In the beginning of the year and month, the internal investment of more than 1.700 billion will escort the market liquidity before the Spring Festival.

In the beginning of the year and month, the internal investment of more than 1.700 billion will escort the market liquidity before the Spring Festival.

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  Securities Daily host Liu Sihui: The extension of the Spring Festival, the market liquidity supply action frequently.

Today, the newspaper interviewed experts and scholars for in-depth interpretations of targeted open market operations for three consecutive days, the capital of Beijing and the balance of financing and financing both breaking through the trillion-dollar mark, and the phenomenon of bank deposits before the Spring Festival.

  Our reporter Liu Qi has gradually launched into the market in recent days.

On January 17, the budget carried out a 14-day reverse repurchase of US $ 200 billion in the form of interest rate bidding, with a winning bid rate of 2.


On January 15 and January 16, respectively, a 300-megabyte medium-term lending facility (MLF) operation was implemented with a 14-day reverse repo that overlapped $ 100 billion and a 14-day reverse repurchase of $ 300 billion.

Regarding the three consecutive days of open market operations, the transition has stated that in order to hedge the impact of peak cash injections (Jin Qilin analysts), government bond issuance and payment and other factors, to maintain a reasonable and sufficient liquidity of the banking system before the Spring Festival.

  And on January 6, this year, the first time the 2020 threshold was dropped-the same day the transition cut the deposit reserve ratio of financial institutions to 0.

5 budgets, releasing more than 800 billion yuan of long-term funds.

That is to say, this month has gradually invested more than 1.700 billion yuan.

  ”Gradually expand the liquidity of the open market and keep the market capital in a reasonable and sufficient state, and change the wholesale financing costs of commercial banks in the open market.

On January 6th, the RRR cut was released to release more than 800 billion US dollars of long-term funds, which can save about 15 billion yuan for commercial banks.

“Oriental Jincheng chief macro analyst Wang Qing told the Securities Daily reporter.

  From the perspective of the disturbance of the capital in January, the total maturity of new government bonds, local bonds, extended bills, interbank certificates of deposit and directional instruments issued from New Year’s Day to the Spring Festival is 1.

2 trillion yuan.

The chief analyst of CITIC Securities’ solid income has clearly stated that since 2020, local bonds have continued to issue the initial characteristics. Until January 15, the scale of local government debt issuance plans announced in January reached $ 785 billion, far exceeding less than 4,200 in 2019The issuance of 100 million U.S. dollars aggravated the tightness of liquidity before the Spring Festival.

It is expected that the issuance of local government bonds will still accelerate after the Spring Festival, and it is still necessary to gradually provide liquidity support.

  With continuous launch at the beginning of the year, short-term liquidity is protected.

From the perspective of Shanghai Interbank Offered Rate (Shibor), on January 17, the short-term Shibor generally declined.

Among them, Shibor went down 8 overnight.

7 BP to 2.

522%, Shibor down 2 for 7 days.

3 BP to 2.

64%, Shibor down 2 in 14 days.

6 BP to 2.


Judging from the pledged repo market, the short-term liquidity indicator DR007 also dropped.

“Securities Daily” reporter from Oriental Fortune Choice query data shows that the expected average interest rates on January 15 and January 16 were 2 respectively.

7867%, 2.


As of January 17, as of 15:15, data from the National Interbank Funding Center showed that DR007’s average interest rate was 2.


  From the perspective of follow-up funds, on 杭州桑拿 January 23, there will be 257.5 billion US dollars of targeted medium-term lending facilities (TMLF) due.

Obviously, under the advantage of the TMLF interest rate, major banks still have continuation momentum, and based on the loans of small and micro enterprises and private enterprises in the previous quarter of relevant financial institutions and combined with their needs to determine the amount of TMLF operations in the first quarter of 2020, do not excludeTMLF will be based on the possibility of a new quantity based on the sequel.

Since 2017, the inclusive financial policy has been implemented on January 25 (before the Spring Festival) for two consecutive years. However, as there is no tax payment point before the Chinese New Year, the inclusive financial policy will be implemented before the Chinese New Year.The probability 杭州桑拿 is reasonable and it is expected to land in February.