China-Singapore Jingwei, October 15th (Zhang Meng) According to the official website of the central bank, in order to maintain a reasonable and sufficient liquidity in the banking system, the People’s Bank of The renewal of the MLF due on the 15th) and the 10 billion yuan reverse repurchase operation.

Data show that today, 500 billion yuan of MLF and 10 billion yuan of reverse repurchases expire.

　　Source: Central Bank's official website

　　The announcement shows that the 500 billion MLF term is 1 year, the winning bid rate is 2.95%, the 10 billion reverse repurchase period is 7 days, and the winning bid rate is 2.20%.

　　Guotai Junan analyzed that the liquidity gap in the fourth quarter was relatively large, with the monthly average being at the trillion level.

On the one hand, the amount of MLF maturity is huge. From October to December, it was 500 billion yuan, 1,000 billion yuan and 950 billion yuan, totaling 2.45 trillion yuan. On the other hand, the issuance of local government bonds accelerated in the fourth quarter. As of September 30, The issuance of local government bonds was 5.62 trillion yuan, with a progress of 71.4%, compared with 91.0% in the same period of the previous year. The issuance of local government bonds accelerated in the fourth quarter and the liquidity absorption effect was strong.

　　Zhou Maohua, a macro researcher at the Financial Markets Department of Everbright Bank, told Sino-Singapore Jingwei that the central bank continued to produce the same amount of MLF maturity, and the price was stable. The main reason is that the current market liquidity maintains a reasonable and abundant pattern. The central bank uses a variety of tools to flexibly respond to short-term disturbance factors.

Release the central bank to maintain a moderate amount, emphasize the accuracy of monetary policy to support the real economy, prescribe the right remedy, and enhance the effectiveness of the policy.

The MLF policy interest rate remained stable, indicating that the LPR quoted interest rate for this month is likely to remain unchanged.

However, through direct innovation tools and reforms, financial institutions are guided to reduce the comprehensive financing costs of enterprises.

　　Zhou Maohua predicts that the threshold for RRR cut will remain high in the short term.

The economy is operating within a reasonable range, and the monetary and credit environment remains moderate. At present, domestic policies are facing relief from problems. It is recommended to stimulate micro-vitality and appropriately increase the cross-cycle design. The monetary policy should be appropriate, effective, and precise, and balance relief to promote domestic demand and prevent risks.

Appropriately increase support for important emerging areas such as large and small micro-enterprises and manufacturing.

(Zhongxin Jingwei APP)

All rights reserved by Sino-Singapore Jingwei. Without written authorization, no unit or individual may reprint, extract and use it in other ways.