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(Original title: The central bank suspended the open market operation, and the net return of 40 billion on the day)
Hong Kong's Windan News Agency reported that on Thursday (August 31), the central bank announced that the fiscal expenditure at the end of the month has further increased, and the liquidity of the banking system after the central bank's reverse repurchase expires is at a high level, August. No open market operations will be carried out on the 31st. Today, 40 billion reverse repurchase expires, and the net return is 40 billion.
The central bank once again returned to the net. The central bank announced that the fiscal expenditures near the end of the month will increase, which can hedge the central bank's reverse repurchase and other factors to a certain extent. In order to maintain the basic stability of the liquidity of the banking system, on August 30, 130 billion yuan of reverse repurchase operations were carried out by means of interest rate bidding, including 7 days of 80 billion yuan and 14 days of 50 billion yuan. On the same day, there were 230 billion reverse repurchase, and the net return was 100 billion.
China Securities Journal said that although at the end of the month, the central bank still withdraws funds from the open market, stimulating market cautious expectations of liquidity. Insiders pointed out that the fiscal expenditure at the end of the month formed a liquid supply, but the central bank continued to return to the net to limit the liquidity recovery, and the capital fabrics crossed the moon in a tightly balanced pattern.
Guoxin’s consolidation believes that the high interest rate of funds since this week is estimated to be due to the irregularity of funds at the end of the month. When the central bank adopted the "not tight or loose" orientation and the foreign exchange account did not recover significantly, the domestic short-term capital situation was completely controlled by the central bank. Although the fiscal expenditures have accelerated in the latter half of the year, the central bank appropriately withdraws funds from the open market, and the funds are inevitably turbulent.
Wind information statistics show that this week, the central bank's open market has 560 billion reverse repurchase due, from 200 to 40 billion, 40 billion, 230 billion, 40 billion and 50 billion from Monday to Friday, no repurchase and central bank bills due .
According to CITIC Jiantou, the central bank’s open market operations returned to a net return last week due to factors such as fiscal expenditure last week, local treasury cash management commercial bank time deposit operations, and financial institutions’ statutory reserve withdrawal. This week, the reverse repurchase expires 560 billion yuan. Considering that the central bank's open market is affected by the changes in fiscal deposits, and the fiscal deposits in the latter half of the year are relatively large, it is expected that the open market operation may still maintain a returning posture.
For the liquidity in September, the Yangtze River consolidation believes or maintains a tight balance. The Yangtze River consolidated receipts said that the expiration of the interbank deposit receipts reached a record high in September, and it also faced the impact of the MPA assessment and the Fed FOMC meeting. Compared with the end of the first two quarters, the liquidity environment in September should not be too worried or too high. Money will continue to “cut the peaks and fill the valley†and keep the liquidity of the banking system basically stable. Liquidity management or a tight balance is still needed.
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