Tweet
The mysterious gold master choked on the transaction price! "Send Warm" Frequent Trader Issues Soul 3 Questions
2019-12-20 12:06:25 Source: China Securities Journal Author: Zan beautiful
5 days, close to 1 trillion.
The end of the year is approaching, and it is time for the central bank to distribute the New Year's red envelope.
The central bank announced on the morning of the 20th that it will carry out a 14-day reverse repurchase operation of 150 billion yuan . Starting from the "spicy powder" (MLF) on the 16th, the central bank has invested a total of 930 billion yuan in the last five days, with a net investment of 644 billion yuan.
To ensure a smooth New Year's Eve, "Yangma" was a little unambiguous, and even more aggressively responded in the transaction announcement:
"We will pay close attention to the market liquidity situation, flexibly carry out open market operations, and maintain stable liquidity at the end of the year."
The translation of this sentence is roughly:
"I'm staring, the money is enough, and I'm Baoding by the end of the year."
Zhongzheng Jun also noticed that in the exchange repo market, a mysterious force has been quietly "protecting the disk" recently-despite the wind and rain, it has simply set the new year's GC014 at 3%.
At the end of the year, the capital defended the battle, and it was a success.
"I stare, the money is enough,
I have funded at the end of the year "
Wednesday, 200 billion yuan;
Thursday, 280 billion yuan;
On Friday, 150 billion yuan.
In the second half of the week, the central bank invested funds through a large open market reverse repo operation for three consecutive days.
On the morning of the 20th (Friday), the central bank announced that it carried out a 150 billion yuan reverse repurchase operation by way of interest rate bidding, with a period of 14 days and an interest rate of 2.65%.
Counting the 300 billion yuan of "spicy powder" invested on Monday, the amount of funds invested by the central bank through open market operations this week was as high as 930 billion yuan, a new high since the week of January 19 this year.
Since no central bank reverse repo expired, all the money put into the reverse repo operation in the next three days went to the institution. After deducting the 286 billion yuan "spicy powder" due on Monday, the open market operation this week netted 644 billion yuan, a record The new high since the week of January 19 this year (over 11 months).
With tight market funds, the "mammoth" in the hearts of all institutions will come to "warm" to "maintain a reasonable and sufficient liquidity of the banking system", which has been tried and tested for a long time in the past. Moreover, usually the tighter the funding, the greater the warmth.
At the end of the year, it was easy to find a way to deal with capital, so it was a "routine" to send warmth at the end of the year. At the end of the past, the central bank sent a wave of "New Year's red envelopes".
At present, the amount of red envelopes this year is not small. The central bank clearly stated in the trading announcement on the 19th: "It will closely monitor the market liquidity situation, flexibly carry out open market operations, and maintain smooth liquidity at the end of the year."
This sent the market a "centering pill".
Secretly, there is a "mysterious power"
On the bright side, there is the central bank's assistance in conducting open market operations; secretly, there is a "mysterious force" supporting it.
Zhong Zhengjun noticed that in the past three consecutive days, the Shanghai Stock Exchange's 14-day pledged treasury bond repo transaction was unusual.
here is the image:
Did you find that starting from the 17th, that is, the day when the 14-day repurchase is about to be a New Year's Eve, GC014, which was still very lively, immediately "becomes good."
How "good"?
It's basically at 3%.
The picture below is the pledged repo market on the Shanghai Stock Exchange on the 19th. The repo rates for other terms have varied, except for GC014, which is empty and unchanged.
No waves, no little New Year's looks.
This is dumbfounded to those who were planning to make a wave at the end of the year.
Familiar owned gold market field should know, end of each year, New Year's Eve-owned gold grid will turn up a wave.
This year is no exception.
As of October, the interest rate of the first three-month period of funds was rising all the way.
Entering December, it was the one-month interest rate.
In the second half of December, it is 14 days. Others such as 14-day Shibor and inter-bank DR014 are rising.
GC014 became an exception, like being "pinned" at 3%, motionless.
Who made GC014, which was supposed to show "real self" at the end of the year, suddenly become "good"?
