The Central Bank Directed Reverse Buy Back &Nbsp; Market Interest Rates Soared Again.
Although the open market has invested $249 billion yuan in the open market this week, due to the recent increase in the reserve ratio, some commercial banks still can not afford enough funds to pay. The central bank launched a 50 billion yuan directional reverse repurchase operation on the 20 day and put money into the market.
The last time the central bank carried out counter purchase in the open market was in February 13, 2007. From 2004 to 2007,
The central bank conducts an anti repurchase operation every week before the Spring Festival.
A Shanghai institutional trader told the China Securities Journal reporter that a commercial bank had seen the "red letter" of capital accounts on 19 days, and 20 days simply couldn't get enough funds to turn over the reserve. Against this background, the central bank has initiated directional reverse repurchase to some banks to enable them to complete the 20 day reserve payment. The person also revealed that these banks had "two of the five major lines in the establishment of diplomatic relations between workers and peasants".
Affected by the dual factors of the reserve payment and the Spring Festival holiday, and the impact of the central bank's reverse repurchase on the market psychology, the 20 day market interest rate rose again on the basis of the previous trading day's surge. On that day, the interbank market's all term mortgage repo rate rose to more than 5%. Among them, the weighted average rate of the 7 day pledge repurchase of the mainstream varieties was 6.11%, up 203 basis points compared with the previous trading day; the overnight repo weighted average interest rate was 5.54%, up 286 basis points. Traders said that the high interest rate of pre holiday funds is basically a foregone conclusion. In the short term, market funds are hard to alleviate.
Analysts pointed out that the increase in the 4 reserve ratio in the past 3 months is a "resonance" with the commercial bank's habitual credit "charge" in January.
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