1-year central issue rate for five consecutive weeks interest rate hike expected to ease

In Tuesday, the central bank bid issued 60 billion yuan 1-year vote, while the circulation significantly enlarged, the reference yield remained unchanged for the fifth consecutive week in 1.9264%.　　Analysts said that the recent secondary market spreads narrowed, objectively eased the central vote interest rate upward pressure, in the central vote rate remained stable, short-term inflationary pressure than the previous market expectations, and other factors under the joint action of the market, the interest rate hike expectations have eased. The interest rate continues to go flat. The People's bank issued the 15th Central Bank Bill 2010 on a price-tender basis on Tuesday (March 2).　　The results show that the current issue of the first-year central ticket circulation of 60 billion yuan, compared with last week's annual central vote 17 billion yuan circulation significantly increased; reference yield 1.9264%, the fifth consecutive week flat. With a significant increase in the circulation of the current issue over the previous period, some traders have judged that the interest rate will be restarted, and the results of a flat release are somewhat unexpected. In this respect, Fidelity Securities analyst Li Jianbong explained that at the beginning of a small increase in the issue rate to maintain a stable, reducing the market to the central vote issued interest rates continue to uplink expectations, the two-tier market returns in a sharp drop after the rise, resulting in the secondary market spreads gradually narrowing, which in the objective to reduce the central vote issued interest rate upward pressure.　　The 1-year central coupon yield of March 1, at 1.9567%, is only 3.03 basis points higher than the first-tier market, with a sharp contraction from nearly 30 points at the start of the year, according to the China Bond network. From the amount of return, because no positive repurchase operation, the central bank in the open market in Tuesday only 60 billion yuan. However, according to wind statistics, the open market this week, the amount of funds due to 140 billion yuan, in Tuesday after the withdrawal, only 80 billion yuan need to hedge.　　So, following last week's net withdrawal of 61 billion yuan, this week is expected to achieve a second consecutive week net withdrawal. Interest rate expectations easing as one of the rate hikes, the central vote issued interest rate of continuous stability, has eased to a certain extent earlier in the market more intense expectations of interest rates, which by the central vote two-level market interest rate of a sharp drop can be clearly observed. As of yesterday, the 1-year central two market yield had fallen by nearly 20 points from the peak of 2.149% in January.　　In addition, the short-term inflationary pressure is lower than expected, the number of tools to use effective and the external interest rate hike may be later than expected, but also to raise the point of interest rate increases. The latest macroeconomic weekly report by CICC said external, Fed chairman Ben Bernanke reiterated the need to maintain extremely low interest rates, and the IMF's chief economist wrote in a high-profile paper that Western countries could raise inflation targets, all of which suggest that the timing of external rate hikes is later than previously anticipated; inside, China's short-term inflationary pressures are lower than previously expected, and the February CPI is not expected to be significantly higher than the one-year deposit rate; The February loan scale is expected to be low, while a continuous increase in reserve requirements has significantly curbed international commodity prices, indicating that the number of tools has been effectively used. These indicateThe 1-quarter rate hike is less likely. It is worth noting that, while judging the likelihood of a delay in raising interest rates, CICC reiterated the view that the renminbi could start appreciating in 3 April. CICC said that from inflation, foreign trade, economic restructuring and other aspects of the exchange rate appreciation of the advantages outweigh the disadvantages;