Tighter bank funds

Continuous currency regulation, accumulated to a critical point "Caijing" reporter Zhangman in the last week of May, bank liquidity was tight.　　May 27, Thursday, the interbank market, the main varieties R001 overnight repo rate reached 2.27%, compared with the Monday 51 basis points, and the first three weeks of May, the average interest rate of R001 is only 1.5%. During the week, the 7-day repurchase variety R007 interest rates rose 48 basis points to 2.31%.　　Other money market rates have also risen in tandem, largely at the highest point since the financial crisis.　　The 15 billion yuan 1-year central vote rate, issued on June 1, also rose 8 basis points to 2.0096%, further closer to the 1-year term deposit rate. For a time, banks of all sizes are calling for tight capital. Interbank market to seek capital to dismantle frequently, occasionally have to dismantle the fund, immediately encounter many of the telephone and network of the "containment". A small bank called the National Development Bank, hoping to get 3 billion yuan of funds, by the same trade as "big openings."　　In the usual, this amount is not big. "Why is the money so tense all of a sudden?" "All the banks are talking about this.　　But there are few definite answers. The banking industry's basic consensus is that this year's continued credit-control and capital tightening policy has accumulated to a tipping point in the last week of May. The People's bank raised the reserve requirement ratio three times this year, and issued a 3-year super long-term central vote of 335 billion yuan, frozen about 1.3 trillion yuan of funds.　　The net supply of bonds in May consumes 350 billion yuan of the interbank market. On the other hand, market participants analyzed the European debt crisis led to the outflow of emerging economies, as well as the expected decline in renminbi appreciation before and after the strategic dialogue between China and the US, and the decline in foreign exchange accounts, which also reduced the liquidity of banks.　　Because of the multiplier effect of bank loans to create deposits, the impact of foreign exchange on bank liquidity has increased.　　According to the banking industry, the credit scale was slightly more than expected in April, the bank's excess reserve ratio has fallen from March 1.96% to the end of April 1.46%, to the end of May, there are already three large banks with excess reserve ratio below 1%. At the same time, the growth of deposits in large commercial banks has declined. People's Bank data show that the four bank deposit growth rate fell, and small and medium-sized banks formed this trend.　　In April, the deposits of small and medium sized banks increased by $593.5 billion, with only $52.4 billion added. A state-owned commercial bank said that small banks have the highest rates of loan growth and credit, and that small banks are doing a lot of work to ease liquidity woes and meet regulatory requirements.　　When the big banks encounter deposits, they also start not to melt funds, breaking the market's original "Big line melt, small line integration" pattern, causing the market shock and panic. A small bank Capital Business department Personage said, the big bank has been to melt out the fund, the financing bank gets the money, does the paper or other arbitrage business, the fund again turns to melt to go, then melts. Everyone thinks the money is plentiful. But now suddenly the big banks don't get the money, the chainOn the verge of breaking. "We can only rely on the People's Bank (out of the Woods) now."　　"The size of the bank's financial sector expects the tension to persist for some time." In the last week of May, the People's Bank, through the open market operation, put 145 billion yuan capital to ease the liquidity tense situation. Bankers expect the open market to be 780 billion yuan in June, the People's Bank to operate more space, can be more large-scale net investment, money market funds rate will slowly normalize.