The central ticket issue rate is up for the first time in 5 months.

After holding steady for nearly 5 months, the central vote issued interest rate finally on January 7, the issue of the March issue of the central vote reference rate of return than the earlier 4.04 points.　　Analysts said that the central bank to raise interest rates, the aim is to protect the circulation of funds, so as to ease the pressure on capital hedging, the recent 1-year interest rate will also be expected to go up; Interest rate upward to protect the size of the withdrawal after nearly 5 months of silence, the central vote issued interest rate finally again upward. The central bank bulletin showed that the People's Bank of America (January 7) issued the second issue of the Central bank Bill 2010 by Price, and carried out a positive repurchase operation, of which the reference yield of the 60 billion-yuan March-year vote was 1.3684%,　　At the same time, up to 4.04 basis points in the early stage, and 30 billion yuan 91-day positive repurchase of the bid rate is 1.36%, also compared to the previous upstream 3 basis points. For this interest rate upward, analysts believe that the central bank is designed to protect the circulation of votes to ease the pressure on hedge funds. According to statistics, the first quarter of this year, the open market maturity has been close to 2 trillion, of which the amount of funds due January up to 644 billion yuan. At the same time, January and even the 1 quarter has always been a period of more credit, coupled with the continued increase in foreign exchange accounted for the passive currency, to the current level of funds has been very abundant on the basis of continued to maintain "moderate" loose, the central bank's hedging pressure is not small. And from the early stage of the open market operation, because the central vote issued interest rate since the second half of 09 has been flat, one or two-tier market interest rates for a long time upside down, resulting in the central ticket circulation is difficult to enlarge. In particular, the 1-year issue of the circulation has been 11 consecutive period of circulation to maintain the following 22 billion yuan, directly affecting the central bank in the open market funds to return the strength and effect.　　As a result, market participants have long agreed that the issue of interest rate increases is imperative. "I think it's a matter of time, and it's better than late tuning," Shanghai Bank Li Zuwei said that at present, mainly rely on the 3-month central vote, the first to adjust the March interest rate, it is expected that the 1-year issue rate will soon follow, after all, the 1-year central vote rate of one or two-level market upside down time has been very long.　　According to statistics, the open market this week, the amount of funds due to 40 billion yuan, the central bank in Tuesday, Thursday, the withdrawal of 87 billion yuan and 90 billion yuan, net withdrawal of 137 billion yuan, for the 13th consecutive week net withdrawal. The likelihood of a rise in reserve ratios is notable for the sharp rise in Shanghai and Shenzhen stocks yesterday, as investors feared it would be the beginning of a tightening market liquidity.　　Analysts said that, at least before the Spring Festival, the financial side of the situation will not be a problem.　　East China Sea Securities Chen Jixian said the increase in the rate of issuance of the Central bank has indicated the intention of increasing public market operation. But because February mid-April is the Spring Festival, it is estimated that the central bank will not allow interest rates to rise too fast, and will not vigorously withdraw, and then consider the credit, foreign exchange and open market maturity factors, January liquidity is certainly loose.In response to the market to raise the deposit reserve ratio, Guotai fixed income headquarters senior analyst Lin Chaohui said the recent central bank to raise the reserve ratio is unlikely. "The reserve requirement ratio is a more ' lethal ' weapon, and none of these factors are present until the first quarter of credit growth, the continued surge in foreign exchange accounts and the overheated economic start."