语言切换
CN
EN
News

The central bank carried out 200 billion yuan MLF operation

Date: 2022-06-17
Views: 0

In order to maintain a reasonable and sufficient liquidity in the banking system, on June 15th, the People's Bank of China launched a 200-billion-yuan medium-term loan facility (MLF) operation and a 10-billion-yuan open market reverse repurchase operation. The winning bid rates were 2.85% and 2.10% respectively, which were the same as before. Since then, the MLF operation of the central bank has been continued at equal parity for three consecutive months. On that day, due to the reverse repurchase of RMB 10 billion and the expiration of RMB 200 billion MLF, zero delivery and zero return were achieved throughout the day.

'The continuation of MLF in that month was not increased, mainly because as of June 14th, the issuance scale of new special bonds in the month was almost half. However, from the market reaction, the recent market benchmark interest rates such as DR007 and the yield of one-year commercial banks' (AAA-grade) interbank deposit certificates are stable and obviously lower than the corresponding policy interest rates. This means that the current market liquidity continues to be slightly higher than a reasonable and sufficient state, and there is no need for MLF to add water. ' Wang Qing, chief macro analyst of Oriental Jincheng, said.

In terms of market liquidity, on June 15th, most of Shibor short-end varieties went up. Overnight 0.5bp for varieties reported to 1.413%, 7-day down 4.4bp reported to 1.656%, 14-day down 0.4bp reported to 1.607%, and 1-month up 0.3bp reported to 1.892%. However, under the suppression of short-selling factors such as better-than-expected economic data and another sharp drop in US debt, the bond market fluctuated weakly, and the yields of major inter-bank interest rate bonds rose collectively. The yield of 10-year treasury bonds rose by 1 basis point, and treasury futures closed down across the board.

In this regard, some market traders said that the fundamentals have initially stabilized and recovered, but the road to subsequent recovery is expected to be tortuous. The continuation of MLF parity does not mean that the tone of loose monetary policy has changed, and the market sentiment remains relatively stable.

CICC believes that the interest rate of funds has risen slightly since the beginning of June, which is not the so-called phased adjustment, nor the trend rebound, but more due to the seasonal factors caused by the assessment of commercial banks. In fact, there is no need to worry too much about the tightening of funds, which may be a big expected difference in the current market. It may be a reasonable choice to decouple the primary interest rate from the secondary interest rate in the market under the special circumstances this year.


Copyright ©2005 - 2013 中投建设集团有限公司
  犀牛云提供企业云服务
Beijing Shanghai Guangzhou Chongqing Fuzhou Chengdu Nanjing Hangzhou Ningbo Haikou Suzhou Shenzhen Hongkong Frankfurt Toronto Melbourne Taiwan
400-857-5885

邮编:330520