New Year's first week net withdrawal situation unchanged open market operation continue exerting force

BEIJING, January 7 (Xinhua) The first week of the new year net withdrawal posture unchanged open market operations continue to exert its continued open market operation since October last year, continued in the first week of 2010.　　This week, the Central bank net repatriation of more than 130 billion yuan, is the PBOC for 13 consecutive weeks to achieve a net withdrawal of funds, more than last week. According to the central bank this week's note issuance announcement and the open market business transaction announcement, this week the open market in turn launched the 12 billion Yuan 1 year central vote, 75 billion Yuan 28 day repurchase, 60 billion yuan March period central vote, 30 billion yuan March period positive repurchase operation, total withdrawal capital 177 billion yuan.　　According to statistics, the open market this week, the amount of money is only 40 billion yuan, so after the hedge, the central bank this week to achieve a net withdrawal of 137 billion yuan.　　It is noteworthy that the central bank's March issue interest rate of 1.3684%, after 18 consecutive stability in 1.328%, the first upward interest rates. "This is the normal upward vote interest rate, is the money market capital surface of the normal response to supply and demand, a few points of the increase in money market funds face little impact."　　"China Construction Bank senior researcher Zhao said. In the first week of 2010, the central bank, with a net withdrawal of more than 100 billion yuan, continued to release appropriate fine-tuning signals to the market.　　Analysts believe that, in addition to the holiday factors, the moderate recovery of liquidity over a period of time is still the central bank market operation theme. A report published recently by the Institute of International Finance of the Chinese Academy of Social Sciences said that the 2010 domestic narrow and broad currency growth rate is expected to be no less than 20%, will still be significantly higher than the nominal GDP growth of more than 10%, the annual renminbi credit is expected to be 7 trillion to 8 trillion yuan.　　In terms of external liquidity, short-term international capital will continue to pour into the country and the central bank will face greater sterilisation pressure against the backdrop of a resurgent renminbi revaluation. For the current situation, the central bank in the recent 2010 working Conference, put forward that this year should maintain adequate policy efforts to support stable and rapid economic development, but also stabilize the price level, effective management of inflationary expectations. Closely monitor the development trend of international financial crisis, domestic and foreign economic operation and market liquidity, timely and appropriate adjustment.　　The trend of monetary policy has become the focus of attention in this year's market. "More money is due in the first quarter, and there will be a lot of pressure from the central bank." From the perspective of the use of monetary policy tools, the use of open market operations to recycle liquidity is the main way to use the current policy.　　Zhang Ming, deputy director of the International Finance Department of the World Academy of Social Sciences, China. "The market is concerned about the future monetary policy issues, mainly can be attributed to two aspects, one is the timing of monetary policy adjustment, the other is the monetary policy adjustment depends on the means."　　Zenggang, director of the Institute of Financial Research at the Chinese Academy of Social Sciences, said. Analysts point out that, according to current situation, open market operation and moderate regulation of credit scale will be the recent monetary policy tool of our country compared with other kinds of toolsA tool used frequently in a box. "We believe that the central bank in 2010 will be followed by the introduction of additional votes, increase the statutory reserve requirements and raise the renminbi deposit and loan interest rates and other initiatives." However, due to the statutory reserve requirement ratio is considered by some policymakers as a lack of flexibility, not frequently used policy tools, and the current legal reserve ratio has reached 13%. It is therefore expected that the central bank will continue to use open market operations such as issue-issuing votes to reverse liquidity for a period of time. Zhang Ming said.