China-Singapore Jingwei, December 31, according to the central bank's website, in order to maintain stable liquidity at the end of the year, the People's Bank of China launched a 100 billion yuan reverse repurchase operation on December 31, 2021 through an interest rate bidding method.

Due to the expiration of 10 billion yuan of reverse repurchase today, a net investment of 90 billion yuan was realized.

This week (December 27-December 31), the central bank's open market full-caliber net investment (including treasury cash) 530 billion yuan.

　　This is the second 100 billion yuan reverse repurchase operation carried out by the central bank this week.

According to the central bank’s announcement, from the 27th to the 30th, the central bank conducted reverse repurchase operations of 50 billion yuan, 200 billion yuan, 200 billion yuan, and 100 billion yuan respectively.

　　Data source: Wind

　　Wind data shows that this week, the central bank's open market full-caliber net investment (including treasury cash) 530 billion yuan.

Specifically, this week, the central bank's open market has 600 billion yuan of net investment and 70 billion yuan of treasury cash deposits due.

This week, the central bank has invested 530 billion yuan in a full-caliber open market.

　　The People's Bank of China Work Conference in 2022 pointed out that a prudent monetary policy should be flexible and moderate.

Comprehensive use of a variety of monetary policy tools to maintain reasonable and abundant liquidity, enhance the stability of the growth of total credit, increase support for the real economy, and maintain the growth rate of money supply and the scale of social financing to basically match the growth rate of the nominal economy.

Improve the formation and transmission mechanism of market-based interest rates, promote the steady decline of corporate financing costs, and the financial system to continue to transfer profits to the real economy.

Strengthen the flexibility of the RMB exchange rate and keep the RMB exchange rate basically stable at a reasonable and equilibrium level.

　　Nanhua Futures analysts said that since December, supervisory meetings have been held successively and earlier than in previous years. After the intensive reflection of policy signals, the market has once again entered a news vacuum.

What needs to be vigilant in the liquidity-led market is the change in the attitude of monetary policy and the failure of easing expectations. However, judging from the recent policy statement and the central bank's measures to protect the liquidity of the new year, there is no need to worry too much about funds in the short term.

　　Zhongtai Securities predicts that the size of the funding gap in January 2022 will be at a historically low level, and the possibility of a full RRR cut again before the Spring Festival is low.

Zhongtai Securities stated that after the “second RRR cut” in December, the “water level” of inter-bank funds was relatively high.

(Zhongxin Jingwei APP)