In the Chinese banking industry ushered in the financial management into the general credit after the first MPA quarterly assessment of the occasion, the continuous financial help to help the central bank open market this week, a continuous window to 2,900 billion yuan single week net return smoothly through the end of the quarter Time point

The industry believes that, for the prevention of risk and reduce leverage to consider, the central bank on the future management of liquidity will continue to tend to tight, after the end of the quarter is also particularly difficult to loose capital. Reverse repurchase and other market interest rates, do not rule out the possibility of re-raised, the time point will have to pay attention to the Fed rate hike.

Since last Friday, due to financial spending on the back of the repayment of the banking system after the maturity of liquidity, the central bank open market for six consecutive days without operation. According to this calculation, net return of 290 billion yuan this week, last week for the net delivery of 80 billion yuan.

Mitsubishi Tokyo Bank of China (China) chief financial market analyst Li Liuyang said that from the previous operation of the central bank, the end of the quarter after the fund surface is also very loose, "credit demand, in the suppression of the bubble, the central bank will not light Speak loose.

For the smooth transition of funds this month, he believes that, in addition to financial delivery, the recent decline in foreign exchange pressure may also be one of the reasons.

According to foreign exchange data released to February, although the decline for 16 consecutive months, but the month fell to nine months the smallest, down more than 70% last month, indicating that China's strict management of cross-border capital flows have been effective.

At the end of the quarter, the last day of the quarter, the interbank market liquidity as a whole was stable, the cross-month overnight, seven-day interest rate rose only slightly, the central bank open market continued to reverse the repurchase operation has little effect; but for macro-prudential assessment (MPA ) To consider, banks are still tightening of non-banking institutions, non-silver prices continued high.

China Merchants Bank Asset Management Senior analyst Liu Dongliang also pointed out that at least in the first half of the liquidity reproduction relaxed hopeless. May be caused by the relaxation of the point, "need to wait until (if) the second half of the economy after the cold, but will not return to the previous two years so loose degree.

In retrospect, in March, the central bank carried out two medium-term borrowing and lending operations (MLF), which increased $ 303 billion through the channel. In the March 16 operation, the central bank raised its second MLF rate, the rate of 10 basis points (bp). And at the same time raise the reverse repurchase and SLF (standing lending convenience) interest rates, follow the pace of the Fed rate hike.