印度央行出手为隔夜利率“设底” 万亿卢比逆回购回笼流动性以防通胀

Core Viewpoint - The Reserve Bank of India (RBI) plans to withdraw 1 trillion rupees (approximately 11.6 billion USD) through a variable rate reverse repo agreement on June 27, aiming to prevent overnight borrowing costs from declining further and to manage liquidity in the financial system [1][4]. Group 1: RBI's Actions and Intentions - The RBI's decision to withdraw liquidity is intended to address the mismatch caused by key financing rates and short-term rates being persistently below the central bank's main policy rate [1]. - Analysts suggest that the RBI is acting cautiously to strengthen policy transmission and mitigate inflation risks while balancing economic growth and inflation control [1][5]. - The RBI's recent actions have led to a sell-off in short-term bonds, with the yield on the 2029 bond rising by 4 basis points to 6.03% and interbank rates increasing by 5 basis points to 5.32% [4]. Group 2: Market Reactions and Economic Indicators - Over the past two months, overnight rates have been consistently 20-25 basis points lower than the repo rate, with the shortest-term government bond yields also approximately 15 basis points lower [4]. - The RBI's liquidity injection of over 9.5 trillion rupees since January has contributed to the current low rates, prompting the need for liquidity withdrawal [4]. - The RBI's interest rate corridor, which includes a current repo rate of 5.5%, an upper limit of 5.75%, and a lower limit of 5.25%, is designed to manage short-term borrowing costs and guide liquidity in the banking system [4].