According to the central bank announcement, April 5, the central bank interest rate tender held 7 days 60 billion reverse repurchase operations, successful interest rate unchanged at 2.25%. The amount of operation than before the holiday obvious shrinkage, before the last one to carry out the central bank reverse repo 140 billion yuan.
Faced with macro-prudential supervision (MPA) brought about the financial side impact quarter last week, the central bank continue to serve the liquidity through open market to hedge, but due to the limited size of the net put in, last week’s inter-bank market funds face is still a seasonal tightening . But with the end of the quarter in the past, the inter-bank market funds face gradually relaxed.
April 5 between Shanghai Interbank Offered Rate (Shibor) show that today’s overnight, one week and two weeks Shibor interest rates are down, the largest decline for the overnight Shibor interest rates 2.10 basis points downward to 1.9930%. And in January, March and June Shibor interest rates rose, but gains were less than one basis point.
Shenwan Hong source expects MPA is expected with the end of the assessment, the funds rate is expected to fall, as a whole remained relatively stable. But around April 20 there will be MLF expires, the central bank may still take sequel MLF or otherwise supplement liquidity, maintain an appropriate liquidity.