The central bank to restart the 28 day of the reverse repurchase bond deleveraging to continue the exposure of the Sina fund platform: letter Phi lag behind false propaganda, the performance of long-term lower than similar products, how to buy funds pit? Click [I want to complain], Sina help you expose them! The reporter Deng Liping in each by the resumption of the 14 day repurchase shortly after, the central bank to restart the 28 day repo. September 13th, the central bank in the open market for a 60 billion day reverse repurchase operations of $28, the successful rate of 2.55%. This is also after February this year, the central bank for the first time to start 28 days reverse repo. In the industry view, the central bank is still the main move to shorten the length of the funds in the hope that the smooth distribution of the various periods. In Shenzhen a bank on the "daily economic news" reporter said, after the repurchase period concentrated in the short term, interest rates caused by unreasonable structure; linkage short put long, many institutions maturity mismatch serious. Help smooth the face of the central bank to carry out the last 28 days of reverse repo in February 5th, from the operation interval of more than 7 months. China Merchants Bank Asset Management Senior Analyst Liu Dongliang of the "daily economic news" reporter said, this 14 days before operation and restart the reverse repo way should be similar, the central bank does not want interbank lending among overcrowding in the short end. Previously, the trading volume of the night is relatively large, but if the short-term trading too much, then the risk of fluctuations in the financial side may cause the central bank still want to be able to trade in a stable distribution of the various periods. Chinese currency network data, August interbank transactions, the first few months of this year, the overnight transactions and July overnight transactions accounted for in 85%~ generally between 90%, significantly higher than the level of the past two years. CICC also mentioned in the research report, in July overnight trading volume rose to a record high of 50 trillion and 400 billion yuan, much higher than last year’s average of $30 trillion and 600 billion. CICC believes in a research report published in September 13th, due to the approaching National Day holiday, 28 day repo funds face more conducive to smooth, this may be an important factor to restart the reverse repo 28 days. In addition, with the previous 14 days reverse repurchase restart is the same strain, by extending the investment period, the financial institutions to extend the appropriate guidance funds period and enhance financial capital cost, helps to prevent excessive leverage bonds. Monetary policy "to shorten the long" CITIC Securities issued a research report that, from the end of 8 to restart the 14 day repo, reverse repo return to the beginning of September the central bank in 6 months and 1 year of the MLF launch for 3 months MLF, 7 days and 14 days, the capital maintenance of stability, monetary policy "shorten the long" apparent intent is appropriate to raise the cost of capital market. In the central bank to control the leverage and asset bubbles and gradually lengthen the operation duration of the background, bond yields will continue to face pressure adjustment. Liu Dongliang believes that the central bank does not rule out the intention to guide. But for now, the bond market leverage is not high, the central bank should not take the initiative to a market. September 13th, the central bank also carried out 70 billion yuan for 7 days and 300
65The central bank to restart the 28 day reverse repo bond deleveraging|The central bank to restart the 28 day reverse repo bond deleveraging7
