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Gansu Xirui Commodity Trading Center, Asphalt, Silver, Copper and Platinum, Telephone Member Recruitment, Agent Account Opening and Investment High Commission Information Gansu Xirui Commodity Platform Information Affected by routine tax payments and the sharp depreciation of the RMB, the market liquidity among Bank of China and stock bars increased again this week Tightening, the central bank's open market will flexibly match both duration and volume, and switch to large-amount net injections at an appropriate time. Industry insiders believe that the central bank's operations are still focused on maintaining stable funding, but the repo rate remains high and coincides with the end of the year, indicating that funding constraints may continue and market sentiment remains fragile.
They also said that the RMB exchange rate continues to depreciate in anticipation of the Federal Reserve's interest rate hikes, coupled with domestic inflation expectations and bubble suppression and risk prevention being put on the agenda, it will be difficult for the central bank to be more relaxed in future liquidity adjustments and will still mainly rely on the open market and medium-term lending facilities. , the currency stance will remain stable and neutral.
They also said that the RMB exchange rate continues to depreciate in anticipation of the Federal Reserve's interest rate hikes, coupled with domestic inflation expectations and bubble suppression and risk prevention being put on the agenda, it will be difficult for the central bank to be more relaxed in future liquidity adjustments and will still mainly rely on the open market and medium-term lending facilities. , the currency stance will remain stable and neutral.
The market capital is tight this week, so the investment intensity is relatively large. The overall idea is to maintain a stable capital surface through open market investment. Yang Hao, fixed income analyst at Nanjing Securities, said.
He believes that in order to prevent risks and suppress asset bubbles, the central bank originally had no intention of keeping funds in a very loose state, but wanted to maintain a state at a moderate level or basically on the edge of tight balance.
The scale of the central bank's open market reverse repurchase operations this week reached 100 million yuan, nearly double the last week's 100 million yuan. The terms are mainly seven days and days, supplemented by day varieties, and the winning rate remains the same. stay the same. That week, it turned into a net investment of RMB 1,000 million, ending the previous two weeks of net withdrawals.
In addition, although there is only one transaction with a total amount of 100 million yuan due this month, so far this month, the central bank has carried out two operations, with the operation volume being 100 million yuan on the month and the 100 million yuan operation period respectively. For six-month and one-year terms, interest rates remain unchanged at and .
With the help of the open market and financial conditions, funds improved slightly in the second half of the week, but the overall tight situation remained unchanged. Ming Ming, chief analyst of the fixed income team of CITIC Securities and Guba, believes that the reason may be due to the decline in liquidity supply caused by the reduction in foreign exchange holdings, and open market operations are only one of the factors that determine liquidity.
Of course, open market operations are very dominant, but it is only one of the factors. In addition, I think there may be a problem of declining liquidity supply, that is, there may be a gap in foreign exchange funds, which will also It may be that two aspects work together to lead to tight liquidity. He said.
The spot RMB against the U.S. dollar fell below the yuan mark in early trading on Friday, reaching its lowest level since January 2019. Hong Kong’s offshore RMB fell below the mark and continued to hit record lows. The central parity rate of the RMB also fell continuously and hit a new low in the past eight and a half years. The main reason is that yesterday's speech by Federal Reserve Chairman Yellen stimulated the strength of the US dollar.
The People's Bank of China previously announced that the central bank's foreign exchange balance at the end of the month was RMB 100 million. Based on this calculation, the central bank’s foreign exchange holdings decreased by RMB 100 million that month, which has been falling for consecutive months.
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