June 1, the inter-bank market interest rate available to describe madness.
Overnight repurchase rate closed at 2.73% weighting. May 19, the figure is 1.55%, May 28 is 2.17%, May 31 is 2.51%. 7 days weighted interest rate repurchase up 40 BP. Overnight inter-bank lending rates pledge type transaction to reach the highest 3.6%, 7 days a repurchase up to reach 4.25%.
Interbank Offered Rate (SHIBOR) has presented a comprehensive soaring trend overnight, one week, two weeks and one month lending rates rose the 36.83,69.75,35.58,43.81 basis points. Has always been calm in the currency markets, this increase was almost equal to the stock market tape daily limit.
Surface tension of funds, so that short-term interest rates rose from 3 months to a central vote-year spread.
June 1, the central bank issued 15 billion an open market in central vote on interest rates, up 8 BP to 2.0096 percent, unchanged from the end of 17 weeks of state.
Bank of convertible bonds "drain machine"
Market funds have been so nervous? Inter-bank market, traders are on June 2 that the Bank of China to become dry subscription of convertible bonds on the capital market key to the last drop.
May 31, the Agricultural Development Bank to postpone the intended June 4 issue of financial bonds scheme, traders are concerned that with the recent financial side. According to agency estimates, Bank of China set a more attractive conversion price, the convertible bond funds chasing Bank of China will reach 1 trillion, which in addition to funds and insurance institutions, half will come from the bank.
"If a simple estimate, the bank will need to purchase the convertible bonds out hundreds of billions of capital. But the current banking system's available funds only in the trillion level, arrived in much better than the impact of rising interest rates also can expect to repurchase The. "Sealand Securities analyst Li Jieming think.
It is understood that the amount of funding bodies to judge the way the market mainly from two aspects.
First, in May the central bank began recouping substantial. Bank of Nanjing to the latest report that the first 4 months, despite the central bank uses reserve ratio, open market, recouping funds and other means, but in foreign exchange, government deposits and the New Year under the influence of factors point in time, basically hedge the new mobility, starting from May, reserve ratio increases, as well as several large-scale 3-year central voting issue, the market is the real "pumping."
In addition, Li Jieming that removal of funds at the current bank loans, bonds, reserve rates, the savings rate can be calculated Chao to the total deposits of 60 trillion to count, if the current savings rate over the static of the 1.5% level , about 900 billion the funds available also.
"So the amount of funds available to meet the financial needs of a few hundred billion, but the hundreds of billions of the Central Committee vote, or hundreds of billions of convertible bonds, make sure that extreme tension of bank funds, big firms are no exception."
Traders told reporters on June 1 of the repurchase market, only China Development Bank and some rural credit cooperatives into financial out side, into the main state-owned big firms continue to be, trading volume is about 300 billion in size, less than the well-off period 400 000 000 000 level.
"Moreover, many transactions are added to do that a few days ago, the financial capital to continue demolition of funds due out later." Stock line, a trader said, as rising interest rates, some banks have a lot to do post short transactions, such as funds into the morning, the afternoon with a short-term financial capital into the overnight funds.
This situation is relatively abundant supply overnight, 7-day repurchase rate to reflect market funds is even more obvious trend, 1 June collateral repo rose more than 40 BP, more than the level of overnight interest rates rose.
Stepped in a year will rise
Face in real shortage of funds, the central bank raising interest rate concerns issue further weakened increase of 3 consecutive weeks in the central vote-month interest rate situation, June 1, also raised a ticket on the issue of central interest rates.
"Basically, the central bank raise the interest rate issue has not been considered to reflect the increase in interest rates, but market supply and demand side funding decisions." Li Jieming think.
The central bank stepped in one-year rate has remained at 1.9264% level, the interest rate on a fine-tuning should be traced back to 5 months prior to January 19. Shun securities Comment Central ticket rates steady, considered to be "the central bank interest rate policy and exchange rate policy coordination has led to the central ticket changes in interest rates temporarily out of macro background; å³ in the exchange rate one-off appreciation of the, prevent capital inflows Dongji prompted the central bank to create a an interest rate stable environment. "
Clearly, the central bank can no longer "the ears do not hear out of the window", and the growing surge of market interest rates also "forced" to be reflected in the interest rate the central vote.
Interviewed traders generally expect the freezing of funds in the Bank of China, if the latter does not appear to follow up other banks issuing convertible bonds and the Agricultural Bank of China IPO, the market will face a certain release of funds, repurchase interest rates will fall.
The central bank tightening in the open market operations here, is widely expected to moderate the market participants, such as 144 billion yuan of funds due this week, the central bank stepped in on Thursday issued 3-year scale of the banks concerned about the operation of the wind vane in June.
"Most likely is a net allocation of resources, but mainly to see the size of delivery." First Capital Securities of the relevant parties.
In June, up 780 billion financial market maturity, rapid increases in the central bank can not issue short-term interest rate situation, Li Jieming that in June more likely to put in the net.
"7 days is expected overnight and the medium-term repurchase rate will be 1.8% and 2% return level." He said.
The vote on the one-year central rate fixed income securities department Shun the view that 3-year rate of return of about 2.65% the point of departure, less 40 basis points interest rate period, the year the central vote should be the normal rate of return of 2.2% so, close to the current deposit interest rates. That is another 20-basis-point increase in space.
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