21st Century Business Herald reporter Ye Maisui reported from GuangzhouThere was a slight increase in reverse repurchase today. The People’s Bank of China announced on July 18 that in order to maintain reasonable and sufficient liquidity in the banking system, the People’s Bank of The 100 million yuan reverse repurchase expired, and the People’s Bank of China realized a net investment of 9 billion yuan in the open market today.
Compared with the previous day, the Shanghai Interbank Offered Rate (Shibor) overnight rose slightly by 1.6% to 1.211%. The 7-day Shibor fell 3.6 basis points to 1.593%, and the 14-day Shibor fell 0.4% to 1.563%. In addition, 1-month, 3-month, 6-month, 9-month and 1-year Shibor all declined to varying degrees. In terms of interest rates, except for the 6-month, 9-month and 1-year Shibor, the interest rate is above 2%, and the rest of the short-term varieties are between 1% and 2%, showing that the funds are very loose.
The repo rate situation is also similar, with the weighted average interest rate of DR007 at 1.6692%, which is lower than the policy rate level. The one-day reverse repurchase rate of government bonds on the Shanghai Stock Exchange (GC001) was around 1.5%.
The central bank’s increase in reverse repurchase today has temporarily relieved the market. Previously, due to the reverse repurchase of land volume, the market once speculated that monetary policy may turn around.
Li Yong, an analyst at Soochow Securities, said that since July 4, 2022, the central bank has continuously carried out 3 billion yuan of open market reverse repurchase operations, which once caused concerns regarding rising capital interest rates and tightening monetary policy, but the reality is that liquidity Sex is still plentiful. The easing of funds is related to the profit turned over by the central bank, the effect of fiscal expenditure, and the end of the intensive issuance of local government special bonds. There is a possibility of returning to neutrality in the later stage. However, in the case of repeated epidemics and a weak real estate market, it is still necessary to maintain a lenient trend. In terms of monetary policy, there are three key points in the recent conference on financial statistics for the first half of 2022, namely macro leverage ratio, funding rate and structural tools.
At the press conference on financial statistics in the first half of 2022, Ruan Jianhong, spokesman for the People’s Bank of China and director of the Department of Investigation and Statistics, said, “my country’s economy has shown a clear momentum of recovery, which is also to maintain reasonable conditions for the future.” At the regular meeting of the Policy Committee, the expression “maintaining the macro leverage ratio basically stable” was deleted, and the macro leverage ratio has not yet formed a constraint on monetary policy. Under the constraints of the external environment, there are difficulties in the introduction of aggregate monetary policies such as interest rate cuts and RRR cuts, and structural monetary policies will still play a leading role.
(Coordinator: Ma Chunyuan)
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