In order to keep liquidity in the banking system reasonably abundant, the central bank launched a 200 billion yuan 1 year MLF operation and a 7-day open market reverse repurchase operation of 1000 million yuan on March 5, with the winning bid rates of 2.85% and 2. 10% respectively, which were the same as before. The data shows that there were 654.38 billion yuan of reverse repurchase and 654.38 billion yuan of MLF due on that day. Since then, according to the full caliber calculation, the open market has achieved a net investment of 654.38+000 billion yuan.
In terms of market liquidity, most short-end varieties of Shibor go up 15. Overnight varieties reported flat 2.063%, 7-day period 2. 122%, 14-day period 2. 167%, 1 month period 2.30 1%.
This MLF operation is an incremental continuation. Wang Qing, chief macro analyst of Oriental Jincheng, said that this move can supplement the medium and long-term liquidity of banks, enhance their lending capacity, and guide financial institutions to expand lending, which will help stabilize market expectations and curb the upward trend of market interest rates.
"At present, China's economic development is under triple pressure, and the external environment is complex and changeable. It is necessary to maintain strategic strength and strengthen cross-cycle and counter-cycle adjustment. In view of the insufficient demand for residents' loans and medium and long-term loans, we can give full play to the dual functions of monetary policy tools, and take timely measures such as reducing RRR and cutting interest rates to enhance the confidence of market participants, stabilize and expand market demand, and ensure that the economy operates in a reasonable range. " Wen Bin, chief researcher of Minsheng Bank, said that the central bank continued to adhere to a prudent monetary policy and maintained a reasonable and sufficient market liquidity through the combination of "MLF+ reverse repurchase".
According to the latest financial data released by the central bank, China's M2 in February increased by 9.2% year-on-year, with an expected 9.5% and a previous value of 9.8%. M 1 increased by 4.7% year on year; In February, China added RMB loans of 654.38+0.23 trillion yuan, with an expected RMB 654.38+0.4544 billion yuan and a previous value of 3.98 trillion yuan. In February, the scale of social financing in China increased by1190 billion yuan, with an expected 22157 billion yuan and a previous value of 6170 billion yuan.
Zhou, a macro researcher in the financial market department of China Everbright Bank, pointed out that the operating price of MLF rose steadily, slightly exceeding expectations. The increase of MLF reflects that the central bank moderately increases the long-term liquidity supply and guides financial institutions to continue to increase their support for weak links and key emerging areas of the real economy such as micro, agriculture, rural areas and green. In addition, the global financial environment has been slightly tightened recently, and a moderate increase in long-term liquidity by the central bank will help stabilize market expectations.
Looking forward to the trend of subsequent monetary policy, Zhou believes that from the perspective of policy trend, a prudent monetary policy will remain flexible and moderate according to changes in the domestic and international environment to ensure that the economy operates in a reasonable range. In the next step, it is still possible to use RRR reduction and structural tools, and the total amount and structural tools will work together. "Domestic epidemic prevention and economic recovery are ahead of developed economies, the economic and financial structure continues to be optimized, prices are stable, financial institutions are stable, monetary policy remains independent, and domestic monetary policy space is still sufficient." Zhou said to him.
Editor in charge of error correction: Ren Xiang.