The central bank launched a net investment of 150 billion yuan in reverse repurchase on Wednesday

The central bank launched a 150-day reverse repurchase of 150 billion yuan in the open market. Considering that the reverse repurchase of 65 billion yuan was due on the same day, a net investment of 85 billion yuan was realized on a single day, which was the third consecutive day of net investment. The net investment is 180 billion yuan. Market participants pointed out that despite the central bank's three consecutive days of net investment, but due to the impact of tax payment, MLF expiration and MPA assessment, liquidity has converged in the past two days, and the market's funding is expected to be cautious again. In this context, the parties are still expecting the central bank to increase funding.

The central bank's website announced today that on Wednesday (June 22), a 150-billion-day reverse repurchase operation was conducted with interest rate bidding. The winning bid rate was still 2.25%, and the current repurchase expired at RMB 65 billion. As a result, the open market achieved a net investment of 85 billion yuan in a single day, which was a net launch for three consecutive days. The previous two days of the open market respectively achieved a net investment of 60 billion yuan and 35 billion yuan.

Judging from the face of funds, although the central bank has continuously injected short-term liquidity into the market this week, the tightness of interbank funds that started on Monday afternoon has not been effectively reversed. WIND data showed that the weighted average interest rate of pledged repo (deposit institutions) on banks' overnight, 7-day, 14-day and 21-day maturities on Tuesday was 2.00%, 2.28%, 2.78% and 3.31%, respectively. The mainstream overnight and 7-day variety interest rates rose by 1 basis point and 1 basis point respectively from the previous trading day; while the 14-day and 21-day repurchase rates in the mid-term of the New Year increased by 3 and 33 respectively. Base point.

According to traders, yesterday's morning funds continued the funding situation in the afternoon of the previous trading day, the funds slightly tightened, overnight demand and cross-season demand flooded, and the big bank melted significantly reduced, there is still some flat demand before the closing of the noon. It was satisfied; the fund surface began to recover gradually in the afternoon, and the big banks and city commercial banks began to melt overnight funds, and the market demand was gradually satisfied.

Shanghai Securities said that the tax payment is about to start gradually this week, and the MPA assessment near the end of the season is superimposed, and the supply of funds in the market is slightly tightened. However, given that the central bank continues to increase the volume of reverse repurchase, even if multiple factors disturb the market, the impact is expected to be limited, and the liquidity supply and demand will remain balanced. Although the current funding situation is fluctuating, the overall situation is still stable. It is expected that with the support of various central bank tools, the capital fabric will be able to pass through June smoothly.