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The net return of the Central Bank of China's open market is very limited this week, the seven days plus 14 days of reverse repo portfolio operation hedged most of the maturity, plus the end of the month's financial expenditure and financial institutions to refund the legal reserve, the inter bank gold face Zhou Weichi smooth and loose. The respondents believe that monetary policy will still operate flexibly under the neutral framework, and the central bank protects the liquidity smoothly and helps to maintain the market sentiment under the contraction of the financing environment and the frequent credit risk.
According to Li Qilin and Zhong Linnan, according to the first quarter monetary policy report, the central bank will remain stable and neutral monetary policy tone, and will be more flexible in open market operation to ensure capital stability. Net return of 30 billion this week shows that the central bank still has some restraint on short end capital investment and capital interest rates, and the open market operation is still cutting the peak and filling the valley.
They point out that the recent large-scale outbreak of credit default events requires more emphasis on credit risk and the negative feedback from tight credit environment to entities. Monetary policy will be fine tuned, but robust neutral tone will remain unchanged.
One bank trader in Hangzhou believes that China's monetary policy this year has essentially turned to a wide currency. "The three power, one is a wide currency with strict supervision, two is a wide currency with tight credit, and the three is that the impact of the trade war is certainly long, no matter what the agreement is now, it will not be a trade war." The end of the end.
He believes that the first phase of the de levers driven by tight money has been completed, and the second stage is to normalize strict regulation through the system, at this time it does not need to maintain a tight currency, and the double tight (supervision + currency) is also easy to risk. When the credit risk is concentrated in the exposure period, liquidity tightening may be worse and worse, and this situation needs to be avoided.


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