Sino-Singapore Jingwei Client, September 11, according to the official website of the central bank, on September 11, the central bank launched a 90 billion yuan reverse repurchase operation by way of interest rate bidding. On that day, 100 billion yuan of reverse repurchase expired, and 10 billion yuan was returned on the same day. yuan.

  Source: Central Bank's official website

  The central bank’s announcement shows that this reverse repurchase operation is to maintain reasonable and sufficient liquidity in the banking system. It has carried out a 90 billion yuan reverse repurchase operation through interest rate bidding, with a period of 7 days and the winning interest rate of 2.2%, which is the same as before.

  Source: Wind

  Wind data shows that this week (September 7-11), the central bank conducted a 620 billion yuan reverse repurchase, and 390 billion yuan of reverse repurchase expired, achieving a net investment of 230 billion yuan.

  Source: Wind

  It is worth noting that the central bank has carried out reverse repurchase operations for the 26th consecutive working day since August 7.

A total of 2.88 trillion yuan of reverse repurchase operations have been conducted, and a cumulative net investment of 750 billion yuan has been achieved.

  Wang Qing, chief macro analyst at Oriental Jincheng, predicts that the central bank will continue to carry out reverse repurchase operations in September, but the net investment scale will not increase significantly, and the tight balance of funds will continue.

The MLF operation on September 15 is expected to continue the volume increase and price level. The continued tightening of medium and long-term liquidity is expected to be partially eased, but the possibility of implementing a RRR cut in September is still unlikely.

In the future, the supervisory authority will give priority to MLF operations to alleviate the short-term liquidity tensions of banks, rather than implementing RRR cuts, because the RRR cuts will permanently expand the overall mid- to long-term liquidity level of banks.

  Zhong Linnan, the chief fixed income researcher of Yuekai Securities, believes that the interest rate of funds has been relatively stable in the near future. On the whole, the probability of market RRR cuts in the short term in the future is small.

The economy continues to recover. In the short term, the central bank will still use open market operations and MLF as its main means.

(Zhongxin Jingwei APP)