5.0408%, 7.2042%, 7.7608%, 7.9997% ... ...
Shibor overnight call rate in the past week, every day, four days before the jump to a new level.
on January 27, the rate has been 4 years since the highest point; Shibor weeks of the performance of interest rates no less, to 8.4058 percent on Thursday set the interest rate 5 January 2007 a new high since.
For the banks, whether it is access to the interbank market or high interest rates to borrow funds short-term high-return financial products issued New Year, access to capital has become the most important thing right now.
liquidity squeeze
Shibor overnight lending rate last week, from Monday to Thursday just four days rose 295.89BP, Shibor week rates Monday to Thursday, one day a price : 5.4242%, 7.7033%, 7.8725%, 8.4058%, four-day total rose to 298.16BP, however, to Friday, both down slightly. If from January 13, 2011 New Year's lowest point of the counting, Shibor overnight call rate, Shibor weeks, the cumulative interest rate rises in 11 days, respectively 608.40BP and 609.83BP.
same time, the repo market interest rates are also up, from Monday (January 24), the representative of the short-term R001, R007 interest rate of 5.2747 percent from 5.5928 percent and up to January 27 of 7.9933 % and 8.5255%, or to 240.05BP and 325.08BP.
Northeast Securities, said banking analyst TANG Ya Yun analysis, the bank short of capital and the situation intensifies, many banks into the interbank market, banks have more demand for borrowed funds, less able to bank loans to other banks, which naturally Shibor pushed short-term interest rates, short-term products in the repo market also appeared on the situation.
financial strain for the bank, a Bank of China's middle managers believe that an important reason is that policy Zhuade Jin, expect the central bank announced on Jan. 14, with an estimated increase in the freezing of bank funds the 3,500 billion or so. policy action. funds. Lunar New Year each year from January 2009,2010 M0 (cash in circulation) monthly growth data, this period were more than 600 billion yuan, according to the central bank announced in December 2010 the financial savings data, there are 900 billion yuan this month The financial savings from the central bank released statistics based on historical data, these financial savings will be released nearly 4,000 billion in the January return, so this two together lead to reduced liquidity within the banking system 1 trillion.
In addition, a commercial bank pointed out that the January 28, the central bank governor Zhou Xiaochuan said in an interview, monetary policy, asset prices caused by rising prices and the negative effects will gradually appear , must be timely policy adjustment, the price should rise crushed as soon as possible. Although the deposit reserve rate at a high level, but the future will be dependent on the devices and the central voting issue to hedge liquidity. The future does not rule out the quantitative and price-based instruments. The people who stand to regain the expected tightening of monetary policy.
financing
in response to a liquidity squeeze, in addition to lending money, many banks are concentrated in the financial products introduced during this period, the annual yield is climbing than the previous .
the Bank of the Shenzhen branch of the financial manager of a special recommendation to reporters specifically for 8 days during the Spring Festival ultra-short-term financial products, the annual yield of up to 4% longer than the previous fiscal period annualized rate of return of products is also much higher, for example, the wisdom of the bank 63 days Hui Tianli rate of return of 2.55%, 9 months, only 3.50%.
only 8 days of such period of short-term financial products over the Spring Festival in many banks have issued. Dahon branch in Shenzhen, according to a financial manager Mr. Liu introduced, usually the branch sales of financial products to reach several million to several months, but now the Spring Festival approaching, the bank issued several special New Year with high yield over 8 days short-term financial products, the latest a week to sell six million.
to ensure that enough to make the final release will be.
maneuvers in addition to the above two methods, the bank another way is through a low compression rate of return for the high-yield notes lending maneuvers space.
TANG Ya Yun told reporters that the bank faced funding constraints this situation, appropriate measures is the compression assets, particularly the lower rate of return of non-credit assets, such as dismantling the industry, the bond investment. Compression of bank bills discounting bills discounted in market interest rates led to higher, the data show, in addition to the decline at the beginning of a very short, the bills discounted rates from rapid increase since mid-January.
Shi Lei, deputy general manager of fixed-income department said.
addition to banks trying to raise liquidity, the first time in four years, the central bank this month with some 20 banks started targeting reverse repurchase operation, release of funds to banks at least 500 billion yuan; and the central bank the same day the end of the lending market trading hours extended from half past four p.m. to five points, so that some bank financing in the last half hour was some money; In addition, the central bank this month announced the suspension of 24 central voting issue, this is the third consecutive two weeks suspended.
No comments:
Post a Comment