Our reporter Zhang Qinfeng
On the 28th, the central bank resumed the reverse repurchase operation, superimposed the fiscal bank funds to continue to be placed, and targeted information to improve the mood. The tension in the market funds in the past few days has eased, and the money market interest rate has shown a high decline. Market participants pointed out that with the cross-season cross-section preparation work ending, the time when the short-term capital pressure is the biggest has passed, and after the quarter, the market interest rate may open the downside.
The funding situation has eased
On September 28, the central bank resumed the reverse repurchase operation, and on the same day, it carried out a 70 billion yuan reverse repurchase transaction, which was sufficient to hedge the reverse repurchase on the same day, ending the continuous net withdrawal since the second half of last week. Although there is no net investment, the central bank’s restart of the reverse repurchase operation still shows an attitude of stabilizing market interest rate fluctuations, which helps to alleviate short-term market tensions.
On the 28th, the liquidity fluctuation of the banking market slowed down, and the interest rate of the money market declined. In the bond pledged repo market, the overnight repo rate (DR001) continued to rise 3.5BP to 2.93%, but the 7-day, 14-day, 21-day and 1-month repurchase rates across the quarter were down 15BP, 7BP, respectively. 6BP and 23BP, the fall is more obvious. The representative 7-day repo rate (DR007) returned to within 3%, and the 14-day and 21-day capital prices also showed some loosening, indicating a momentum of liquidity marginal slowdown.
On the 28th, the exchange repo rate is still high, but from the perspective of the day's trend, in addition to the partial trading of the late period, most of the time, the whole day is running below the closing price, and the signs of stabilization are more obvious. As of the close of the day, the 7-day repo rate of the Shanghai Stock Exchange closed at 7.39%, and the all-day weighted average price was 6.786%, down 47BP from the previous day.
Traders said that thanks to the central bank's restart of reverse repurchase operations and the promotion of targeted RRR cuts, the currency market sentiment picked up in the morning on the 28th, and the mid-season big bank began to melt out the inter-season funds, and the prices also fell back. It is still tight, but it has improved from the previous few days. Looking back, as the financial sector continues to be released, more and more institutions have completed preparations for the inter-season, and the funding situation is expected to continue to improve.
Liquidity is expected to continue to improve
Since the beginning of this week, the market funds have been tighter than expected, but this tension is mainly structural, which is caused by the stratification of liquidity at the end of the quarter. With the support of fiscal investment, the liquidity of deposit institutions has remained relatively stable. .
The CICC research report pointed out that the liquidity of non-bank institutions is relatively tight, and the reasons for the relatively stable liquidity of deposit-type financial institutions are related to factors such as MPA assessment at the end of the season and low over-storage; on the other hand, they are set at 10 The “New Liquidity Regulations†implemented on the 1st of the month restrict the money funds from the money funds to non-bank products. Some internal fund control of the fund has required the fund operation to transition to the requirements of the new regulations. Tightening the financial outflow of non-banking also has a greater impact on the difficulty and interest rate of non-bank funds.
Analysts of CICC pointed out that the “new liquidity regulation†raises the qualification requirements for money fund collateral, and most of the non-silver product collateral cannot meet the relevant requirements. The money fund is the main source of funds for non-silver products, and the transmission of funds from banks to non-silver is even worse. In addition, the impact of non-banking products on this new liquidity regulation is not expected. Many factors have led to the liquidity tension of non-bank institutions at the end of the quarter exceeding expectations.
At present, the non-bank cross-season work basically ends. The time when the short-term capital pressure is the biggest has passed. After the inter-season, with the impact of regulatory assessments, the difficulty of non-bank financing will also be eased, which will open up the downside for the market interest rate. At the beginning of October, liquidity may be further improved.
(Editor: He Yihua HN110)
High Visibility Polyester Fabric
High Visibility Polyester Fabric,High Visibility Parka Fabric,Waterproof Coating Fabric,High Visibility Gabardine Fabric
Wujiang Bonheur Special Textile Co.,Ltd. , https://www.bonheurtex.com