When the 3-year central government will use the number of votes appear tender rumor on May 19 evening, the central bank will use interest rate tender notice issued 120 billion 3-year central vote was unexpected.
This week began with a certain organization have continued to report the 3-year central bank vote of Toubiao size and interest rates, but Tuesday, the central bank is no longer to receiving the offer, a fact that has caused the market 3 years of Yang ticket associations using numerical æ‹›æ ‡.
Because of ample liquidity, coupled with long-term credit contraction, 3-year period or both the central ticket yields both sought after by the banks.
Since the resumption of April 9, 3-year central voting issue size rising from 15 billion, 900 million, 110 000 000 000 120 000 000 000 helicopter climb the the. In fact, there are agencies expected before the release, if the central bank does not speed up the issue of frequency, body size may be reported more than 200 billion.
As for the issue of dropping lower and lower interest rates, the market has "one step" mood – 3-year yield two central vote down constantly. May 18, offer yields remain at around 2.65%, but 19 has fallen to around 2.57%. It is understood that the 3-year central ticket tender offer many banks have direct locked in the vicinity of 2.6% -2.65%.
A trader told reporters that if the tender on May 20 did not step in locking in interest rates around 2.6%, but remained at 2.7% in the vicinity, you may still essentially using a number of tender.
"The central bank hopes the policy is expected to slow and stabilize the market. For example, in the back 12 the number of tender start, let the market have been slow to accept the process." A bank's financial markets, analysts said.
At present, domestic and international market sentiment is entering a period of complex change. A foreign-line trader told reporters that the impact of significant external market, on May 18 issued a ban in Germany, "naked short selling" instruction, the international market seems to be back during the panic phase of the Lehman bankruptcy, the second bottom on the economy The expected increase of capital increased risk aversion, the dollar index soaring.
"During this period, hardly made the domestic economy will not be affected." Traders believe that when the euro area and further aggravated the crisis, the domestic economy may not need as quick as thought cool, this favorable bond market, the central bank tightening operation will become cautious than before, as by the number of bidding to stabilize market sentiment, withdrawn from circulation weakened so.
月 20 日 5 (Thursday), the central bank along with 60 million votes in March the central issue, Tuesday is not being returned, should the Thursday to continue to interrupt was returned, due this week, where 95 billion of funds, the central bank will to achieve a net 51.0 billion withdrawn from circulation, reduce the intensity withdrawn from circulation.
Prior to the bond market has been bearish expectations, but the current seems to need so badly.
The market is more anxious mood that under the long and short forward. Some institutions in transactional accounts of investment, also used the "not bearish short" way, at any time the bond market steering preparation, but do not give up Treasury debt prices of every opportunity.
Of course, part of the annual results have been completed trader told us that they account for the transaction type has been gradually realized in the second half will be a small amount of debt to trading of some type of credit.
ã€More】 articles on the central vote
- Liquidity is steep Paradox 2010-05-18
- The cast Morgan: pressure to control the release of 2010-05-10
- 3-year central ticket accidents dropping lower and lower interest rates 2010-05-06
- Today the central bank issued 110 billion yuan of 3-year central ticket 2010-05-06
- Cathay Pacific Fund: price peak will occur throughout the year 2010-05-05
- Central bank on May 4 will issue 20 billion a year on the central vote 2010-04-30
- Central bank on May 4 will issue 20 billion a year on the central vote 2010-04-30
- Triennial central bank issued 90 billion yuan central vote seamless butt real estate Deal 2010-04-22
- The central bank unexpectedly cut the interest rate of 3-year vote a central point 2010-04-22
- Low-carbon, fat or thin theme theme? 2010-04-12
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