Our reporter Liu Qi

　　On February 14, the People's Bank of China (hereinafter referred to as the "Central Bank") issued an announcement stating that in order to maintain reasonable and sufficient liquidity in the banking system, a 7-day reverse repurchase operation of 10 billion yuan was carried out by way of interest rate bidding, and the winning rate was 2.10%. .

At the same time, based on the fact that 220 billion yuan of reverse repurchase expired on the same day, the difference in the withdrawal amounted to 210 billion yuan.

　　After the Spring Festival, funds returned to the banking system on a large scale, and the overall market liquidity entered a relatively loose state.

According to data from the National Interbank Funding Center, as of 16:30 on February 14, the weighted average interest rate of the 7-day pledged repo rate (DR007) of interbank depository financial institutions was 1.9882%, which was lower than the 7-day inverse rate. Repo rate (2.1%).

According to the statistics of Oriental Fortune Choice, the average interest rate of DR007 in the past 5 days is 2.0097%, which is also below the 7-day reverse repurchase rate.

Since February 7, as of February 14, the net capital withdrawn from open market operations under the caliber of reverse repurchase has reached 1.01 trillion yuan.

　　Holiday cash injection is one of the short-term factors affecting liquidity.

The "China Monetary Policy Implementation Report for the Fourth Quarter of 2021" recently released by the central bank pointed out, "Holidays, especially before the Spring Festival, the large amount of cash withdrawals by residents will reduce the liquidity of the banking system by 1.5 trillion to 2 trillion yuan in the short term; After that, the return of cash will quickly increase the total liquidity.”

　　"The current credit easing process is accelerating, bank credit maintains a high growth momentum, and funds flow to the real economy at an accelerated rate, which will put some pressure on the liquidity of the inter-bank market. However, in December 2021, the RRR will be cut in an all-round way, and the MLF interest rate will be cut in January 2022. After the landing, the overall market liquidity has entered a relatively abundant state, and it is expected to continue to February." Analysts related to Oriental Jincheng Ratings said in an interview with a reporter from "Securities Daily".

　　Judging from the maturity of funds, in addition to the above-mentioned 220 billion yuan due, from February 15 to February 18, 20 billion yuan of reverse repurchase will expire every day, with a total of 80 billion yuan.

In addition, 200 billion yuan of medium-term lending facilities (MLF) will expire on February 18.

　　When it comes to the MLF sequel in February, the aforementioned analysts expect that MLF will maintain the same or slightly increase the sequel this month.

Currently, mid-market interest rates are already at low levels.

Among them, the representative one-year commercial bank (AAA grade) interbank deposit certificate has dropped to 2.4% to 2.5%, which is significantly lower than the one-year MLF interest rate.

In addition, according to financial data in January, credit is getting off to a good start, and social financing and M2 money supply have both accelerated significantly year-on-year.

However, under the background of the current economic downward pressure, monetary policy still needs to be based on stable growth, and continue to promote the in-depth development of the credit easing process.

Therefore, although the current market interest rate is lower than the MLF interest rate, in order to "guide financial institutions to vigorously expand loan issuance", the trend of MLF changes is more in line with the current monetary policy orientation.

(Securities Daily)