Will the first shot of 4 billion yuan of liquid red rain be continued in 4 days?

Shoot for the first time: Will the 100 billion yuan of liquid red envelope rain in 4 days continue?

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  The breakthrough has come out to worry about everyone’s liquidity issues before the Spring Festival!

  On January 19, a 200 billion 北京桑拿洗浴保健 reverse repurchase operation was implemented in advance to put funds into the market.

The open market operation for four consecutive business days, the transition has stated that in order to hedge the impact of cash injection peaks (Jin Qilin analyst), government bond issuance and other factors, and to maintain a reasonable and sufficient liquidity of the banking system before the Spring Festival.

  Obviously, for everyone to enjoy the Spring Festival for joy and happiness, transcendence broke the heart.

In the name of the Spring Festival, funds have been accumulated in advance1.

1 trillion liquidity.

And if you add more than 800 billion US dollars released on January 6th, the quasi-reduction operation will gradually accumulate funds over 1 this month.

9 trillion yuan.

  After the liquidation of four working days a year, the interest rate of funds has shifted significantly.

Incremental interest rates for bank deposits and inter-bank pledged repo-DR007 reached 3 from the highest interest rate on January 15.
.

50%, there is a significant decline.

On January 19, the DR007 interest rate fell below 2.

6% reported at 2.

5937%.

  Gradually release 1 over 4 days.

On January 19, 1 trillion, a gradual announcement announced that in order to hedge the impact of peak cash injections and other factors, to maintain a reasonable and sufficient liquidity of the banking system before the Spring Festival, on January 19, 2020, the People’s Bank of China conducted a 200 billion yuan bid in the nameReverse repurchase operation, for a period of 14 days, the winning bid rate is 2.

65%, the same as last time.

  This is the latest example of continuous and early release to the market.

On January 17, the budget carried out a 14-day reverse repurchase of US $ 200 billion in the form of interest rate bidding, with a winning bid rate of 2.

65%.

On January 15 and January 16, respectively, the US $ 300 billion 14-day reverse repurchase in which MLF operations overlapped US $ 100 billion and the US $ 300 billion 14-day reverse repo were respectively implemented.

  Regarding the open market operation for the four consecutive working days, the transition stated that in order to hedge against the impact of cash injection peaks, government bond issuance and payment, and other factors, it is reasonable to maintain sufficient liquidity in the banking system before the Spring Festival.

And the 14-day reverse repurchase operation was restarted at the beginning of the year, just to cover the capital requirements during the Spring Festival.

Obviously, for everyone to enjoy the Spring Festival for joy and happiness, transcendence can be said to have broken the heart.

In the name of the Spring Festival, funds have been accumulated in advance1.

1 trillion liquidity.

  Democracy, on January 6, this year, the transition to the first 2020 level of landing-the same day, the deposit reserve ratio of financial institutions was continuously reduced to 0.

5 budgets, releasing more than 800 billion yuan of long-term funds.

If you add this, you have gradually invested more than 1 since this month.

9 trillion yuan.
  Since January 15th, the interest rate of funds has fallen in an all-round way. After consecutive days of liquidity investment since January 15th, the funds have clearly shifted.

Incremental interest rates on interbank depository and interbank pledged repo, DR007 reached 3 from the highest rate on January 15.

50%, there is a significant decline.

On January 19, the DR007 interest rate fell below 2.

6% reported at 2.

5937%.
  Looking at the Shanghai Interbank Offered Rate (Shibor), on January 19, the price of overnight borrowing funds fell by 10%.
9 basis points.

  Will it continue to issue “red envelopes”?

  Then, next week before the Spring Festival, there will be 4 trading days to extend the long vacation. Lending funds will usually be more cautious, and the inertia of gradual investment is still there.

Especially considering that on the last working day before the Spring Festival this year, the first phase of 257.5 billion TMLF expired on January 23, and has continued to have momentum.

  Looking back at the last week before the Spring Festival in 2019 (January 28 to February 3), New Year’s Eve will be closed on February 4, 2019, and 14 days of reverse repurchase funds of 180 billion yuan will be gradually invested in the last three working days before the holiday.
  From the perspective of the disturbance of the capital in January, the total maturity of new government bonds, local bonds, extended bills, interbank certificates of deposit and directional instruments issued from New Year’s Day to the Spring Festival is 1.
.

2 trillion yuan.

  The chief analyst of CITIC Securities’ solid income has clearly stated that since 2020, local bonds 南宁桑拿 have continued to issue the initial characteristics. Until January 15, the scale of local government debt issuance plans announced in January reached $ 785 billion, far exceeding less than 4,200 in 2019The issuance of 100 million U.S. dollars aggravated the tightness of liquidity before the Spring Festival.

It is expected that the issuance of local government bonds will still accelerate after the Spring Festival, and it is still necessary to gradually provide liquidity support.