Workflow
14天期逆回购
icon
Search documents
多种货币政策工具协同发力 保持流动性充裕
Zheng Quan Ri Bao· 2025-06-24 16:25
Core Viewpoint - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy in 2023, utilizing various tools to maintain ample liquidity and support economic recovery [1][2][5]. Group 1: Monetary Policy Tools - The PBOC has employed multiple monetary policy tools, including reserve requirement ratios, open market operations, Medium-term Lending Facility (MLF), and re-lending to ensure sufficient liquidity in the banking system [1][2]. - In the first half of the year, the PBOC conducted 7-day reverse repos and, when necessary, 14-day reverse repos to meet the needs of primary dealers, injecting a total of 2.6 trillion yuan across the Spring Festival period [2]. - The MLF operations totaled 23.5 trillion yuan in the first half of the year, with a fixed quantity and interest rate bidding system introduced in March [2][3]. Group 2: Liquidity Management - The PBOC has introduced a buyout-style reverse repo operation to fill the gap between 7-day reverse repos and 1-year MLF, enhancing liquidity management precision [3]. - As of now, the PBOC has conducted 47 trillion yuan in 3-month buyout reverse repos and 25 trillion yuan in 6-month buyout reverse repos this year [3]. - The PBOC has also utilized the Standing Lending Facility (SLF) to provide short-term liquidity support to local financial institutions, with a total of 240.82 billion yuan in SLF operations in the first five months [4]. Group 3: Future Expectations - Experts predict that the PBOC will continue to adopt a loose monetary policy in the second half of the year, with potential for further interest rate cuts and reserve requirement ratio reductions [5][6]. - The anticipated interest rate cut could range from 10 to 30 basis points, while reserve requirement ratio cuts may be between 25 to 50 basis points [5]. - There is a possibility of resuming government bond trading operations in the second half of the year, depending on market conditions [6][7].
【笔记20250124— 短端大幅上行,长端韧性十足】
债券笔记· 2025-01-25 08:28
越短的交易,影响因素越繁多,让你的感觉越眩晕。越远的交易,影响因素越核心,让你看到的越清晰。然而,要想看到本质,就需要经历痛苦,建立投 资体系,忍受短期波动,舍弃落袋为安。 ——笔记哥《交易》 【笔记20250124— 短端大幅上行,长端韧性十足(+午后资金面改善-股市小幅上涨=涨跌不一)】 MLF大幅缩量续做,股市小幅上涨,上午资金面偏紧,午后逐步改善,利率先上后下。 早间消息:特朗普称"美中关系非常好"、"将要求美联储立即降息",早盘债市情绪平稳,10Y国债利率平开在1.6375%。上午消息:特朗普称"宁愿不必对 中国使用关税手段",带动股市小幅上涨。受资金面紧张影响,10Y国债利率先上行至1.655%,午后资金面逐步改善,利率震荡下行至1.635%。 近日资金面持续紧张,或反应了央妈"敲打长债"的心思,势要构建一条陡峭的收益率曲线。然而结果是:短端大幅上行、长端韧性十足,最终曲线极度平 坦化。 今日货币基金ETF纷纷上演涨停潮,此前跨境ETF涨停也就罢了,连货基都能涨停也是活久见。可见,这个市场并不缺钱,可惜,有的市场不让买,有的 市场不敢买。 资金面均衡偏紧,长债收益率涨跌不一。 央行公开市场开展28 ...