The central bank opened the market to carry out a net investment of 10 billion yuan in reverse repurchase operations

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(Original title: The central bank opened the market for 50 billion reverse repurchase operations, with a net investment of 10 billion)

Hong Kong's Wind InfoCom reported that the central bank conducted a 50 billion 7-day reverse repurchase operation on Tuesday, with 40 billion reverse repurchase maturity on that day and a net investment of 10 billion.

The central bank announced on the 28th that, considering that the fiscal expenditure at the end of the month can hedge the central bank's reverse repurchase maturity and other factors, in order to maintain the liquidity of the banking system is basically stable, the 100 billion yuan reverse repurchase operation was carried out by interest rate bidding, including 7 days. The period is 60 billion and the 14-day period is 40 billion. On the same day, 200 billion reverse repurchase expired, and the net return was 100 billion yuan, which was the net withdrawal for the sixth consecutive day. The accumulated net withdrawal amount was 430 billion.

China Securities Journal said that although at the end of the month, the central bank still withdraws funds from the open market, stimulating market cautious expectations of liquidity. Insiders pointed out that the fiscal expenditure at the end of the month formed a liquid supply, but the central bank continued to return to the net to limit the liquidity recovery, and the capital fabrics crossed the moon in a tightly balanced pattern.

Wind information statistics show that this week, the central bank's open market has 560 billion reverse repurchase due, from 200 to 40 billion, 40 billion, 230 billion, 40 billion and 50 billion from Monday to Friday, no repurchase and central bank bills due .

According to CITIC Jiantou, the central bank’s open market operations returned to a net return last week due to factors such as fiscal expenditure last week, local treasury cash management commercial bank time deposit operations, and financial institutions’ statutory reserve withdrawal. This week, the reverse repurchase expires 560 billion yuan. Considering that the central bank's open market is affected by the changes in fiscal deposits, and the fiscal deposits in the latter half of the year are relatively large, it is expected that the open market operation may still maintain a returning posture.

For the liquidity in September, the Yangtze River consolidation believes or maintains a tight balance. The Yangtze River consolidated receipts said that the expiration of the interbank deposit receipts reached a record high in September, and it also faced the impact of the MPA assessment and the Fed FOMC meeting. Compared with the end of the first two quarters, the liquidity environment in September should not be too worried or too high. Money will continue to “cut the peaks and fill the valley” and keep the liquidity of the banking system basically stable. Funds may be maintained in a tight balance, and liquidity management, control leverage and duration are still required, with coupons as the mainstay.