On October 22, the central bank launched a 7-day reverse repurchase operation of 50 billion yuan in the open market. Today, the 50 billion yuan reverse repurchase expired, so there was no delivery and no return on the same day.
Wind data shows that there are 100 billion yuan of reverse repurchase due in the open market of the central bank this week, and 50 billion yuan on Thursday and Friday, and no reverse repurchase matures from Monday to Wednesday.
The annual meeting of 2020 Financial Street Forum opened in Beijing on October 21. Yi Gang, the governor of the central bank, said that we should adhere to the prudent monetary policy and firmly support the steady employment of market entities; the monetary policy should properly control the general gate of money supply and appropriately smooth the fluctuation of macro leverage ratio.
According to Qu Qing, chief economist of Jianghai securities, from the perspective of historical seasonality, except that October is the big month for paying taxes, and the net withdrawal of fiscal deposits will bring a certain pumping effect on liquidity, the overall liquidity adequacy of the fourth quarter is usually higher than that of the first three quarters under the background of financial investment and cross-year liquidity demand stabilized by the central bank. Under the background that the long-term debt pressure of the banking system is large and the central bank intends to protect the capital, we have reason to believe that the central bank will also maintain the state of reasonable and sufficient liquidity in the fourth quarter, and the tight liquidity pattern in the third quarter is expected to ease marginally.