On the one hand, it has achieved the goal of bailout funds, and at the same time, it has reduced the possibility of reducing RRR and interest rate cuts during the year. 10 year 10 30, the central bank launched 395 billion yuan of 7-day and 28-day reverse repurchase operations by way of interest rate bidding. The scale of reverse repurchase reached a record one-day high, and the winning bid rate remained unchanged at 3.35% and 3.60%. Previously, the biggest single-day operation of reverse repurchase occurred on September 25 this year, with a scale of 290 billion yuan. Bank traders said that the central bank achieved the goal of bailout funds through other RRR cuts such as reverse repurchase, and at the same time reduced the possibility of RRR cuts and interest rate cuts during the year.

According to the balance of RMB deposits announced by the central bank at the end of September, the funds released by lowering RRR by 0.5 percentage point are about 400 billion yuan. Yesterday's one-day reverse repurchase of 395 billion yuan was very close to this level, which was equivalent to RRR's interest rate cut.

Statistics show that there will be 654.38+0990 billion yuan of reverse repurchase due in the open market this week, which is half of last week's 405 billion yuan. Another 654.38+000 billion yuan of central bank bills will expire this week, and no repurchase will expire. The funding gap in the open market this week was 654.38+089 billion yuan. Regardless of the scale of reverse repurchase operations on Thursday, the central bank has achieved a net investment of 206 billion yuan this week. This is also the first net investment by the central bank after the net withdrawal of funds for two consecutive weeks.

"The central bank's reverse repurchase on such a scale can almost be equivalent to a reverse repurchase fund with RRR interest rate cuts, which is expected to effectively alleviate the shortage of funds caused by multiple unfavorable factors before the end of the month." A trader of a state-owned commercial bank said that considering the ultra-large-scale application of 7-day reverse repurchase, the funds due for withdrawal in the next week will increase accordingly, and the interest rate of funds will fall to a certain extent, but it will not be significantly lower than the central bank's reverse repurchase operating rate. The large-scale reverse repurchase by the central bank also means that it is unlikely to use deep liquidity release tools such as RRR interest rate cuts.

In the previous two weeks, the central bank withdrew 29 1 100 million yuan through the open market, partially digesting the funds due for reverse repurchase. In the next few weeks, the central bank will continue to spend the "flood peak" of due reverse repurchase by rhythmically reducing the scale of reverse repurchase.

According to the latest report of CICC, the release of fiscal deposits in the fourth quarter and the recent rebound in foreign exchange holdings are conducive to increasing the liquidity of the interbank market. At the same time, the signal that the macro-economy has bottomed out reduces the need for large-scale relaxation of policies in the short term. It is estimated that the possibility of further RRR reduction and interest rate reduction during the year is low, and the central bank does not need to issue a large number of reverse repurchase in June 5438+065438+ 10 and June 5438+February to maintain appropriate interbank market liquidity.