Yang’s mother “released water” of 140 billion yuan this week, the monetary policy was set again, and liquidity stabilized

　　Sino-Singapore Jingwei Client, October 23. According to the central bank’s website, the central bank has launched a 7-day reverse repurchase operation of 70 billion yuan in the open market. Today, the 50 billion yuan reverse repurchase expires, and the net investment of 20 billion yuan on that day.

Wind data shows that this week, the central bank’s open market has 100 billion yuan of reverse repurchase and 80 billion yuan of treasury cash deposits due. This week the central bank has carried out a total of 320 billion yuan of reverse repurchase operations, and this week’s full-caliber net investment of 140 billion yuan .

New latitude and longitude in the data map

　　In terms of funding, on October 22, inter-bank funding was generally stable.

The weighted interest rate of DR001 for inter-night mortgage repurchase of bank deposits is more than 3bp down, DR007 is nearly 3bp down, DR014 is up 2bp, and DR021 is down 28bp.

　　The Governor of the People’s Bank of China, Yi Gang, stated at the 2020 Financial Street Forum recently that it is necessary to grasp the balance between stable growth and risk prevention, “

”, and maintain money supply and reflection. The nominal GDP growth rate of potential output basically matches.

Talking about the next trend of monetary policy, Yi Gang said that a prudent monetary policy should be more flexible, moderate, and precise.

Implement normal monetary policy for as long as possible, maintain a normal and upward-sloping yield curve, and provide positive incentives for economic entities, which is generally conducive to the sustainable development of the economy and society, is conducive to the global competitiveness of RMB assets, and helps China Make good use of two markets and two resources.

　　On October 15, the central bank launched a 500 billion 1-year mid-term loan facility (MLF) operation (including the renewal of the MLF maturity on October 16) and a 50 billion 7-day reverse repurchase operation, which

　　Wen Bin, chief researcher of Minsheng Bank, said that the central bank has increased its open market operations and adopted a "reverse repo + MLF" combination to keep short-term market interest rates near the central bank's policy interest rate on the one hand, and on the other hand to exceed the amount in the last three months. MLF was launched to maintain the overall stability of the long-term interest rate in the market, and to meet the needs of financial institutions to increase support for the real economy and reduce financing costs.

　　Wen Bin said that in the next two months, funds for issued government bonds will be expended faster, which will help improve liquidity before the end of the year

. At the same time, the CPI and PPI data just announced show that inflation is still in a reasonable range. The probability of interest rate cuts has declined, and the central bank will continue to use a combination of multiple monetary policy tools to maintain reasonable and adequate market liquidity.

　　Sun Guofeng, Director of the Monetary Policy Department of the Central Bank, previously responded to the "future rate cuts and RRR cuts", saying that the interest rate level is generally matched with the current economic fundamentals. In the next stage, a variety of monetary policy tools will be used in accordance with changes in the situation to

　　The previously announced LPR quotations have been on hold for 6 consecutive months, and the prudent monetary policy is more flexible and appropriate.

The People’s Bank of China authorized the National Interbank Funding Center to announce that on October 20, the loan market quoted interest rate (LPR) was: 1-year LPR was 3.85% (previously 3.85%), and 5-year-old LPR was 4.65% (last time). 4.65%).

　　Huang Wentao, chief analyst of China Securities Investment Corporation's macro fixed income, believes that the recent central bank's monetary policy operations are mainly based on the precise operations of open market operations. Important meetings also do not engage in flooding of monetary policy positioning. Therefore

. In the later period, the monetary policy will continue to be refined and adjusted, and the overall policy tone will remain relatively stable.

(Zhongxin Jingwei APP)