The Central Bank'S Net Investment In May Hit A New High After The Spring Festival.

Yesterday, the central bank bought a new low in May with a new low repurchase volume in the year, making the net open volume in the open market in P hit a new high after the Spring Festival.

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< p > in the guesswork of a "repurchase or suspension", the last open market operation in May still appeared on schedule, but the price was reduced.

Yesterday, the central bank launched a 10 billion and 28 day repo, which has set a new low since February, the 18 round of repurchase in Japan. Interest rates continued to be unchanged at 4%.

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< p > up to now, if the central bank and the Ministry of finance did not pay 40 billion of the market's funds to the market through the tendering of treasury cash on Thursday, the open market will achieve a net investment of 20 billion this week, with a net investment of third consecutive weeks.

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< p > reviewing the open market operation ideas in May, except for the net return of 60 billion in the first week of May, all of the remaining three weeks achieved a net drop, which achieved a net investment of 164 billion this month, creating a new high net monthly volume after the Spring Festival.

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The operation of "P" has gradually pformed the central bank's net return from January to January.

Following the net return of 256 billion in March and 1 billion in April, it achieved more than 100 billion net sales in May to effectively stabilize the market's expectation of assets.

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< p > this is evident from the low interest rate of the treasury cash deposit yesterday.

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< p > yesterday, the Ministry of Finance and the central bank conducted a nine month treasury cash management for commercial banks' time deposit tendering, with a scale of 40 billion, although the period is two years from the end of the year to the end of the year, but the winning rate is only 4.60%, which is significantly lower than the winning rate of 6.30% of the last same period. This shows that the market has limited demand for medium and long term < a href= "//www.sjfzxm.com/news/index_cj.asp" > capital < /a >.

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< p > in fact, from the perspective of quantity and price, the open market operation in May showed the characteristics of quantity.

On the one hand, since the middle of May, the amount of repo operations has gradually shrunk.

A bank trader told reporters that the 28 day repo operation yesterday hit a new low, so that the market for subsequent repo suspension, or even reverse repurchase is expected to increase.

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On the other hand, on the other hand, the 28 day a href= "//www.sjfzxm.com/news/index_cj.asp" > repo rate < /a > has remained unchanged at 4% for the first time, indicating that the central bank's management intention to maintain the interest rate range has effectively guided the smooth maintenance of the term capital price in January.

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< p > in spite of the anticipation of the pfer of fiscal deposits and the decrease in foreign exchange reserves in May, the open market operation has effectively kept the price of interbank funds stable.

According to the statistics of reporters, the average monthly interest rate for repurchase in 7 days since May is 3.23%, which is 27 basis points lower than that in April.

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< p > due to no obvious improvement in the first quarter of a href= "//www.sjfzxm.com/news/index_cj.asp" > China's economy < /a >, the market once expected the central bank to reduce the reserve ratio in the two quarter, and the recent rise in treasury bond futures and spot bond markets also partly reflected some market participants' expectation of loosening monetary policy.

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< p > but there are various forms of loose monetary policy. There are also different views on whether or not to use the "big ax" in the near future.

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Morgan, chief economist of J.P. chase, Zhu Haibin recently adjusted the forecast of deposit rate. He said that the monetary policy makers' policy attitude towards capital inflow will change, and the range of future fine-tuning may be further adjusted, depending on the development and changes of the economic situation. P

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