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Funds continued to fluctuate, market interest rates rose for the third consecutive trading day, and the Shanghai Interbank Offered Rate (Shibor) continued to rise on the 22nd. The 7-day interest rate approached 5% after breaking through 4% last Friday. The overnight interest rate also stood. Got a 4% high. In the inter-bank bond market, the 1-day and 7-day repo rates also rose above 4% and 5%, respectively, while the 3-day interest rate soared 127 basis points to 4.996%. "The days of borrowing money are really sad." Bank traders lamented. According to brokerage sources, last week's Guodian Power Convertible Bonds issued a freeze of 250 billion to 300 billion yuan, which prompted a tight situation of funds. This Thursday, after the thawing of the subscription funds, it is expected to be alleviated. Another negative factor is this week's central bank bill. And the amount of funds due for repurchase is only 25 billion yuan, the lowest since January this year. In the previous four weeks, the central bank has continuously invested a total of over 200 billion yuan. Liu Junyu, an analyst at China Merchants Bank's financial market department, said that the expiration of the open market in the next two weeks is small. If the fund is close to the end of the month, the central bank may find it difficult to use conventional channels to invest funds, including repo. Costs may again experience significant fluctuations. Today, the central bank will issue the 64th central bank bill in 2011, with a term of one year and a circulation of 3 billion yuan. The Pudong Development Bank’s Capital Headquarters reminded: “There is still no evidence that the central bank will raise interest rates in the near future, but it is necessary to pay close attention to the one-year central bank bill issuance rate on Tuesday.†CICC’s interest rate strategy weekly report pointed out that the central bank’s interest rate hike is the most important. The purpose is to increase the circulation of central bank bills, so that the recovery of the open market can be increased; but the possibility of raising interest rates cannot be ruled out, but it will not form a significant negative impact on the bond market. Liu Junyu believes that the current market funds are still fragile, and the central bank's interest rate unexpectedly rises, indicating that the current policy will maintain a tightening orientation. He also said that in the current situation of the financial system leverage of the banking system, the impact of the interest rate hike on the market is far from the impact of the financial contraction. According to estimates by CICC, the bank's current reserve ratio is still around 1%, and the repo rate is likely to fluctuate greatly due to short-term disturbances in financing demand. As the financing demand is expected to pick up again in the future, the repo rate may not return to the level of early August, and there is a certain upside risk.
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