Last week, the Central Bank not only when lie between two many months to restart 28 day period are gone against again counter-purchase, 410 billion yuan still put in completely to the market in a week. Not only such, of the Children's Festival in the evening, the Central Bank is returned to the bank people delivered an in syrup, announce to want " enlarge metaphase appropriately leasehold advantage (MLF) assure taste limits " .
New the MLF that bring into assures article have:
1, do not mix under the small small company of AA class, green " 3 farming " financial bond;
2, credit of company of form of AA+ , AA kind bond;
3, loan of high grade small small company and green borrow money.
In before push in sending, we had been mentioned, go against counter-purchase it may not be a bad idea, MLF (metaphase is leasehold and convenience) , its main effect permits large commercial bank namely or policy sex bank goes to Central Bank place to undertake mortgaging borrowing money with bond, it is one of means that the Central Bank puts a money on to the market, distinction differs with respect to what depend on pawn with accident of capital term of service different.
This, the Central Bank puts in thousands of 100 million capital completely to the market not only, return what shift 3 farming debt, small small company a few higher risks to assure article bring into MLF limits, is this to be in should save fund liquidity or open brake to turn on the water?
Actually this or the fluidity with the market are concerned, although April 25 directional fall accurate displacement the MLF of 900 billion, released 400 billion fund, but a the middle of a month of after this, in March period a person of same business between Shanghai bank is torn open put interest rate (Shibor) rose 19 base point, national debt 5 years period issue interest rate to rise 17 base point, the interest rate of debt of local government of fixed interest rate that the corresponding period issues rose 23 base point, and debenture (AAA) 5 years period issued interest rate to rise 163 base point, pitch of intensity of market fund area sees one spot, probably " Qian Huang " also be one of the stock market and debt city's dejected all the time reasons.
Time was entered in June, also entered a not law-abiding month. On one hand June is height of debt of the countervail between the bank, appear easily fluctuant; On the other hand, if the United States is added once more,cease, implementation increases the commitment of breath 4 times this year, center Mom again directional fall exact scope also will magnify gradually, of course, also may have add of breath cooperate, this can not let market flood flooding.
So, the issue came, where did the fluidity of ceaseless infuse go to before the Central Bank?
The nature of clearly is building city. Release according to the Central Bank " policy of money of the home products in first quarter carried out a report 2018 " , remaining sum of end RMB loan was 125 trillion yuan in March, grow 12.8% compared to the same period, although have fall after a rise,corresponding individual room is borrowed, but add compared to the same period fast still achieved 20% , the room is borrowed still is RMB loan is added fast bigger contributor.
Raise the price of the commodities as adjusting control of city of line of just a little, price of house of hand of just a little falls hang out to cover benefit space now, bring so that capital flows into in succession besides, city of building of 34 lines town goes inventory also is locked up decided a batch of capital, one share cash is locked up to be in building city, the fund nature that flows to other industry is little.
Although the Central Bank raises the price of the commodities ceaselessly, prevent capital to enter building town, even careful with fall allow this kind to turn on the water greatly mode, but however effects is very small, after all the Central Bank can provide the flow direction that put how many money not to manage fund however only. Want to alleviate truly fluidity, let capital flow into hypostatic economy, the heat of building city still needs to drop in temperature further probably.
