The central banks 14-day counter-repurchase operation funds are expected to stabilize for four consecutive days

category:Finance
 The central banks 14-day counter-repurchase operation funds are expected to stabilize for four consecutive days


It is noteworthy that the central bank has carried out 14 days of counter-repurchase operation for the fourth consecutive trading day. 14-day counter-repurchase operation is relatively rare in peacetime, and in recent days the intention of re-emerging from the rivers and lakes is also obvious - to invest cross-season and cross-season funds to escort the end-of-season funds.

Wind data show that this week (September 21-September 27) the open market of the central bank has 190 billion yuan of reverse repurchase expiration, including Monday and Tuesday no reverse repurchase expiration, Wednesday to Friday respectively expired 30 billion yuan, 120 billion yuan, 40 billion yuan, in addition to Friday there are 100 billion yuan of treasury cash due.

Wind analysis, after the central bank continuously put in funds, the level of funds has significantly eased, although cross-season demand is still difficult to significantly cool this week, but there are central bank support and financial investment, funds before the end of the month face limited pressure in the bond market, short-term bonds and bond futures are expected to remain volatile.

According to the Dongwu Securities Research Report, the central banks 14-day reverse repurchase is expected to maintain the stability of cross-season capital market, similar to the 28-day and 14-day reverse repurchase in mid-June.

Xie Yunliang, chief Macro Analyst of Minsheng Securities, said that in the cross-season context, most of the maturity counter-repurchases are expected to be hedged. From September 24, less than 7 days before the National Day, the significance of introducing 7-day reverse repurchase has been reduced. Overlapping the factors of cross-season tightening of funds, the central bank is expected to take 14 or 28 days reverse repurchase as the main factor, which is conducive to lengthening the end-of-debt period of banks, and the funds are expected to stabilize.

Source of this article: Sino-Singapore Editor-in-Charge of Longitudinal and Weft: Yang Bin_NF4368