The central bank ended the net return of 20 billion neutral operations on the 3rd

“In the first week of August, DR007 exceeded the upper limit of 2.9% to 2.94% on the 1st, and then in the reverse repurchase operation on the 2nd, the central bank increased the reverse repurchase operation for 7 days; on the 3rd, it directly used 7 days. The operation, which helps DR007 to keep operating below 2.9%, stabilizes market expectations. The central bank's determination to actively defend the 'interest rate anchor' ceiling is very firm." Xingye Research Macro Team said.

In the general view of market traders, considering that the open market reverse repo stocks exceed 1 trillion yuan, and both will expire in the next two weeks, if the funds face the loose central bank should turn into a net return, reduce the reverse repo stock In the second half of the month, we will support the preparation of liquidity. Under the operation of the central bank to cut the peaks and fill the valley, it is difficult for the financial fabrics to reproduce the flooding situation at the beginning of last month.

China Merchants Macro said that the amount of funds in the open market in August was large, totaling 1,397.5 billion yuan, and the supply of interest rate bonds and credit bonds accelerated in the second half of the year. However, as long as it is a predictable factor, the central bank will fully consider the supply of funds to maintain liquidity. However, this does not mean that the central bank's liquidity moderately moderate monetary policy changes; the liquidity in August is still not worrying, and it should not be overly optimistic.

Reporter Zhong Yuan