The 3-year central vote has been restarted for nearly two years.

Experts say this is a sign of further tightening of liquidity. The central bank announced last night that it will issue 15 billion yuan 3-year votes on 8th. It is the first time since June 26, 2008 that the central bank has issued 3-year votes.　　Experts believe that after nearly 2 years after the central bank to restart the 3-year issue, aimed at further tightening liquidity. Compared with the current issue of the March central vote and one-year central vote, the 3-year central vote can be deeply locked into liquidity.　　Liu Yuhui, an expert at the Institute of Finance at the Chinese Academy of Social Sciences, said that "the move is a sign of further tightening of liquidity" and that restarting the 3-year central vote can raise long-term interest rates, with a certain dampening effect on both investment impulses and asset bubbles. Chen Lu, chief analyst at Haitong Securities, also pointed out that the central bank's resumption of the 3-year vote was intended to recycle liquidity, but not in a quantitative way, similar to controlling the size of credit and other open market operations. will have a certain impact on the stock market, but the impact will not be great. In her view, if the central bank moves, it will not immediately start raising interest rates, and will not use the increase in reserve requirements in the short term.