China-Singapore Jingwei, December 17 According to the website of the central bank, in order to maintain a reasonable and sufficient liquidity in the banking system, the People's Bank of China launched a 10 billion yuan reverse repurchase operation on December 17, 2021 through an interest rate bidding method.
Wind data shows that this week (December 13-December 17) the central bank's open market full-caliber net withdrawal of 450 billion yuan of funds.
According to the central bank's previous announcement, this is the 13th consecutive trading day that the central bank has carried out a reverse repurchase operation of 10 billion yuan since December 1.
In addition, the central bank launched a 500 billion mid-term loan facility (MLF) operation on the 15th, and the winning interest rate was 2.95%, the same as before.
Wind data shows that 50 billion yuan of reverse repurchases and 950 billion yuan of MLF expired in the central bank's open market this week. This week, the central bank's open market has a full-scale net return of 450 billion yuan.
In terms of market capital, the Shibor short-end varieties rose and fell mixed on Thursday.
Overnight varieties reported 2.116% down 2.1bp, 7-day up 0.8bp reported 2.209%, 14-day down 6.5bp reported 2.157%, and 1-month up 0.2bp reported 2.3660%.
In addition, the central bank lowered the deposit reserve ratio of financial institutions by 0.5 percentage points on December 15 (excluding financial institutions that have implemented a 5% deposit reserve ratio).
The RRR cut this time is a comprehensive RRR cut, releasing a total of about 1.2 trillion yuan in long-term funds.
The Founder Securities Research Report believes that the 1.2 trillion yuan released by the central bank’s overall RRR cut, in addition to the 450 billion hedging, essentially 750 billion medium and long-term liquidity has been injected into the market. The central bank’s release of "quantity" exceeds market expectations. This has played a positive role in the improvement of market liquidity at the end of the year, and there is no worries about market liquidity at the end of the year.
The report pointed out that the central bank's 500 billion yuan MLF operating interest rate remains at 2.95%, unchanged, which indicates that the probability of lowering the LPR before the end of the year will decrease.
In addition, the stability of the MLF interest rate is conducive to the stable operation of the RMB exchange rate to a certain extent.
China Everbright Futures analysts said that the central bank uses more structural tools to promote wide credit. Under the main tone of stability, the situation of currency stabilization is difficult to change.
Wang Qing, chief macro analyst at Oriental Jincheng, said that the MLF interest rate will remain unchanged in December, and there is little possibility of a policy rate cut in the short term, but the reduction of the MLF interest rate in the first half of next year will be one of the important alternative tools for the implementation of countercyclical control of monetary policy. one.
(Zhongxin Jingwei APP)