Core Tip: On Wednesday (August 9th), the central bank launched a 70-billion-day and 70-billion-day 14-day reverse repurchase operation in the open market, with the winning bid rate unchanged at 2.45% and 2.60%. Since there are 140 billion reverse repurchase dues today, it is fully hedged against the amount due on the day, and zero return is placed on the second consecutive day.
2017 central bank open market operations
On Wednesday (August 9th), the central bank launched a 70-billion-day and 70-billion-day 14-day reverse repurchase operation in the open market, with the winning bid rate unchanged at 2.45% and 2.60%. Since there are 140 billion reverse repurchase dues today, it is fully hedged against the amount due on the day, and zero return is placed on the second consecutive day.
The central bank has 780 billion yuan reverse repurchase due this week. From Monday to Friday, it has expired 310 billion yuan, 140 billion yuan, 140 billion yuan, 60 billion yuan and 130 billion yuan respectively.
On August 8, the inter-bank market pledged repo rate (deposit institutions) mostly went up. Among them, the weighted average interest rates of DR001, DR007 and DR014 were 2.8013%, 2.8590% and 3.9688%, respectively, up 5.63BP from the previous day. 7.52BP, 14.63BP. The longer-term DR021 weighted average interest rate was slightly down 0.46BP to 3.6955%.
On Wednesday (August 9th), the Shanghai interbank interest rate (shibor) rose across the board, with overnight shibor reported 2.8011%, up 1.78 basis points. The 7-day shibor reported 2.8821%, up 1.11 basis points. The 3-month shibor reported 4.2818%, up 0.83 basis points. The 1-year shibor reported 4.3980%, up 0.1 basis point.
Based on the previous statement of the central bank and the current market situation, the industry believes that the overall monetary policy will maintain a "no loose" pace, and deleveraging and risk prevention will remain an important consideration for the policy. From the perspective of market liquidity, after the central bank's frequent reverse repurchase operations in July formed a large amount of net capital, and released sufficient liquidity, the funds face less pressure in August, and the overall funding level remained stable. High probability event. The central bank will still maintain a stable and neutral monetary policy and carry out a smooth operation of “shaping the peaks and filling the valleyâ€.
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