A slowdown in tightening pace of interest rate accidents

The 1-year central bank's interest rate, which was issued yesterday, was held steady at 1.9246%. The central bank's open market for the 1-year issue was unexpectedly stable yesterday, unable to move forward for the first two weeks, traders said the near-spring festival and the recent negative international market news prompted the central bank to slow the pace of policy tightening. The announcement showed that the central bank yesterday held a steady 1.9246% per cent 1-year interest rate on the open market, while routine repurchase operations were suspended. Industry insiders believe that the central bank's 1-year issue to return to the end of the 2009 level, mainly because the first three weeks of the Central bank's comprehensive regulatory efforts, market liquidity has been a certain relief.　　It is expected that the number of central votes will be increased next week, as the agency's demand for configuration at the start of the year remains strong. The secondary market is driven by a steady interest rate, with short-term bond yields down.　　The remaining period of 1 years or so of the central ticket yield fell 3-5bp yesterday, the market "Rob ticket" phenomenon is quite obvious. However, the central vote rate did not rise as scheduled, the market is a big difference. Some market participants said that despite yesterday's central vote market interest rates stabilized, two-tier market interest rate cut, but given the secondary market spreads still exist, the new ticket issue interest rate still has an upward momentum, this trend will not suddenly stop, the current temporary stabilisation only means that the central bank wants to observe the effect of a series of earlier policies.　　And a big bank trader in Beijing has a different view, he believes that the Spring Festival near the recent international economic aspects of the negative data, which largely affected the central bank's decision-making, he is optimistic that the interest rate may be adjusted in place, but do not rule out the possibility of continuing upward after the Spring festival. And as the Spring Festival is approaching, the tension in short-term funding is growing. Yesterday's repo capital prices have jumped unexpectedly, trading active.　　The 1-day pledge-type repo-weighted average interest rate rose 1.39bp to 1.2077%, while the 7-day repo rate rose significantly from 19.07bp to 1.5364%. In this respect, analysts at a Shanghai brokerage said that although nearly 300 billion yuan, frozen by a 50bp increase in reserve ratios, and several banks that had been rumoured to have been added to the reserve for additional credit, the total would not exceed 400 billion, and the market did not see other real tightening factors and the market's liquidity was not shaken. But he also believes that the jump in repo rates is not easy to return to the previous level, the IPO is now significantly accelerated.