The 1-year central-issue interest rate has been flat for two consecutive times

The central bank issued the fifth issue of the 1-year vote of 10 billion yuan on February 2. The release results show that the current issue rate of the central vote for the second consecutive flat at 1.9264%. Analysts say the central bank's "fine-tuning" of monetary policy since the new year has largely come to an end as the Spring Festival approaches.　　Despite widespread expectations of a central bank's increased capital inflows in the first quarter, the market is poised to remain stable for two weeks, with net funding still expected to continue this week and next week. The central bank issue interest rate continues to be flat on the 2nd morning announced the open market operation results. Operation shows that the issue of the 2010 Nineth central votes total 10 billion yuan, the term 1 years, the issue price of 98.11 yuan/hundred yuan, the corresponding reference rate of return level for the second consecutive flat at 1.9264%.　　At the same time, the 28-day positive repurchase operation for each Tuesday practice was suspended for the third consecutive week. As compared with the previous week, the central bank issued 1-year vote on the issue of interest rate is not only the same as the previous issue, circulation is also flat in the previous period of 10 billion yuan level. This week, however, the market's maturing capital remained at a high level of more than 200 billion yuan, with statistics from wind showing that this week the total number of market-generated tickets and positive repurchase amounts was 266 billion yuan, a significant increase from last week's 206 billion yuan.　　And from yesterday's open market operations, the central bank still intends to keep short-term funds in the net. CITIC Bank Lin Zijun said the open market operation was still in line with market expectations, despite the large market maturity this week.　　He said that near the spring Festival, the central bank clearly intends to maintain the financial and policy environment stability, the interest rate will continue to maintain a stable, open market capital operation will remain at a lower level. The open market operation, which is expected to be on the net for 4 consecutive weeks since January, shows that after the tightening of monetary policy in the early January, the operation of the open market has slowed markedly in the past two weeks, and the net amount of funds released last week and the previous week respectively reached 86 billion yuan and 88 billion yuan. Analysts say this shows the central bank's intention to moderate market tensions and, on the other hand, to practice.　　According to past practice, in order to protect holiday funds abundant, the central bank will often temporarily reduce the withdrawal strength before the Spring Festival, in order to maintain moderate liquidity, while stabilizing market expectations, so nearly two weeks of open market in the net and the interest rate of the issue of the stability is also understandable. According to the central bank's recycling efforts this week, analysts expect the open market to return to net cash this week and next week.　　The data show that, as of January 11, the central bank in the open market has been 14 consecutive weeks of net return, the cumulative net Recovery fund of 953 billion yuan. In the bond market, due to the recent financial environment and policy environment is significantly warmer, the two-tier market is still active in the exchange of coupons, did not appear in previous years near the Spring Festival light situation. It is noteworthy, however, that some analysts stressed that the central bank will continue to increase capital after the spring Festival,The annual circulation of the central votes may be magnified, the three-year central vote may also be introduced in the short term, the bond market will still face a certain test.