A shares smell “loose” taste Mid-year loose capital makes you unexpected
A shares smelled “loose”!
Loose capital in the middle of the year makes you unexpected!
The interest rate of this variety has reached the lowest point in 10 years. At the end of June, China’s brokerage firm has arrived. Is the bank’s funding still tight?
In June of each calendar year, the mid-year and quarter end, the liquidity situation has always attracted market attention.
In June this year, the cross-quarter funding pressure and the MPA assessment pressure of the bank coincided with the impact of other events. Is there any change in the funding situation in June?
In fact, this week, through structural policy measures and continuous capital injection, the average interest rate of each fund showed a downward trend.
According to WIND statistics, from the week of June 14 to June 21, the net growth of the long-term open market reached 425 billion US dollars, far more than the net increase of 650 for the week of June 7 to June 14Parts per million are second only to 510 billion in the last week of May.
Under the overall care, the face value of each fund was subdivided across the board.
On June 21, the Shanghai interbank market borrowing rate (Shibor) fell across the board, and the overnight borrowing rate fell to 1.
112%, a new low since June 2015.
The inter-bank pledged repo overnight rate (DR001) fell to 0 intraday.
9% is the lowest point in the past 10 years.
Completely, the inter-bank deposit market financing was fully restored, and the liquidity pressure of small and 佛山桑拿网 medium-sized banks was significantly eased.
Compared with last week’s interbank deposit certificate, the net financing scale was -880.
At a scale of US $ 10 billion, this week’s large-scale interbank deposit receipts were massively expanded. The net financing scale was US $ 281 billion, and the issuance rate also increased significantly.
Next week, the last week of June is approaching. The market generally believes that the market capital will be further protected gradually, and the inter-bank fund income may still increase.
In a word, the bank “babies”, rest assured that the New Year.
Overnight Shibor overnight interest rates plummeted by only 1.
112%, the lowest point in four years. On the morning of June 21, the Shanghai interbank market lending rate (Shibor) fell across the board, and the overnight lending rate was 合肥夜网 quoted1.
112%, a new low since June 2015.
Historically, Shibor’s overnight interest rate hit a stage low in June 2015. At that time, the lowest rate was 1 on June 1, 2015.
Record low of 027%.
Earlier in 2009, 0.
A record low of 8008%.
The DR001 pledged repo rate broke 0 during the session.
9%, a nearly 10-year low on June 21. From the perspective of the pledged repo rate in the interbank market, the overnight repo rate (DR001) of deposit institutions dropped by 12.
87bp, the lowest intraday fell to 0.
9000%, the lowest point since September 2009.
However, from the closing average price, it was reported at 1.
1007%, a low since December 28, 2018.
Historically, the overnight repo rate (DR001) of deposit-taking institutions continued to run below 1% around June 2009.
DR007, which is the highest and most fancy, also goes out of the same trend.
DR007, which is a 7-day repurchase rate pledged by inter-bank deposit institutions with interest rate debt as the pledge, is the most intuitive judgment indicator of the inter-bank funds, and is often used as a guide to observe monetary policy.
From the perspective of DR007, the intraday low reached 1 at one time.
1058%, the lowest point since May 29, 2015.
The inter-bank deposit certificate issue price broke through in an all-round way, and the net financing scale was significantly increased. With the full support of the transformation, the inter-bank deposit certificate market has further fully and significantly recovered this week.
According to WIND statistics, last week, the net financing scale of interbank certificates of deposit was -880.
Among them, the total issued amount reached 5121.
90ppm, the average issuance rate is 3.
1811%, with a maturity of 6001.
9 billion yuan.
By this week, the net financing scale of interbank certificates of deposit was 2810.
7 billion yuan, with a release budget of 7174.
20ppm, the average issuance rate is 3.
0736%, with an expiry amount of 4363.
5 billion yuan.
Judging from this data, the net financing scale of interbank certificates of deposits has expanded significantly, and the average issuance increase has gradually decreased.
With the recent recovery of the inter-bank certificate market, the liquidity pressure of small and medium banks has eased.
Obviously, this aspect is related to the previous protection of market liquidity, and it has also been gradually supported by the issue of interbank certificates of deposit by some small and medium banks, which has increased the recognition of interbank certificates of deposit of small and medium banks.
Yang Ma ‘s policy tools and open operations “should be hard on both hands”. The capital has been loosened for the past month, especially since this week, gradually increasing the amount of investment in the open market, especially focusing on increasing financial support for small and medium-sized banks.At the same time, the bank launched a support plan for the head securities company to disburse funds, and the head securities firm to finance small and medium-sized non-bank institutions, so the market’s tight funding situation has been greatly eased.
1. On June 14 every year, it is announced that 200 billion rediscounts and 100 billion SLF quotas will be added to small and medium banks.
2. Every year on June 16, the reporter asked in the explanation of the progress of the takeover of the Mingbao contractor, mentioning that the average creditor’s compensation ratio reached 90%, eliminating market share.
3. On June 16th, a special conference on preventing and resolving liquidity risks in the bond market was arranged to arrange large-scale securities firms and funds to provide liquidity support to small and medium-sized securities firms and funds.
4. On June 17, documents related to the repurchase of default disposal were introduced, and the efficiency of appropriate repurchase default recovery was improved.
5. On June 18, a meeting was held with the CSRC in advance to encourage six major banks to expand financing to small and medium-sized non-bank institutions through some of the leading brokers.
In addition to these structural institutional arrangements mentioned above, in terms of funding, we have also made every effort in ten years.
From the week of June 14 to June 21, the intensity has increased significantly.
On June 14, the 28-day reverse repo was gradually restarted to release more long-term funds and stabilize the mid-year capital.
On June 19th, under the condition that the sequel expired at 2000 ppm MLF, it added another 40 billion yuan to small and medium banks.
According to WIND statistics, from the week of June 14 to June 21, the net net growth of the long-term open market reached 425 billion U.S. dollars, far exceeding the net issue of the week from June 7 to June 14.650 parts per million, second only to 510 billion in the last week of May.