Yang Mama27Daily development950Billion7Daily reverse repurchase operation, net investment this week700Liquidity of billions

According to a primary trader, the People's Bank of China on Friday（5month27Will be conducted in the open market950RMB 100 million7Days of reverse repurchase, and in addition, there are500RMB 100 million reverse repurchase due. Based on this, Central Mama will net invest in the public market today450One billion yuan of liquidity. On Thursday, Yang Mama made net withdrawals in the open market100100 million yuan of liquidity, net investment on Tuesday and Monday in the public market, respectively200Yihe150One billion yuan of liquidity. Based on this calculation, Central Mom will accumulate net investment in the public market this week700One billion yuan of liquidity.Last week, Yangma's net investment500Billion yuan, and carried out2900Six months worth billions of yuanMLF。 It should be pointed out that Yang Mama still has1003RMB100mn6Month periodMLFWill expire.Foreign exchange gold Bloomberg data shows that there were a total of3000RMB 100 million7The reverse repurchase period is due, and there are no positive repurchases or central bank bills due. Among them, Monday to Friday are respectively450、500、700、850and500RMB100mn In addition,5month27Also available on Fridays1003RMB100mn6Month periodMLFWill expire. （The above public market business data does not include special operations targeted by the central bank and short-term liquidity adjustment tools(SLO)And central treasury cash management business） The People's Bank of China5month16Daily carried outMLFoperation2900One billion yuan, of which3Months1750RMB100mn6Months1150100 million yuan, with the same interest rate as the previous period, respectively2.75%、2.85%. According to Reuters statistics,5monthMLFInsufficient maturity scale1500One hundred million, with two maturities on last Thursday(19day)And this Friday(27day)。 [blockquote]Yan Yan, a senior trader in the Financial Markets Department of Guangfa Bank, stated in a telephone interview that it is expected that market liquidity will be relatively loose this week, and the public market may return to net withdrawals. The open market operation in this stage mainly focuses on adjusting the tightness of the funding. It is difficult to see a significant easing of monetary policy as the market leverage ratio is already high, making it difficult for funds to truly flow into the real economy. [/blockquote] The turnover in the open market of the central bank is a small net investment, which facilitates the early operation of medium-term borrowing and lending(MLF)The scale also significantly exceeds the maturity amount. Industry insiders believe that in the short term, fluctuations caused by factors such as tax payments still require support from the central bank's reverse repurchase; In the medium term,4The significant increase in monthly fiscal deposits has led to the withdrawal of base currency, and the central bank also needs to replenish it in a timely manner.4After a significant decline in monthly financial data, the central bank immediately interpreted that the stable tone of monetary policy will not change to stabilize market expectations, and subsequent operations are expected to continue to prioritize stability. [blockquote]According to Shen Bifan, a fixed income researcher at First Venture Securities“4Monthly credit andM2The significant decline in growth rate indicates that the disorderly expansion of credit in the first quarter has been curbed, and the central bank's willingness to control liquidity valves is not as strong as before4The month is so strong, so it may be more proactive in currency supply, soMLF"Advance operations and increase scale." However, he stated that considering the still sluggish economic data and a significant decline in private investment, bothMLFstillPSL(Mortgage supplementary loan)The central bank will have more targeted monetary policy, so the probability of using stimulus measures such as reserve requirement cuts is not high. [/blockquote] Chart of Changes in Weekly Funds Flow in the Open Market of the People's Bank of China: from4Based on monthly financial data and the central bank's balance sheet, the significant increase in fiscal deposits during the month was the main reason for the recovery of base currency. Industry insiders believe that entering5Although there has been a reduction in local debt disturbance, tax payments andforeign exchangeUnder the influence of factors such as fluctuations in accounts receivable, there is still a gap in the base currency in the second quarter, and the central bank needs to continue toMLFHedging through open market and other means. [blockquote]The fixed income research team of Guoxin Securities believes that although4The central bank of the month uses the open market andMLFBasic currency has been invested, but4There has been a significant increase in monthly fiscal deposits and an outflow of foreign exchange funds. Currently, the excess reserve ratio of financial institutions is below2%The necessity of supplementing the base currency is strong. “4Monthly economic and financial data are relatively3The month has clearly fallen, providing conditions for a slight relaxation of monetary policy A trader from a fund company in Beijing said that there may still be a certain gap in the base currency before the end of the second quarter, and the central bank needs to continue to maintain stability. Specifically,5The monthly tax payment scale is relatively large,6The monthly bank will face another challengeMPAThe assessment of the macro prudential evaluation system, as well as the expected increase in US interest rates and the weakening of the renminbi, may lead to an expansion of the decline in foreign exchange holdings, all of which may cause a tightening of interbank liquidity. [/blockquote] In addition to regular monthly tax payments,5The end of the month is also the deadline for the final settlement and payment of income tax and other taxes in the previous year, and the scale of tax payment in that month is usually large. According to central bank data,2014year5Month and2015year5In the month, the growth rate of fiscal deposits reached3027100 million yuan and3852RMB100mn [blockquote]The macro research team of China International Capital Corporation (CICC) believes that monetary policy should continue to maintain a moderately loose trend before inflationary pressures become more apparent. However, it may strengthen the directional structural adjustment function in operation to meet the needs of supply side reform and financial risk prevention. Continue reading:http://www.fxgold.com/news/zguo13014f9.html[/blockquote]