promotes the reform of the standing lending convenience operation method and the orderly realization of the entire process electronically. This is conducive to improving operational efficiency, stabilizing market expectations, enhancing the stability of the banking system’s liquidity, and maintaining Money market interest rates have been operating steadily.
The Federal Reserve announced on the 23rd that it will maintain the target range of the federal funds rate unchanged at 0-0.25%, in line with market expectations.
Aviation Fund chief investment officer Deng Haiqing that, despite the Fed's Taper approaching, some emerging economies off rate increases, but China is a "big country economy" monetary policy to internal balance mainly
Chinese central bank through exchange rate more flexible and dependent on Chinese economy Resilience serves the "dual cycle" strategy, enhances the independence of monetary policy, and does not "dance" with the Fed's monetary policy.
At the same time, Deng Haiqing pointed out that the 1-year LPR in September was reported at 3.85%, unchanged for 17 consecutive months, indicating that greater monetary policy support may be required to reduce the financing costs of the real economy.
In the face of the “throttles” of China’s economic transformation, whether it is from the perspective of wide credit requires wide monetary support, or from the perspective of reducing the financing costs of the real economy and supporting private small and micro enterprises, the People’s Bank of China’s policy of reducing RRR and interest rates will It is sustainable and maintains the judgment of "2.8% of the new center of ten-year national debt".
(Zhongxin Jingwei APP)