The funds are stabilizing in the middle of the year

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In the context of the relatively high demand for inter-bank funds, the open market was funded on Thursday for the fourth consecutive trading day on Thursday (June 23). Analysts said that after the bumps in the first half of this week, the market liquidity tension is showing some relief. Considering that the central bank's stability control before the end of the month is expected to remain strong, the capital fabric will have a high probability of smoothing through the end of the half year.

Open market for four consecutive days

In the routine open market operation on Thursday, the central bank launched a 60-billion-day reverse repurchase operation with interest rate bidding. The winning bid rate continued to be flat at 2.25%. In view of the 30 billion yuan reverse repurchase due on the same day, a net investment of 30 billion yuan was realized on a single day, and this is the fourth consecutive trading day in the open market.

At the same time, the rate of repurchase rates between banks during the period was significantly slowed down on Thursday. According to WIND data, the weighted average interest rates (deposit institutions) of pledged repo on banks at night, 7 days, 14 days, and 1 month were 2.01%, 2.34%, 2.94%, and 2.85%, respectively. Compared with this Wednesday, the mainstream overnight and 7-day varieties repo rate increased slightly by 1 basis point, and the 14-day and 1-month repurchase rates across the month increased slightly by 2 basis points and slightly decreased by 1 basis. Base point.

Traders further said that interbank funds continued to maintain a balance on Thursday, and market tensions were clearly eased. Although the end of the season is approaching, most institutions are more conservative, but the overall supply and demand of funds is still balanced. The central bank’s continuous short-term liquidity in the open market has significantly eased the tightness of funds.

In addition, according to the DM financial peer-to-peer platform, it was learned from the inquiry of the traders that the current market is in a stable and tight situation, and the market liquidity is relatively stable overall. The market still chooses short-term trading methods to deal with the special time of the end of the year, and the inter-seasonal capital pressure begins to shift to 7 days. Overall, the tight demand for funds at the end of the quarter, which appeared at the beginning of this week, is being eased as the central bank continues to increase its funds and large-scale bank financing.

Capital fabrics continue to improve

Based on the overall volatility of interbank liquidity since this week, analysts pointed out that the company's tax payment and MLF expiration at the beginning of this week have a certain negative impact on short-term liquidity. This situation is intertwined with the semi-annual factors, resulting in a sudden tightening of funds, which has a greater impact on market sentiment. However, the market mainstream view also generally believes that it is not necessary to be excessively pessimistic about short-term liquidity.

Shanghai Securities said on Thursday that the open market has been investing in net funds for several consecutive days, and its intention to maintain stability is clear. It is expected that if the liquidity in the later period is still not improving, the central bank's contribution will also increase. With the strong support of the central bank, although the funds face fluctuations, they will not lose control. The impact of the MPA assessment in June will also be significantly weaker than that in March.

In addition, Guotai Junan 601211 market, buying and other institutions to express their views on Thursday also said that although the British referendum on the EU's de-risk events may still have adverse impact on global financial markets, but the major economies including the European central banks, monetary authorities A risk plan should have been made. In view of factors such as the suspension of interest rate hikes in the United States, the impact of the external environment on domestic funds must not be too worrying.