Central bank pattern drainage restart 14 day reverse repo to protect the liquidity of the Spring Fes-baxia

The central bank to restart the 14 day water pattern: the reverse repo liquidity insurance spring festival central bank to restart the 14 day reverse repo liquidity, and the Spring Festival reporter Wang Yuan, editor Pu Hongyi before the Spring Festival of central bank liquidity management more refined. According to the central bank announced yesterday, February 2nd, the central bank launched 100 billion reverse repo, including 50 billion and 14 days and 50 billion and 28 days reverse repurchase, which is the central bank for the first time in more than four months to carry out the 14 day reverse repurchase operations. Insiders said the central bank "pattern of water" shows the liquidity management approach has been developed to a fine direction, up to now put the amount of money can meet the funding needs of institutions before the Spring Festival, the festival will return the reverse repurchase maturity and cash in a natural hedge, do not drop under the premise, if the central bank is still nervous stage, material the combined form of liquidity stability. Liquidity management to fine central bank yesterday launched a 50 billion yuan 14 day repurchase, the successful rate was 2.40%, while the 14 day reverse repurchase operation or at the end of September 2015, it has been more than 4 months. Since the central bank conducted a consultation on the 14 day reverse repo, the restart yesterday is also expected in the market. Due to the upcoming Spring Festival holiday this week, the 7 day reverse repurchase is temporarily suspended, instead of the 14 day reverse repurchase during the Spring Festival holiday, the central bank is still committed to meeting the seasonal holiday capital demand. Not only that, because the funds face tension to improve, this week the central bank also take advantage of the reverse repo injection volume reduction. Monday only carried out 10 billion and 28 days reverse repurchase, Tuesday launched a 50 billion and 28 day reverse repurchase, two days to carry out 60 billion and 28 days reverse repurchase, less than last Friday’s one-day 28 day reverse repurchase operations. The reverse repo reduction, that the current commercial bank limited demand, also confirmed from the side of the financial side is not tight before the holiday. Shen Hong Hongyuan bond team pointed out that Monday the central bank temporarily increased 10 billion yuan RMB 28 day reverse repurchase, the scale of operation is relatively low, mainly because the commercial bank declaration amount is limited, the previous capital shortage situation has been temporarily eased. Before the Spring Festival, the central bank’s "water drain", the industry pointed out that one of its characteristics is that all types of tools perform their duties, liquidity fine farming. Study on industrial bond analyst Guo Caomin said, SLO is a supplement to conventional open market operations, temporary tensions in the liquidity of the banking system; MLF operation for large and medium sized commercial banks mainly carried out; PSL operation is mainly for policy banks operation; SLF operation is mainly in order to meet the needs of the local commercial bank liquidity the. "This shows that the central bank from the extensive management of liquidity (Pratt & Whitney type RRR), began to fine farming, that is, a variety of liquidity management tools in the direction of demand release, more emphasis on fine-tuning." He believes that the fine farming of liquidity also means that the central bank will be more targeted to provide liquidity support for commercial banks. In January, the central bank launched a net investment in the open market for four consecutive weeks, and in the last two weeks, it increased the net investment ability of the fund

央行花样放水:重启14天逆回购保春节流动性   央行重启14天逆回购保春节流动性   ⊙记者 王媛 ○编辑 浦泓毅   春节前央行对流动性管理更趋精细化。据央行昨日公告,2月2日,央行开展了1000亿逆回购,包括500亿14天期和500亿28天逆回购,这是央行四个多月来首度开展14天逆回购操作。   业内人士称,央行本轮“花样放水”显示流动性管理方式已向精细化方向发展,截至目前投放资金量已可满足春节前机构的资金需求,节后逆回购到期将与现金回笼自然对冲,在不降准的前提下,若出现阶段性紧张,料央行仍将以“组合拳”形式维稳流动性。   流动性管理走向精细化   昨日央行开展了500亿元的14天逆回购,中标利率为2.40%,而上期的14天逆回购操作还是在2015年9月底,距今已有4个多月。   由于此前央行对14天逆回购开展了询量,故昨日重启也在市场人士预期之中。由于本周即将迎来春节假期,短期的7天逆回购暂停,取而代之的是跨春节假期的14天逆回购,可见央行仍致力于满足季节性节日资金需求。   不仅如此,由于资金面紧张情况好转,本周央行也顺势将逆回购注入量缩减。周一仅开展了100亿28天逆回购,周二开展了500亿28天逆回购,两日累计开展600亿28天逆回购,还不及上周五单日28天逆回购的操作量。   逆回购减量,说明目前商业银行需求有限,也从侧面印证出节前资金面并不紧张。申万宏源债券团队指出,周一央行临时增加100亿元人民币28天逆回购,操作规模较低,主要是因为商业银行申报量有限,此前的资金面紧张状况已暂时缓解。   针对春节前央行的“花样放水”,业内人士指出,其一个特征是各类工具各司其职,流动性精细化耕作。   兴业研究债券分析师郭草敏分析说,SLO主要是常规公开市场操作的补充,在银行体系流动性临时出现紧张局面时使用;MLF操作是针对主要的大中型商业银行开展;PSL操作主要是针对政策性银行操作;SLF操作主要是为了满足地方商业银行的流动性需求。   “这表明央行从流动性的粗放式管理(普惠式的降准),开始向精细化耕作,即多种流动性管理工具按需释放的方向发展,更加强调预调微调。”他认为,流动性的精细化耕作,也意味着央行将更有针对性地为商业银行提供流动性支持。   “组合拳”模式料节后延续   在刚过去的1月份,央行在公开市场连续四周实现净投放,且最后两周加大了资金的净投放力度,虽然本周资金投放力度减弱,但截至目前的资金投放已可以满足节前资金需求。   国泰君安债券团队测算,央行目前跨年资金(28天以上)投放超1.6万亿,基础货币投放力度超过2次降准规模,足够满足节前资金需求。   不过,短期逆回购都面临节后到期压力,尤其是春节前滚动投放的28天逆回购陆续到期,对于短期流动性,央行此前表示,将按历年做法通过公开市场逆回购操作对主要金融机构实现全覆盖,节后到期与现金回笼自然对冲。   业内人士指出,在央行不降准的条件下,即使节后出现资金面紧张情况,预计央行也会继续以“组合拳”维稳流动性。   数据显示,2月份将有13050亿逆回购到期。“针对这些操作的集中到期,预计央行也将进行大量逆回购、MLF等操作来对冲。”郭草敏指出,因此不出意外,2月份央行仍将延续1月的流动性管理模式,打出逆回购+SLO+SLF+MLF+PSL的“组合拳”。 进入【新浪财经股吧】讨论相关的主题文章: