Yang Mama16Daily development450Billion7Daily reverse repurchase operation, net daily investment250Liquidity of billions

According to a primary trader, the People's Bank of China on Monday（5month16Will be conducted in the open market450RMB 100 million7Days of reverse repurchase, and in addition, there are200RMB 100 million reverse repurchase due. Based on this calculation, Central Mom will have a net investment today250One billion yuan of liquidity.The open market of the People's Bank of China saw a net rebound for the third consecutive week last week, with the scale narrowing to1100RMB100mnForeign exchange gold


Bloomberg data shows that there were a total of2500RMB100mn7The reverse repurchase period has expired, and there are no regular repurchases or central bank bills due. The specific expiration date is as follows: Monday（5month16Day)200Billion, Tuesday（5month17Day)700Billion, Wednesday（5month18Day)800Billion, Thursday（5month19Day)500Billion, Friday（5month20Day)300One billion.



（The above public market business data does not include the central bank's targeted special operations and short-term liquidity adjustment tools（SLO）Cash management business with the central treasury）

Li Qilin, Chief Fixed Income Analyst at Minsheng Securities, stated that due to the loose funding situation in recent times, the scale of reverse repurchase operations has declined. It is expected that the public market will continue to maintain a moderate net recovery trend this week.


[blockquote]
Net return may be mainly due to the warm direction of funds, according to their understanding4Month and Entry5The credit scale of banks has shrunk in recent months; But it should also be noted that15In the future, there will be a large-scale fiscal and tax payment. Overall, the outlook for the future performance of the bond market is optimistic, supported by factors such as the possibility of significant economic improvement, credit contraction, and the possibility of maintaining loose funding.[/blockquote]

The People's Bank of China on Thursday（5month19There is475RMB100mn3Month periodMLFDue, the operating interest rate for this period is2.75%。4Mid month lending convenience（MLF）Balance1.5Trillion yuan, balance of mortgage supplementary loans1.39Trillion yuan, always available for borrowing and lending convenience（SLF）Balance4.1RMB100mn



The industrial, retail, and investment data released last weekend were all lower than expected, indicating signs of a slowdown in the Chinese economy; In response to financial data that was also weaker than expected, the People's Bank of China stated that,4The decrease in monthly RMB loans is mainly due to the accelerated replacement of existing local government debt, and we will continue to implement a prudent monetary policy.


Ma Jun, Chief Economist of the Research Bureau of the People's Bank of China, stated that future monetary policy operations should not only maintain a steady growth momentum, but also fully consider the impact on future prices and the need to prevent financial risks.


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