Overnight lending rate is high Brokerage central bank deleveraging is a long-term process segotep

Overnight lending rate of high Brokerage: the central bank is a long-term process of exposure Sina fund exposure platform: the 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! Securities Times News Network (08) on Sept. 31 news trainee reporter Luo Xiaoxia in August 30th, the Shanghai interbank offered rate (Shibor) showed that the overnight rate rose by 0.014 percentage points to 2.063%, the highest rate since 2016. Medium and long-term interest rates, with the central bank continued to carry out the 14 day repurchase operations, the 14 day lending rate fell by 1.9 basis points, at $2.602%. Professionals believe that the central bank deleveraging is a long-term process. On the open market, the central bank yesterday to 60 billion yuan for the reversal of the repurchase operation of 7 days, the successful rate of interest rate of 2.25%, unchanged from the day before yesterday; carry out the repurchase of $40 billion for the period of 14 days, the successful rate of 2.4%, unchanged from the day before yesterday. At the same time, 10 years of treasury bond futures hit a maximum decline of more than three months since the day, the main contract T1612 fell by 0.35%. For the recent overnight lending rates continued to rise, Kyushu Securities chief economist Deng Haiqing said that this is mainly for two reasons: one is the central bank’s benchmark interest rate is 7 days, while the benchmark interest rate market is the existence of spreads between the overnight, leading the central bank’s benchmark interest rate is two failure; overnight funds availability decreased the volatility of the overnight funds rate rise, overnight funds rate substantially improve, is the biggest risk facing bond. Shenwan Hong securities research institute chief macroeconomic analyst Li Huiyong said that the overnight lending rates continued to rise the situation there are two factors: one is because the market interest rates fell excessively quickly, some profit taking funds, leading to a fall; two is the central bank said the short-term RRR cuts is unlikely, the market has slowed to easing expectations. The central bank for the 14 day repurchase is to reduce debt leverage, CRE Securities believes that deleveraging is a long-term process, and do not let down because of short-term funds face relaxed. Although the central bank in the second week increased on the reverse repurchase, but this is only a mild deleveraging means the central bank to raise the cost of capital, to ensure the overall funds face plenty of cases, in order to guide the institutions to leverage and volatility to cause capital. The effect of deleveraging later if the central bank did not meet the expected increase in the open market, 14 days on the reverse repurchase ratio, even to restart the 28 day reverse repo is predictable, it can not be too optimistic on the late capital. Deng Haiqing said that when the asset side and the end of the debt spreads narrowed to a certain extent, not enough to cover other costs or risks, adding leverage will stop, and even into the deleveraging. If the central bank intends to reduce overnight funds availability, even if the central bank to maintain the 7 and 14 day interest rates unchanged, on the market effect is equal to the interest rate; if then superimposed on the long end bond yields upward valuation, Fukui caused loss or profit, while the long end of the uplink rate will be greater, enter the "price down — deleveraging — prices — deleveraging……" Circulation theory相关的主题文章: