On July 16, announcement, the people's bank for the tax that hedge peak period, government bonds issuing shares and financial institutions capture puts the legal deposit reserve, the influence of such factors as abundant liquidity in the banking system and reasonable maintenance, today to the people's bank interest rates tender method reverse repurchase operation was carried out by 300 billion yuan, specific reverse repurchase 7 days is 170 billion yuan and 130 billion yuan 14 days reverse repurchase.With no reverse repurchase due today, the people's bank of China made a net investment of 300 billion yuan.
In mid-july, the tax payment factor began to emerge and the liquidity margin was no longer loosened.Last week, the seven-day pledged repo (DR007) weighted average rate for deposit-taking institutions rose to 2.6467% and the DR001 weighted average to 2.4368%.
This week, according to the full range of statistics, a total of 120 billion yuan of funds expired.Of that, 40 billion yuan is due for reverse repurchase, and 80 billion yuan is set to expire on July 20.At the same time, the people's bank of China will launch a tender for the fixed deposit of 150 billion yuan of state Treasury cash on July 17.
According to the latest data, social financing increased by 9.1 trillion yuan in the first half, 2.03 trillion yuan less than the same period last year.Despite the sharp increase in credit, renminbi loans increased by 8.76 trillion yuan in the first half, an increase of 554.8 billion yuan over the same period last year.However, it is difficult to make up for the sharp contraction of non-standard financing, and the off-balance sheet financing is significantly reduced.In the first half of the year, entrusted loans fell by 808 billion yuan, 1.4 trillion yuan more than in the same period last year.Trust loans fell by 1863 billion yuan, or 1.5 trillion yuan more than a year earlier.
Haitong securities believes that the sharp decline in financing growth indicates that the subsequent economic growth rate will decline and credit risks will increase, and the corresponding relatively loose monetary pattern is expected to continue.
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