the flames
Netease financial October 25, - today, the central bank to interest rates tender way carried out a total of 225 billion yuan of reverse repurchase operation. Period of seven days reverse repurchase volume for 140 billion yuan, the interest rate 3.35%; Term 14 days reverse repurchase volume for 85 billion yuan, the interest rate 3.45%, total operation is more than 1.5 times increase on Tuesday. According to the calculation, this week the central bank open market withdrawal of net will be 70 billion yuan.
As we have learned, since this year, the central bank open market has not issued from tickets, and use only positive/reverse repurchase to adjust the market liquidity. Since the end of the second quarter, due to the interbank market capital partial tight, the central bank open market rolling on the reverse repurchase operation, and there are repurchase.
To this, netease financial first time attachment galaxy securities chief economist ZuoXiaoLei. She says, the current reverse repurchase operation is based on the recent liquidity surplus and the European and American countries implement quantitative easing policy and so on consideration. For now, the current monetary policy too loose, the central bank recently reverse repurchase operation can prevent excess liquidity the adverse impact of the current economic situation and matching.
"The end of September, M2 balance year-on-year growth of 14.8%, higher than the actual GDP growth above 5, 6%, this is not normal." ZuoXiaoLei believes that the current monetary loose condition for the produced negative influence may not obvious, but the second half of next year should be alert to possible inflation. "Now economic situation and 2011 similar situation, should pay attention to the impact of superposition liquidity."
The central bank to continue to take positive/reverse repurchase to regulate the market liquidity of the mode of operation, ZuoXiaoLei agreed. "The central bank adjusted way, I think that the central bank will keep real-time moderate adjustment, make good use of open market tool, it is a kind of macroscopic policy progress." And to call for the central bank to cut interest rates, fall quasi voice, ZuoXiaoLei to netease financial said: "don't understand." She thought, to cut interest rates and drop quasi on China's current economic influence is more harm than good. "Now if undertake to cut interest rates or drop quasi, is to add fuel to the flames, completely ignored the problems will be in the future."
National school of administration decision consulting WangXiaoGuang researchers to netease finance said that liquidity surplus is currently a big problem. There is too much can only lead to real estate further milder and ease the local government fund pressure, to improve enterprise management situation make no sense. "Before monetary policy is very comfortable, but China knot disease is not the circulation of money." (ZhouGuoJie)