Is China’s central bank suddenly doing more urgent tasks-gigolos

Is China’s central bank suddenly doing more urgent tasks? The central bank Chinese news pictures get more and more difficult to guess: in addition to allow the continued depreciation of the RMB, the central bank another move this week attracted the attention of people. Central bank recently received a national day after the return of water, this week in the open market to re drainage. In fact, the central bank last week to tighten the faucet, in line with the market regulation and control policy, only once a week and then turn on the water, do you have a more important purpose and the need for the central bank emergency? This week the central bank conducted a total of 660 billion yuan in the open market repurchase. In addition, the reverse repurchase period also increased. The central bank early last week only 7 days and 14 days period reverse repurchase, late last week, only 7 more days of reverse repurchase, "shrinking and shrinking period of water collecting intention significantly, but this week is gradually added back to a period of 14 days and 28 days of varieties, the water amount back to" blast state attitude added ". In addition, the central bank massive MLF (medium-term lending facilities), last week, only a net invested 41 billion 500 million yuan, but this week, the amount of the net increase in the amount of emergency to $330 billion. About one week after replenishment efforts suddenly increased, but a chance encounter this week devaluation intensified, whether the central bank to avoid devaluation during the touch of capital outflow caused by potential fluctuations in the financial market, so the water to stability situation? Really worth pondering. The central bank open market China weekly changes in capital flows chart (source: Reuters) analysts view with the first three quarters of economic and financial data this week Qi, years of steady economic growth pressure a break at the same time, risk prevention has become Chinese central bank and the Ministry of finance, the recent regulatory focus. Haitong Securities analyst Jiang Chao said in a report in September, the sharp decline in foreign exchange, the central bank launched a large-scale MLF put money, means the RRR or delayed again, while the reverse repurchase period is elongated also means an increase of cost of short-term funds, short-term liquidity is tight. Bank of Communications Development Research Center Senior Researcher Chen Ji believes that the recent reverse repurchase period adjustment and operation of the scale of the rise and fall, reflecting the central bank to further strengthen the flexibility of open market operations. Re launch of the 14, 28 day reverse repurchase operations, indicating that the central bank believes that short-term liquidity is relatively stable and controllable, while the medium-term need to prevent risks; MLF amount is also a supplement to long-term funding gap. As long as the amount of liquidity in the market to maintain the overall acceptable, even if some structural tension is controlled, after all, monetary policy should not be too loose, the central bank currently pay more attention to control credit growth rhythm. Mizuho Securities macroeconomic researcher Fan Lei said, before the three quarter China data overall in line with expectations, the micro view of economic stabilization and rebound trend is quite obvious, at present there is not much need for further stimulus. The open market, the probability of further easing of liquidity is very low, it is expected that the central bank will maintain a neutral tight operation. UBS latest report that the recent boom in the real estate market, the government is worried about the expansion of the real estate bubble, which means that the central bank is unlikely to relax monetary policy. Decision makers will not cut interest rates or drop quasi, in order to avoid the release of too strong easing signal, exacerbated by the outflow of capital and the pressure of devaluation of the RMB, the central bank in the year and 2017 are unlikely to cut interest rates. )相关的主题文章: