Everbright Securities Zhang Xu: The central bank accurately regulates liquidity In June this year, the capital level will be very stable

Zhang Qinfeng Intern reporter Lianrun China Securities News · China Securities Network

China Securities Network News (reporter Zhang Qinfeng intern reporter Lian Run) on June 25, the central bank carried out a 30 billion yuan reverse repurchase operation in the form of interest rate bidding. Zhang Xu, chief analyst of fixed income at Everbright Securities, said that the scale of open market operations depends largely on the market's demand for central bank funds; the upward trend of funding interest rates at the end of June is a normal seasonal phenomenon, and June this year may become the most stable june in recent years.

Zhang Xu said that since June, the volatility of DR007 and R001 has been significantly lower than the same period in previous years. In particular, on the 24th, the 7-day funds in the interbank market can cross the end of the half year, and the weighted average interest rate of dr007 on that day is 2.27%, which is at a relatively low level in the same period of the calendar year.

For the future trend of interest rates in the money market, Zhang Xu believes that increasing the proportion of direct financing is a prominent task at this stage, there is no need to significantly shrink the liquidity of the banking system, and the possibility of large fluctuations in interest rates in July is still small. In the future, the central bank will continue to accurately adjust liquidity, hedge the impact of short-term disturbance factors, guide market interest rates to fluctuate around the central bank's policy interest rate, and effectively play the central role of policy interest rates.