Money, big money!
The figure below shows that from the 17th, the GC014 transaction volume has been significantly increased, and the transaction volume has exceeded 100 billion yuan for two consecutive days. On December 18, nearly 160 billion yuan was traded, which is the most traded day in the second half of the year.
When there is a deal, there is a buyer and a seller. We all know that at the end of the year, there is a large demand for funds. The capital market is the seller's market. Raising prices has become a rational approach. Anyway, put GC014 on 3%.
In the past few days, as soon as the market was opened, there were reverse repurchases (fund sellers) hanging single orders at 3%, enough!
On the 19th, even with the closing, GC014's turnover was close to 9 billion yuan at about 3%.
Zhong Zhengjun also found that this method had left traces at the end of the previous two seasons.
From the historical transaction data of GC014, June and September of this year had a significant volume. In previous years, this phenomenon was not obvious.
What kind of mysterious power is this?
Why choose an exchange market?
Why choose 14-day funding?
Facing the "three questions of the soul" from traders, I don't know how this rich and wayward gold master will answer.
It is noteworthy that, in the past few years, a variety of factors, quarter-end financial system liquidity stratification more prominent in the interbank market of small and medium corporate finance meet resistance diverted exchange market to seek financing, but also often leads to Exchange Money market interest rates fluctuated sharply.
Is this another type of "precise drip irrigation"?
There is a greater chance of stable funding across the years
The two-pronged approach of the bright side and the secret side raises the odds of a steady year-on-year increase in the capital side.
On the 20th, the central bank's reverse repo transaction volume declined month-on-month, reflecting the short-term pressure on liquidity supply and demand is easing.
Analysts expect that the subsequent central bank will flexibly adjust the strength of liquidity operations according to the market liquidity situation. With the cumulative effect of continuous large-scale investment in the open market, coupled with the gradual increase in fiscal expenditure at the end of the year, the formation of additional capital, the probability of a stable and stable year-end capital increase greatly.
On the morning of the 20th, the interest rate of funds on the interbank market varied.
zhttp://finance.jrj.com.cn/2019/12/20120628562115.shtml
2019-12-20 12:06:25 Source: China Securities Journal Author: Zan beautiful
5 days, close to 1 trillion.
The end of the year is approaching, and it is time for the central bank to distribute the New Year's red envelope.
The central bank announced on the morning of the 20th that it will carry out a 14-day reverse repurchase operation of 150 billion yuan . Starting from the "spicy powder" (MLF) on the 16th, the central bank has invested a total of 930 billion yuan in the last five days, with a net investment of 644 billion yuan.
To ensure a smooth New Year's Eve, "Yangma" was a little unambiguous, and even more aggressively responded in the transaction announcement:
"We will pay close attention to the market liquidity situation, flexibly carry out open market operations, and maintain stable liquidity at the end of the year."
The translation of this sentence is roughly:
"I'm staring, the money is enough, and I'm Baoding by the end of the year."
Zhongzheng Jun also noticed that in the exchange repo market, a mysterious force has been quietly "protecting the disk" recently-despite the wind and rain, it has simply set the new year's GC014 at 3%.
At the end of the year, the capital defended the battle, and it was a success.
"I stare, the money is enough,
I have funded at the end of the year "
Wednesday, 200 billion yuan;
Thursday, 280 billion yuan;
On Friday, 150 billion yuan.
In the second half of the week, the central bank invested funds through a large open market reverse repo operation for three consecutive days.
On the morning of the 20th (Friday), the central bank announced that it carried out a 150 billion yuan reverse repurchase operation by way of interest rate bidding, with a period of 14 days and an interest rate of 2.65%.
Counting the 300 billion yuan of "spicy powder" invested on Monday, the amount of funds invested by the central bank through open market operations this week was as high as 930 billion yuan, a new high since the week of January 19 this year.
Since no central bank reverse repo expired, all the money put into the reverse repo operation in the next three days went to the institution. After deducting the 286 billion yuan "spicy powder" due on Monday, the open market operation this week netted 644 billion yuan, a record The new high since the week of January 19 this year (over 11 months).
