June Open Market net launch probability big money market funds face is expected to ease

⊙ reporter Wang 0 editor yanggang in late May since the tense capital face can be eased in June, has become the focus of many market organizations.　　Analysts point out that, in the June due to the maturity of up to 780 billion of the background, the central bank open market, the possibility of net release, money market tension is expected to gradually ease the funding side.　　A slight easing of funds on the weekend, yesterday did not get the market continued to "confirm" that the repo rate continues to rise, short-term capital face tension is growing. The short-term repo rates in the national interbank bond market continued to remain high yesterday. Yesterday's overnight repo rate had risen to 2.366%, close to a 7-day 2.511% interest rate, according to data from the China Bond Information Network. Affected by this, Shanghai interbank lending rate of overnight and 1 weeks Shibor quotes have reached the historical highs after the spring festival, and more than two weeks of various varieties Shibor even reached the highest point of the year June the open market will be up to 780 billion of the release of funds, the financial tension in the banking system can alleviate? When will rising repo rates fall back to the historical average?　　In this respect, the current market is still divided. Wanguo New research Report, "June capital face gradually eased, the strength of liquidity contraction will slow down, the central bank need net to put money to ease the market capital tight." "In terms of fundamentals, credit regulation has already seen an effect, and there is no need for central banks to tighten liquidity," Wanguo said. In addition, in June, 780 billion of the currency maturity and the size of the bond supply is also large, so the central bank must be net investment to ease market liquidity tension.　　Shenwan predicts a slowdown in liquidity contraction in June and even a net drop. CICC believes that the central bank for at least three weeks a week to net more than 100 billion yuan, repurchase rates may appear to fall significantly. In the 3-year issue of the week, to achieve such a large net output is relatively difficult, so the June to achieve the return of repurchase rates, it remains to be seen.　　But CICC also believes that as the renminbi's appreciation is expected to weaken, the May increase in foreign-exchange accounts could fall sharply and stay low for a long time, and inflationary pressures have not eased, and the central bank will only moderate the withdrawal, but not the massive net-drop.　　In the June, when the central bank open market has been a big probability event, some equity and bond market financing matters have become another important factor that affects the fund face. 40 billion BOC transfer debt to the start of the Wednesday purchase, the next week will be a rights issue, and then the ABC to IPO. Gold forecast, according to 20% margin calculation, the bank transfer debt to the rate will be between the 1.5-2.0%, will freeze about 4000.54 trillion yuan capital. In the recent tense financial situation, the original funds and insurance agencies to melt funds may be actively involved in the bank to transfer debt to the purchase and "lack of money", and further pull the high repo rate. But China Bank International bond analyst Chen Jianbo told reporters that the fund is not short of money, the endAll have the ability to rely on their own funds to purchase bank transfer debt.