One-year central vote resumption issue monetary policy fine-tuning signal clear

Guoju in the face of the growth in the volume of credit, the central bank began to sacrifice a heavier withdrawal tool. Today, the central bank will issue 50 billion-yuan 1-year votes in the interbank market, the 1-year vote, which has been revived since the end of last year's moratorium.　　The resumption of the 1-year vote has sent a clearer signal of the central bank's tightening of liquidity and fine-tuning of monetary policy. To increase the strength of the sign yesterday 17:26, the central bank's web site, as usual, hung out the "central bank notes issued by the announcement," but the difference is that, in addition to the issue of the March-year vote, the central bank has increased the issuance of the 1-year-old, two-issue circulation of 50 billion yuan.　　The 1-year central vote has been suspended since last December. The 1-year central vote has been one of the most conventional means of return for the bank's open market operations, and its interest rate is also seen as a risk to market interest rates. Last year, with a moderately loose monetary policy, the central bank's open market operation gradually reduced, the 1-year vote from the weekly issue to the final suspension of distribution, showing the central bank to relax the trend of withdrawal.　　Today, the sudden resumption of the 7-month-old 1-year vote is seen as a clearer signal of the fine-tuning of monetary policy, as well as the market's previous speculation that the central bank's open market operation has been out of step. "The 1-year central vote to lock the funds for a longer period of time, indicating that the bank's withdrawal strength in terms of time and scale are increasing, generally seen as the central bank to increase the strength of the capital of a sign."　　"said Gao Jingjun, executive director of CITIC Securities sales and trading. Since last week, the central bank has restarted 91 days of repurchase in open market operations, while the central bank's repurchase rates and interest-rate issuance have been the first jump this year.　　The central bank's open market operation "Zisheng" has been speculated as a sign of the central bank's intention to increase its withdrawal strength.　　June new credit 1.53 trillion although the resumption of the 1-year vote was quite unexpected, it is reasonable to take into account the recent signs. "If the central bank does not increase its return, there will be too much liquidity." "The first half of the loan has exceeded the target level for the whole year," said Cicc, an analyst.　　Previously, CICC had predicted in a report that the central bank would restart the 1-year vote in the fourth quarter to fine-tune monetary policy. Coincidentally, the central bank's web site yesterday 6 o'clock in the afternoon abruptly announced the June credit volume, the month of our credit volume reached an eye-popping 1.53 trillion, surpassing the market's previous boldest estimate.　　This means that the first half of the credit increase reached 7.3 trillion yuan, is 1.5 times times the whole year. In the Industrial Bank capital Trading Center chief economist Lu County, the two announcements at the same time on the central bank's website is not accidental, "1.53 trillion is definitely a more than expected number, this should be the central bank to restart the 1-year vote for the main reason." "The excessive growth in bank lending may have caused banks to face a rise in non-performing rates, as well as the risk of a resurgence of liquidity, triggering a market bubble in asset pricesFroth and fears of future inflation. "The earliest signal of a shift in monetary policy" would be the early signal of a future shift in monetary policy.　　Lu County again stressed that, although he believes that at least this year will not be a tightening of monetary policy, the central bank may not come up with other austerity measures.　　In addition, analysts pointed out that the future maturity of funds is also the central bank to restart the 1-year vote.　　The CICC pointed out that the central bank's previous withdrawal tools mainly 1-3 months, which will cause the expiration of rolling to the next quarter, so that the amount of funds due in the next few months more, the central bank to rely on short-term withdrawal tools to complete the withdrawal of funds has been more difficult. However, analysts also point out that, after restarting the 1-year vote, the central bank will also maintain a more moderate return, does not mean that the tone of monetary policy has changed.