Reverse Repurchase Continue To Shrink The Impact Of The Pfer Of Financial Funds Will Have Any Impact.

According to Wind statistics, the funds expended in the open market this week amounted to 90 billion yuan, of which the funds expended on Tuesday and Thursday were 40 billion yuan and 50 billion yuan respectively.

The open market on Tuesday achieved a net return of $15 billion.

Last week, the central bank cleared 70 billion yuan in the open market.

From the point of view of the price of capital, since the end of September, the interbank market funds have been maintaining a balanced and slack trend, and the repo rate has been running at a low level, but the downward range is relatively limited. The 7 day interest rate has been consolidated for many days in the 2.4%-2.5% line.

Reverse repurchase continues to shrink.

According to yesterday's announcement of the central bank [micro-blog], the central bank carried out a 25 billion yuan 7 day reverse repurchase operation with interest rate bidding, and the winning rate was flat at 2.35%.

The operation volume decreased by 15 billion yuan on Tuesday's 40 billion yuan.

It is worth mentioning that since the long holiday, the central bank has maintained a repurchase of shrinkage after a 100 billion yuan repurchase.

"The central bank reduced the reverse repurchase and increased the net return of funds, which may provide a gap for the hedge base currency and reserve space for directional operations."

Yu Yuanbo, a division analyst at Dongguan banking and financial market, said yesterday.

In addition, he also believes that in September of this year, China's

Data continues to slump, increasing market expectations for the central bank, but the margin effect and the pmission effect of funds do not seem obvious.

Considering the next Federal Reserve

At the end of the year, it is expected that the market will cause sharp fluctuations in the foreign exchange market, so the probability of reduction in the short term will be relatively low.

It is more likely that the central bank will choose to reduce its foreign exchange reserves by the end of the year or early next year, depending on the market's response to the Fed's rate hike expectations.

When it comes to liquidity this week, Yu Yuanbo suggested that the main factor that would affect liquidity this week is the pfer of financial resources.

"According to past practice, the scale of the fiscal turn up in October is large, resulting in a substantial increase in government deposits under the balance sheet of the central bank, which in turn leads to tight liquidity in the market.

In October last year, the net deposit of government funds increased by about 800 billion yuan, but from this year's

The trend is that in order to achieve the goal of steady growth, the government will increase its financial expenditure. It is estimated that the net payroll will be 500 billion yuan in October.

Due to the general financial turn in from mid to late, the market liquidity will be under great pressure this week.

"Overall, the interbank market liquidity remains tight this week. Under the influence of the financial factors, the central bank has a lower probability of net return, and the reverse repurchase scale is expected to be around 90 billion."

He finally pointed out.