The Central Bank Has Expired This Week.

"P", "the central bank began to raise 28 day repo this week and gave up the 14 day repo operation on Thursday, indicating that the central bank has been laying the balance against the impact of the upcoming dividends from the listed banks on liquidity."

A trader with a a href= "//www.sjfzxm.com/news/index_c.asp" > Bank < /a > said that the next phase, compared with other factors, the impact of the listed banks' bonus on liquidity is the biggest.

Moreover, from the experience of many years, the dividends of listed banks are often accompanied by the introduction of refinancing schemes. Fortunately, this year's preferred stock can be used to hedge the pressure of refinancing.

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< p > April 17th, the central bank carried out a 95 billion yuan 28 day repo in the open market.

On Tuesday, the central bank launched 93 billion yuan 28 day repo in the open market, 79 billion yuan 14 days of repo, and 172 billion yuan of funds.

The size of the 28 day repo operation rose sharply compared with last week. Last Tuesday, it only carried out 16 billion yuan operation, and the scale was slightly enlarged on Thursday, but it was only 44 billion yuan.

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< p > data show that the funds expended this week are 226 billion yuan. Accordingly, the open market net return of funds is 41 billion yuan this week.

Last week, the open market reached a net investment of 55 billion yuan, the first time in eight weeks.

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< p > Chen Long, a division analyst at Dongguan bank financial market, said that the central bank's overweight repurchase is a reserve currency for the upcoming liquidity crisis.

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< p > the industry generally believes that there will be three main factors leading to tight funds in the future: first, financial contributions, that is, enterprises have to pay the income tax in the previous quarter; two is affected by the decline in exports, and the new a href= "//www.sjfzxm.com/news/ index_c.asp" > foreign exchange < /a > will be significantly reduced in financial institutions, and three will be the dividends of listed banks that are about to start.

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As of yesterday, 12 of the 16 A share listed banks have disclosed their 2013 annual reports. P

Based on the dividend plan (including tax) of the 12 banks, the total amount of dividends reached 359 billion 400 million yuan.

Therefore, dividends from listed banks will become a major factor affecting subsequent liquidity.

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< p > despite the fact that the a href= "//www.sjfzxm.com/news/index_c.asp" > the central bank "/a" has resumed funds this week, the capital market of China's interbank market is still abundant yesterday. The main pledge repo weighted interest rate has dropped overnight and 14 days, and the 7 day period has been stable.

The interbank offered rate (Shibor) in Shanghai decreased from overnight to 1 years, with overnight varieties falling to 2.1810%.

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< p > "for the State Council to launch directional reduction measures, the market will be calm to accept, because this policy will eventually release the funds will not be too big."

The traders of the state owned commercial banks said that after the policy was launched, they showed that the decision-making level was more focused on structural relaxation and the possibility of large-scale stimulus policy was reduced.

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< p > chief economist Lu Zheng commissar of Xingye Bank believes that this week's open market has been turned back to net return from last week's net investment, and the 28 day repurchase ratio has increased, and the lock period has been extended again.

He believes that if we want to lower the cost of financing, we should appropriately reduce the 28 day repo rate.

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< p > the current 28 day repo bid interest rate has been locked for 4% for a long time. The market thinks that this level of interest rate is not conducive to reducing the financing cost of enterprises.

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