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The Central Bank Voluntarily Made Four Fine Adjustments To Prevent "Money Shortage".

2014/5/31 16:56:00 20

the decision making level and the central bank's "timely and appropriate pre adjustment and fine-tuning" statement are full of expectations for all sectors to relax monetary policy. However, judging from the use of various monetary instruments this year, the preset fine-tuning has been in progress, and from the current economic situation, it seems unnecessary to completely relax monetary policy. Through the open market flexible operation of the central bank, the central bank made the next step to "make good arrangements for liquidity at all time points". In May this year, it continued to release water for three consecutive weeks to prevent the "shortage of money". 
The central bank conducted a 30 billion yuan 28 day repo operation this week, with a flat interest rate of 4%. P The scale of operations has set a new weekly low since February. The 10 billion dollar repo, symbolized yesterday, also showed the ability of the central bank to maintain its strength in the same year as a single day low. This week the net scale was 20 billion yuan, and the central bank released funds through the open market for third consecutive weeks. The previous two weeks were 44 billion yuan and 120 billion yuan respectively. Coupled with yesterday's 40 billion yuan treasury cash deposit, < a href= "//www.sjfzxm.com/news/index_c.asp" > tender "/a", has a certain boost to the money market. 
 monthly data show that in May, the a href= "//www.sjfzxm.com/news/index_c.asp" > open market < /a > Central Bank and the total repurchase of the repurchase fund amounted to 563 billion yuan, and the central bank accumulated a total of 389 billion yuan, which achieved a net investment of 174 billion yuan in that month. In April, the central bank's net investment in the open market was only 1 billion yuan. 
 the open market has been running for three weeks in a row. It shows that the central bank is taking the initiative to create a slightly biased a href= "//www.sjfzxm.com/news/index_c.asp" > loose < /a > expectation or direction, so as to prevent the "money shortage" reappearing last year. 
 there is a prevailing view in the market now that although the possibility of the central bank's fine tuning of monetary policy is relatively low in the short term, it has adopted at least four fine-tuning measures in a timely and appropriate manner. For example, the central bank's flexible repo operation, the 3 year central bank's no longer sequel, directional reduction, refinancing and other undisclosed measures include dynamic and differential deposit reserve ratio, liquidity supply to individual banks and some lagging measures of disclosure, such as standard lending tools. Looking ahead, the adjustment range of monetary policy may be further adjusted, depending on the development and changes of the economic situation. 
An important evidence for making the above judgment is that the overnight interest rate of Shanghai interbank offered rate (Shibor) remained unchanged from the previous trading day yesterday, indicating that the market capital situation was not affected by the end of the month and was still moderately relaxed in P. Moreover, this week is the centralized deposit period of fiscal deposits, with a scale of about 1 trillion yuan, and the money market has shown that the institutions are indeed "not bad money". 
 despite the fact that funds are in a moderately relaxed state, the liquidity pressure still exists in the middle of the year. Recently, the central bank has continued to invest funds through the open market, making the market optimistic about the expectation of capital market in June. But in fact, at the time of nearly half of the year, maintaining stability and liquidity through open market operation is the routine action of the central bank. In addition, the policy of steady growth since March has seen some effects. At this time, it is not appropriate to completely relax monetary policy. 
 statistics show that in June, the open market expired 23 billion yuan central bank and 389 billion yuan repo, the total sum of funds was 412 billion yuan, which was significantly lower than that in May. Considering that the liquidity of banking system is facing greater pressure on the mid-term examination at the end of 6, in order to maintain the basic stability of money market interest rates, it is expected that the central bank may take measures to extend the level of repurchase operations, while excluding the possibility of suspending the repurchase and restarting the reverse repurchase.