Do not be afraid, loose delay is not equal to tighten! Interpretation — on the central bank to rest www.555kfc.com

Do not be afraid, loose delay is not equal to tighten! Interpretation — on the central bank to restart the 14 day reverse repurchase (Jiang Chao, Zhou Xia, Haitong bond – Gu Xiao Xiao) – Sohu finance do not be afraid, loose delay is not equal to — to tighten the central bank to restart the reverse repo day interpretation of February, the central bank after half a year to restart the reverse repo rate 2.4% days, the tender with the previous year. This also confirms the rumors of the month, or the central bank will restart the day reverse repurchase. This news caused a great disturbance in the bond market, the 10-year bond futures contract fell 0.5%, 10-year interest rates sharply upward 4bp, also hit the biggest decline since march. For a time, the stock and bond markets have become a badly frightened person, is not the wolf? Monetary policy turned? Financial leverage to start? In the end how to look at the central bank reverse repurchase restart it? We believe that loose monetary policy will be delayed, but will not tighten. We know that the central bank’s monetary policy tools are divided into two categories: one is the number of control tools, such as the deposit reserve rate, SLO, MLF, reverse repo, central bank bills, the other one is the price regulation tools, such as interest rate, exchange rate etc.. But in the central bank’s monetary policy tightening history, usually has a very clear signal that reflects a rise in interest rates, or the return of funds, such as the reserve rate increases, or issuing central bank bills, repurchase and return the money. If the central bank raised the deposit reserve rate or interest rate directly, then the signal will be the monetary tightening is quite obvious, such as the year and in the first half of this year, there are, and years. But in the shortage of money, the central bank did not increase or increase, but the currency rate R007 soared to more than 10%, resulting in the bond market of Shanghai stock index also fell Starving people fill the land., following. In this case, the use of monetary instruments for the central bank to observe the details is very important. When the central bank in the month and month were re launched the day and the reverse repurchase, but then the day reverse repo rate from 3.35% at the beginning of the year to a substantial increase of up to 4.4%, the reverse repo rate from a substantial increase of up to 4.5% of the date. At the same time the central bank in June to restart the one-year central bank bills issued, similar to the return of funds and locked so that for years, this behavior also has a name called "lock long put short, although the central bank through reverse repurchase on short-term liquidity, but through the central lock long-term liquidity, overall is still tighten policy mix. Therefore there is a shortage of money years behind the central bank’s monetary policy clear turn by restarting the one-year central bank bills and increase the reverse repo rate clearly conveys the tightening signal. Look at this time, the last two days of the repo rate compared to the previous week has obvious upward, but the day repurchase rate is from 2.47% last week rose to about 2.7%, and 10% years can not be mentioned in the same breath with. From the central bank or the number of signal transmission price point of view, there is no sign of any tightening signal. First of all, the issue of reverse repo rate of 2.4% today, and the Spring Festival this year, the interest rate unchanged and not increased, while the reward相关的主题文章: