The central bank to lock up long short Hope to leverage the market

The key signal the central bank spur of the moment "lock up long short" expect spontaneous market deleveraging the central bank spur of the moment "lock up long short" expect spontaneous market deleveraging monetary policy Tan Zhijuan appeared. September 13th, the central bank launched a 60 billion yuan after the reversal of the repurchase of 28 days, the next day, the central bank in the open market and continue to carry out the repurchase of 65 billion yuan for 28 days. This is the central bank after a lapse of four years, the first time in the middle of the year to restart the repurchase operation of the 28 day. 28 days after the reverse repurchase had generally been issued during the Spring Festival approaching, for the smooth cross section capital fluctuations. The last time the central bank reverse repurchase 28 days in February 5th this year, the scale of 90 billion yuan, the interest rate of 2.6%. This year, the central bank open market funds to the interest rate of 2.25% for the 7 day reverse repo. Until August 24th, after only a few months after the central bank to restart the 14 day reverse repo rate of 2.4%. "At the end of August to restart the 14 day reverse repurchase has been clear in the release of policy signals and the central bank recently with a longer period MLF (medium-term loan facilities) 3 months to replace MLF and restart the 28 day reverse repurchase amount will further clarify the central bank’s intention." Changjiang Securities chief macroeconomic analyst Zhao Wei of the "Chinese business daily" reporters, hedge RRR has been reluctant to launch the reverse repurchase and MLF tools "short put long of monetary base, promote market to leverage the market expectations of policy easing overweight little. "Deleveraging" acceleration in September 13th, the central bank announced at the same time will be 60 billion yuan of 28 day repurchase of 70 billion yuan of 7 day repurchase, 30 billion yuan of 14 day repurchase; 14, the central bank continued for the 28 day repurchase in the open market operation, launched a tender interest rate reverse repurchase operation 70 billion the 7 day period, 30 billion yuan, 65 billion yuan RMB 14 days 28 days period, the successful rate was 2.25%, 2.40%, 2.55%. Comparison of the 28 day of the Spring Festival reverse repurchase, the successful rate of 5bP, and the reversal of the spread of the interest rate for the past 14 days to 15bP, equal to 14 days and 7 days reverse repo spreads. 7 days repo rate is the central rate of interest rate policy, the same as the 2.25% also shows that the essence of monetary policy steady attitude unchanged. At the same time 7 days, 14 days, the average operating rate of 28 days interval of 15bP, indicating that the central bank intends to maintain a stable policy interest rate curve." CITIC fixed income team commented. CRE Securities said that for the first time in four years in the middle of the year 28 day reverse repurchase amount, indicating that the central bank continue to lock up long short "operation to guide the market initiative to leverage. At present, a variety of signals, deleveraging is further accelerated: first, the 14 day account continues to increase; the second is the MLF renewal period of 3 months absent; the three is a new 28 day reverse repo. The combined operation of the recent central bank in the open market and the CSRC, CBRC and CIRC end products in regulation of the new deal, are passed to the market a clear intention to leverage, and may lead to increased future funds face fluctuations, recommended early prevention, take the initiative to reduce leverage. theory相关的主题文章: