The Central Bank Has Invested 165 Billion &Nbsp In A Row, And There Is Little Peace In The Capital.

Since mid July, in the open market, the people's Bank of China has been around for four weeks.

Affected by the stability of the central bank's funds, the market tense situation has changed greatly, and the capital side has continued to be relatively loose. The interest rate of 1 days and 7 days has stabilized at about 3%, and has fallen back to the low point.

Analysts believe that from the recent situation at home and abroad, the possibility of monetary policy entering the observation period is very large.

Accumulated 122 billion yuan last week.

Last week, the amount of funds expired in the open market was as high as 192 billion yuan for the recent peak, and the central bank has intensified its operation.

According to the disclosure of the central bank website, last Tuesday, the central bank issued a 2 billion yuan 1 year central bank vote, and launched a 83 billion yuan 28 days.

On Thursday, the central bank issued 7 billion yuan and 3 months' central bank votes, winning the bid price of 99.24 yuan, and issuing interest rates for six consecutive years, Zhou Chiping was 3.0801%.

At the same time, the 91 day repo was restarted, with an operation volume of 30 billion yuan and a winning bid rate of 3.08%, which remained stable.

So far, a total of 122 billion yuan has been recovered last week, and the scale has increased significantly.

In addition, the main two central bank votes in the current open market operation have been removed from the land pattern, and the two tranches have been resumed.

Affected by this, money market interest rates left the tense situation last month and remained relatively relaxed.

In August 15th, in the interbank lending market, SHIBOR remained at a low level, with overnight interest rates rising by 5.50 basis points, 2.8492%. 7 days interest rates rose 15.50 basis points, reported 3.2375%; 2 week interest rates fell 37.58 basis points, reported 3.2367%; 1 month rates fell by 11.35 basis points, and reported 4.8707%.

Policy concerns continue

For the next stage of the policy trend, the central bank said in its two quarter monetary policy report released last Friday: "we need to integrate the tools of interest rate, exchange rate, open market operation, deposit reserve ratio and macro Prudential Management to maintain a reasonable pattern and rhythm of social financing."

From the point of view, raising interest rates is the first place, and it has been placed in the fourth place.

The latest financial data released on the same day shows that credit growth has returned to normal, which has made a footnote for the central bank's above statement.

Data show that as of the end of 7 this year, the balance of our broad currency (M2) was 77 trillion and 290 billion yuan, an increase of 14.7% over the same period last year, which was 1.2 percentage points lower and 2.9 percentage points lower than the end of last month and the same period last year. The balance of RMB loans was 51 trillion and 900 billion yuan, up 16.6% over the same period last year, respectively, which was 0.3 percentage points lower than last month and 1.8 percentage points in the same period last year.

The fixed income Department of Huatai Securities believes that

Liu Junyu, an analyst with China Merchants Bank (600036), said that in the case of policy easing, the uncertainty of the future market trend is still in the face of capital.

Unless the bank's excess storage rate rises substantially, otherwise the capital side will continue to fluctuate, and the possibility of repeated fluctuations in the bond market will still exist.

The central bank announced on 15 afternoon that it will issue a 5 billion yuan 1 year central bank vote today.

According to statistics, the funds expired in the open market this week amounted to 89 billion yuan, a decrease of 103 billion yuan compared with last week.