Securities Times Network () August 29th
Trainee reporter Liu Yucheng
On August 29th, the treasury futures volatility rose slightly and closed higher. The 5-year treasury bond futures contract TF1712 rose 0.065% to 97.455; the 10-year treasury bond futures contract T1709 rose 0.12% to 94.46. In addition, the yield of the current bond was slightly lower. The yield of the National Open Active Bond 170210 with the remaining term of nearly 10 years fell by 1.33 basis points to 4.3650%; the yield of the National Bond Active Bond 170010 with the remaining term of nearly 10 years fell by 2.13 basis points to 3.66%.
Market researchers said that the central bank’s open market operations in August had a low net volume. In addition, it was also affected by factors such as new government debts and tax payments. Near the end of the month, the liquidity of the money market as a whole tightened, with the subsequent fiscal expenditures. Increased, the funds will be improved in the fabric of the bureau.
On August 29, the central bank issued a notice saying that the 50-billion-day 7-day reverse repurchase operation was carried out by means of interest rate bidding. The winning bid rate was 2.45%, which was the same as the previous period. On the same day, there was still 40 billion yuan of reverse repurchase due, and a net investment of 10 billion yuan was realized. This is the first time since the last Monday that the open market operation achieved net capital expenditure, ending the net withdrawal of funds in the previous six trading days, but due to the small scale of capital investment on the day, the money market remained tight.
In addition, special government bonds due on the same day also completed the rolling issue. The central bank issued a notice saying that in order to maintain the liquidity of the banking system is basically stable, the open-market business buyout transaction was conducted by means of quantitative bidding, and 600 billion yuan of special government bonds were purchased from the primary trading company of the open market business, including 7 years and In 10 years, it is exactly the same as the sequel announced last week. Earlier, the central bank has said that the rolling out of special government bonds will not affect the liquidity of the financial market and the banking system.
"Because the open market operation transmission mechanism is difficult to achieve seamless docking, coupled with the near-end of the month, some banks will reduce the willingness to finance funds, resulting in a surge in the price of funds between non-bank institutions' money markets." Traders told reporters. On the same day, the price of most varieties of the Shanghai Stock Exchange's pledged government bond repurchase rate rose sharply. Among them, the 1-day period rose 137.5 basis points to 6.3599%, and the 7-day variety rose 79 basis points to 5.48221.
At the end of the month, the market had cautious expectations for liquidity. Except for non-bank institutions, interbank capital prices were mostly red, and interbank pledged repo rates were mostly up. 1-day varieties rose by 9.22 basis points to 2.9226%. The period variety rose by 3.61 basis points to 2.93222%. It is noteworthy that, Shibor Shanghai Banking 601,229, examination room Shares Offered Rate) varieties of short-term price rise, overnight products rose 7.1 basis points reported 2.9220%, the highest for nearly a half months since the biggest gain; 7-day varieties rose 1.46 basis points reported 2.9210 %.
The Lianxun Securities Research Report pointed out that DR007 (the pledged repo rate representing deposit-type institutions) has remained at a stable level for a long period of time, indicating that the central bank’s monetary policy attitude has not changed significantly and has not further tightened. The intention of liquidity. Given that the overall economic situation and monetary policy have not changed significantly, the rise in market interest rates at this stage may be due to seasonal factors rather than long-term trends. Moreover, the central bank intends to maintain a neutral and stable monetary policy. In the future, the central bank is unlikely to inject liquidity into the market significantly, and the market will remain in a tight balance.
000 686 Northeast Securities chief fixed income analyst attending stocks that, despite the recent market funds face is tight, but the central bank open market operations to recover mobility is still dominated, mainly due to fiscal spending, the local treasury cash management operations of commercial banks deposits Factors such as the withdrawal of statutory reserves from financial institutions will be liquid, and the central bank’s reverse repurchase will expire. It is unlikely that the central bank will tighten monetary policy further. The liquidity situation will improve after the cross-month. .
(Securities Times News Center)
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