The Central Bank'S Reverse Repurchase Has Worked &Nbsp, And The Funding Gap Has Narrowed Considerably.
Starting from Monday, interbank liquidity has been in full swing. The central bank launched a reverse repurchase operation on Monday, releasing about three hundred billion yuan, and participating institutions include state-owned commercial banks, large joint-stock banks and city commercial banks, of which 14 days the central bank reversed.
The long-awaited large-scale reverse repurchase is a timely rain for the recent capital market. On Tuesday, the funding gap of the big banks has been greatly reduced, basically in a safe state, and the volume of investment has also increased.
But because of the higher interest rate of counter repurchase funds, the short-term interest rate on Tuesday soared again.
At the same time, because of the public offering of 3 billion 400 million yuan to Switching Company bonds by Cmi Holdings Ltd, the investment fund of China Securities brokerage company maintained a high level of financing demand. In the morning, the capital side of the fund remained tight overall, and the demand for long-term funds weakened, but the short-term capital interest rate soared in.
There were signs of easing in the afternoon, and some institutions even started to cut out overnight funds.
market
T+1 funds, which have been mixed up, remain calm and wait for interest rates to fall.
On Tuesday, the all day pledge repurchase was 322 billion 920 million, compared to Monday.
Trading volume
A slight increase of about 4.7%.
In the morning, because of the scarcity of funds, the attitude of big bank finance was cautious. The overnight interest rate was 8% at the same time. Although it was once suppressed by 3.5% super low prices, with the increase of pactions, interest rates rose all the way. The weighted interest rate rose at 166BP to 7.25% and the volume was 230 billion 700 million.
On Monday, the central bank reversed the repurchase market to inject a lot of liquidity into the market. The 7 day repo volume exceeded 51 billion, an increase of more than 60% over Monday, and the weighted interest rate rose sharply with the overnight interest rate up to 242BP to 7.69%.
Due to the recent intensive issuance of new shares, although the capital side has loosened in the afternoon, the demand for funds for 7 days is still strong.
Across the 14 days and 1 months of the Spring Festival, the weighted interest rate basically varies from 8.17%--8.45% to 14 days and 21 days. The repurchase rate rose at 124BP and 114BP respectively. In the morning, the funds remained tight, and the trading volume remained active and the turnover was over 11 billion.
As the interest rate remained high for 1 months, 30BP continued to go up on Tuesday, and volume decreased to 13 billion 200 million from about 20 billion.
A longer period of 2 months and 3 months to maintain 101 billion 500 million varieties of pactions, weighted interest rates up to 2BP and 17BP respectively.
In addition, about 1 billion 360 million of the 6 month varieties were sold near 6.23%.
This week the open market has expired 170 billion 300 million, while suspending the issuance of central bank bills again.
On Tuesday, the people's Bank of China conducted the tendering and bidding of the central bank cash management commercial bank's fixed deposit (phase I) in 2011 with the interest rate bidding method. The period is six months, the winning bid is 30 billion and the winning rate is 5.90%.
On Tuesday, Shanghai's interbank offered rate is still growing wildly.
Specifically, overnight SHIBOR uplink 216.34BP to 7.2042%, 7 days SHIBOR significantly increased 227.91BP to 7.7033%.
2 weekly report in 7.95%, yesterday continued upward 115.42BP.1 months, varieties continued to 18.83BP up to 8.13% yesterday.
In terms of long-term varieties, the impact of the increase in short-term and medium interest rates on the three month breeds was relatively obvious. Up to 20.05BP yesterday, the upward trend of other long-term varieties was also relaxed. Within the 5.49BP range, 6 months, 9 months and 1 years were reported at 3.8251%, 3.8291% and 3.8568%, respectively.
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