The People's Bank of China through the medium -term borrowing facilities (MLF) net funds of 150 billion yuan (the same, about S $ 30 billion), the first excess over -over -continuation MLF since March this year.When liquidity faces seasonal pressure and the bond market continues to encounter the impact of wealth management products, the central bank issues signals to care for funds and boost market confidence.
According to Bloomberg, the central bank announced that the 650 billion yuan one -year MLF operation was performed on Thursday (December 15), which was higher than the expiration of 500 billion yuan.Most economists expect that the central bank will wait for a sequel; interest rates remain unchanged at 2.75%, which is in line with investigation.
According to reports, after the release of the long -term funds at the beginning of the month is about 500 billion yuan, the central bank continues to invest in long -term funds through MLF, which shows that when the economic continued to be affected by the epidemic and the recovery of credit is still unstable, it is still unstable.The central bank continues to work in monetary policy, increases its support for the economy, and at the same time meets the demand for liabilities of banks, and helps credit expansion.In addition, the recent impact of redeeming the redeem of wealth management products in interest rates and credit markets, and the return rate has soared significantly, and the central bank's increase in operational scale can also partially alleviate liquidity.
The reaction of the bonds of the prejustic stocks is not large. The 10 -year Treasury period spot shakes near the flat plate, and the yield of the 10 -year active coupon is close to 2.8850%.The A -Share Shanghai Composite Index fell 0.3%, and the RMB at home and abroad was weak, all of which were traded near 6.96.
Bloomberg quoted Xing Zhaopeng, a senior Chinese strategist of Australia and New Bank, said: "Recently, the sales of financial managers on bonds show that non -bank institutions need more liquidity to alleviate the pressure of redemption."
Xing Zhaopeng also mentioned that banks also need cheaper funds to increase long -term loans. On Wednesday (14th), the yield of the 1 -year AAA -level industry deposit deposit in AAA -level industry has risen to 2.78%.With an additional 150 billion yuan injected by MLF, the market will be able to wait more calmly for fiscal expenditure at the end of the year.
Recently, the cost and demand of bank liabilities have continued to rise. One -year AAA rating interbank depository interest rate has been on Wednesday to 2.78%, which is higher than the one -year MLF interest rate 2.75%.As the largest bank of China, ICBC also issued an interbank deposit list for the first time since the first quarter of 2021.
In terms of macroeconomics, the Political Bureau of the Central Committee of the Communist Party of China held last week proposed that to promote the overall improvement of the economic operation, the stable monetary policy must be accurate and powerful.People familiar with the matter said that policy makers are discussing that the GDP growth target in 2023 is set at about 5%, which further shows that the government is striving to get rid of the influence of the epidemic and make the economy as soon as possible.
However, the credit data in November was still downturn, and the new RMB loans and social federations were lower than expected.Earlier in November, economic data released by the earlier showed that industrial added value and total retail sales of social consumer goods were weaker than expected. Data such as real estate investment, residential sales and unemployment rates also showed that the downlink pressure on the economy was increasing.As China's recent epidemic infection has intensified, domestic production and consumption materials have been further affected, and policy care still requires policy care.