With tight market funds, the "mammoth" in the hearts of all institutions will come to "warm" to "maintain a reasonable and sufficient liquidity of the banking system", which has been tried and tested for a long time in the past. Moreover, usually the tighter the funding, the greater the warmth.
At the end of the year, it was easy to find a way to deal with capital, so it was a "routine" to send warmth at the end of the year. At the end of the past, the central bank sent a wave of "New Year's red envelopes".
At present, the amount of red envelopes this year is not small. The central bank clearly stated in the trading announcement on the 19th: "It will closely monitor the market liquidity situation, flexibly carry out open market operations, and maintain smooth liquidity at the end of the year."
This sent the market a "centering pill".
Secretly, there is a "mysterious power"
On the bright side, there is the central bank's assistance in conducting open market operations; secretly, there is a "mysterious force" supporting it.
Zhong Zhengjun noticed that in the past three consecutive days, the Shanghai Stock Exchange's 14-day pledged treasury bond repo transaction was unusual.
here is the image:
Did you find that starting from the 17th, that is, the day when the 14-day repurchase is about to be a New Year's Eve, GC014, which was still very lively, immediately "becomes good."
How "good"?
It's basically at 3%.
The picture below is the pledged repo market on the Shanghai Stock Exchange on the 19th. The repo rates for other terms have varied, except for GC014, which is empty and unchanged.
No waves, no little New Year's looks.
This is dumbfounded to those who were planning to make a wave at the end of the year.
Familiar owned gold market field should know, end of each year, New Year's Eve-owned gold grid will turn up a wave.
This year is no exception.
As of October, the interest rate of the first three-month period of funds was rising all the way.
Entering December, it was the one-month interest rate.
In the second half of December, it is 14 days. Others such as 14-day Shibor and inter-bank DR014 are rising.
GC014 became an exception, like being "pinned" at 3%, motionless.
Who made GC014, which was supposed to show "real self" at the end of the year, suddenly become "good"?
Money, big money!
The figure below shows that from the 17th, the GC014 transaction volume has been significantly increased, and the transaction volume has exceeded 100 billion yuan for two consecutive days. On December 18, nearly 160 billion yuan was traded, which is the most traded day in the second half of the year.
When there is a deal, there is a buyer and a seller. We all know that at the end of the year, there is a large demand for funds. The capital market is the seller's market. Raising prices has become a rational approach. Anyway, put GC014 on 3%.
In the past few days, as soon as the market was opened, there were reverse repurchases (fund sellers) hanging single orders at 3%, enough!
On the 19th, even with the closing, GC014's turnover was close to 9 billion yuan at about 3%.
Zhong Zhengjun also found that this method had left traces at the end of the previous two seasons.
From the historical transaction data of GC014, June and September of this year had a significant volume. In previous years, this phenomenon was not obvious.
What kind of mysterious power is this?
Why choose an exchange market?
Why choose 14-day funding?
Facing the "three questions of the soul" from traders, I don't know how this rich and wayward gold master will answer.
It is noteworthy that, in the past few years, a variety of factors, quarter-end financial system liquidity stratification more prominent in the interbank market of small and medium corporate finance meet resistance diverted exchange market to seek financing, but also often leads to Exchange Money market interest rates fluctuated sharply.
Is this another type of "precise drip irrigation"?
There is a greater chance of stable funding across the years
The two-pronged approach of the bright side and the secret side raises the odds of a steady year-on-year increase in the capital side.
On the 20th, the central bank's reverse repo transaction volume declined month-on-month, reflecting the short-term pressure on liquidity supply and demand is easing.
Analysts expect that the subsequent central bank will flexibly adjust the strength of liquidity operations according to the market liquidity situation. With the cumulative effect of continuous large-scale investment in the open market, coupled with the gradual increase in fiscal expenditure at the end of the year, the formation of additional capital, the probability of a stable and stable year-end capital increase greatly.
On the morning of the 20th, the interest rate of funds on the interbank market varied.
zhttp://finance.jrj.com.cn/2019/12/20120628562115.shtml