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V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V

央行连续四日净投放5800亿

2017-10-20 17:18  来源:经济参考报

  为对冲税期、政府债券发行缴款和逆回购到期等因素的影响,维护银行体系流动性基本稳定,央行19日开展1400亿元逆回购操作。其中7天800亿元、14天600亿元,中标利率持平于前期。鉴于当日有400亿元逆回购到期,全天实现资金净投放1000亿元。自此,央行本周已连续四日“放水”5800亿元。

  在资金利率方面,周四Shibor涨跌不一,隔夜Shibor跌0.4bp报2.5920%,7天Shibor跌0.63bp报2.8405%,14天期Shibor涨0.39bp报3.7758%,1个月Shibor跌0.57bp报4.0285%。不过,资金充足,货币类金融产品收益率也纷纷走低,深市1天期限国债逆回购年化收益率周三降至1.4%。

  对此,有分析认为,受央行连续开展大额流动性投放支持,市场资金面保持宽松,短期货币市场利率下行。分析人士指出,近期央行通过逆回购、MLF、国库现金定存等操作,稳定了市场对流动性的预期。目前来看,后续缴税、缴准、月末效应等影响整体可控,资金面出现剧烈波动的可能性小。

  在业内分析人士看来,面对10月下旬的缴税、缴准、月末效应等影响,央行提前通过MLF、14天逆回购投放资金有助于稳定流动性预期,预计后续市场资金面将保持不松不紧状态,主要期限资金利率有望平稳运行?!白式鹈嫒匀【鲇谘胄型斗徘榭?,预计短期内资金面以稳为主。但目前超储率仍处于低位,而货币政策不具备大幅放水空间,继续维持R007中枢在3.3%附近的判断不变?!焙Mㄖとǜ姹硎?。

  不过,短期资金的超量投放,意味着后期的大量资金将到期回笼。如果没有央行操作的继续呵护,流动性将面临压力?;凑哦尤衔?,本月下旬由于缴税、月末等因素,资金面的波动会加大,央行提前进行投放,可能也是预示后期资金面会收紧,一旦后期资金面收紧,或加速市场下跌。

编辑:钟雅欢
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