CSI News
According to market sources, the central bank will launch a 90-billion-day, 7-day reverse repurchase operation on the morning of August 12, which is 10 billion yuan less than the 100 billion yuan on the previous trading day, and is the same as the reverse repurchase period in the day. The central bank’s move to achieve a neutral hedge ended the continuous net release since last Friday, and the central bank’s open market operations this week achieved a net investment of 90 billion yuan. Market participants pointed out that thanks to the support of the central bank's open market for continuous net investment, the tightness of the market funds is beginning to ease, and the capital fabrics will resume moderately loose.
Since the market funds on the 5th of this month have been tightened, the central bank’s open market operations have returned to the net delivery pattern. According to statistics, in the past five trading days, the central bank has realized a net investment of 110 billion yuan through open market operations; this week, five central trading days, the central bank has carried out a total of 465 billion yuan of reverse repurchase operations, and the scale of reverse repurchase due this week is also 375 billion yuan, so a net investment of 90 billion yuan.
Thanks to the central bank's continuous net investment, the funds in the interbank market on the 11th showed signs of easing. On the 11th, in the inter-bank pledged repo market, the main repo rate showed a narrow range of fluctuations. The weighted value of the overnight repo rate was steady at 2.07%, and the 7-day repo rate rose by 5bp to 2.58%. Traders said that yesterday's morning funds continued to be tense. Only a few big banks had overnight funds, and the funds had improved in the afternoon. Most institutions had filled in positions before midday.
In view of the fact that the short-term capital has not yet fully recovered, the market expects the central bank to continue the recent net fund operation, while at the same time, considering that there will be a total of 237 billion MLF due on the 16th and 19th of this month, it is expected that the central bank will launch again in the near future. MLF operation. With the support of the "OMO+MLF" combination operation, the market funds are expected to gradually recover moderately loose. In general, the market funds are still expected to remain basically stable and moderately accommodative, but the interest rate cuts are temporarily hopeless, and there is little room for capital price downside.
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