Financial tightening before National Day holiday

The repo rate has been rising for several days, weekly net return of the central bank again forcing hundreds of billions of yuan securities Times reporter Zhu Kai the Treasury cash deposit "cake" by the bank scramble, money market repurchase rate even rose for several days, combined with the central bank's weekly net return to force hundreds of billions of dollars, a long absence of funds face tension again hit.　　In this respect, analysts said, the current liquidity bias is affected by the stage multiple factors, and this pattern will continue to the Mid-Autumn festival, National Day holiday period. In addition to the August 31, there are 25 billion yuan ICBC convertible bonds issued, September market will be faced with the new debt, the impact of supply not to reduce the capital, as well as financial institutions at the quarter-year loan ratio assessment, "two" period of cash demand for the rise of the "cherish to borrow" phenomenon.　　This will lead to a continuation of the current "poor" liquidity situation over the next one months. Interbank repo rates have risen for days in a row since this week. Yesterday, the overnight and 7-day repo-weighted average rate rose by 8.8, 6.2 basis points to 1.64% and 1.84% per cent, with a daily rise of two-month highs. At the same time, the above two-term capital price has risen for the 3rd in a row, totaling more than 10 basis points.　　The 14-day repo rate, which has risen 28.5 points so far last week, was 2.01%, and one months, for the first time across 2%. Small and medium banks lack money once again "staged". Yesterday's tender 40 billion yuan 3-month period Treasury cash deposits by the agency crazy Rob, the bid rate of 4.1% hit a high to nearly 2.5 to new highs. The interest rate is also far higher than the benchmark interest rate of 1.71% and shibor2.47%, or even over the 5-year benchmark rate of 3.6% about 50 basis points.　　City traders to the securities Times reporter said that the month-end assessment near and early capital needs are magnified, so that the current liquidity again staged tense pattern, but the increase in capital prices than in late June when the wave was narrowed. Unlike Treasury cash deposits, which inject money into financial institutions, yesterday's routine open market operation became the net "Terminator" last week, with a total net withdrawal of 91 billion yuan from the market, which has refreshed its highs for more than 3 months. Central bank data show that this week, the open market due to the capital of 60 billion yuan, Tuesday has issued 24 billion yuan 1-year vote, yesterday's 80 billion yuan 3-year and 17 billion-month-period central votes issued after the smooth realization of 3 of the net return of funds.　　And then the implementation of the 30 billion yuan 91-day repurchase will be the same as the scale of the approaching billion. It is noteworthy that the 25 billion yuan ICBC convertible bonds online, the network under the purchase will start this month 31st. Affected by this, most financial institutions last week began to "play new" and actively into the funds, so that the relevant period of repurchase rates rose more and less, the total volume also showed a sudden rise in the situation.　　In addition, next week, the A-share market will still have "Banyan Software" and other 7 of new stock purchase, frozen a large number of funds will soon increase liquidity in the tight situation. It is reported that this year to determine the 200 billion yuanThe government debt issuance programme is close to 70% and the remaining 66.5 billion yuan will be released in the third quarter. Reporter statistics found that this number and August IV a total of three issue of funds raised 66.5 billion is exactly the same, but the actual trading day in September will be slightly less than last month, which will have a certain adverse impact on liquidity.