Capital balance to restore tension

On the 2nd, the central bank continued its open market operation on the third consecutive day with full hedging. Analysts pointed out that the recent central bank's continuous implementation of equal hedging has demonstrated that the monetary policy is “neutral” and maintains liquidity “not loose or tight”. In the short term, the funds are expected to return to a tight balance, but due to the pressure of returning from August. Small, should be vigilant against fluctuations in funding.

On the 2nd, the central bank launched a 120 billion yuan reverse repurchase operation by means of interest rate bidding, and hedged the 120 billion yuan reverse repurchase due on the same day, which was the equivalent of the same period for the third consecutive day, and the release of the “neutral” signal of monetary policy. obvious.

Recently, the relevant person in charge of the central bank said that the stable and neutral monetary policy is “not tight or not loose”, and said that the central bank will continue to implement a stable and neutral monetary policy in the second half of the year, further improve the macro-prudential policy framework, and handle stable growth and adjustment. The relationship between structure and total control, maintaining moderate credit growth and basic stability of liquidity, promoting a virtuous cycle of economic and financial development and healthy development.

In the inter-bank pledged repo market yesterday, capital supply and demand returned to equilibrium. Except for overnight varieties, other major term interest rates fell on average, and the representative 7-day repo weighted average interest rate fell nearly 8BP to 2.87%.

Many institutions believe that liquidity is expected to continue to be in a state of unrest. Golden State Securities 600,109, clinics shares the view that current observations of central bank operations is still to determine the focus of liquidity. The recent central bank's continuous implementation of equal amount of hedging indicates that the policy operation level is “not loose and tight”. The recent capital fabrics will maintain a “tight balance”.

And for the recent idea that the central bank might tighten monetary policy again, CITIC Securities 600030, attending stocks research report pointed out that monetary policy should not only look to observe one or more days of operation, since July the volume and price level of monetary policy operations and In terms of the term combination, monetary policy has not been tightened. (Li Bingjia)