正回购(Sell Repo)是一方以一定规模债券作抵押融入资金,并承诺在日后再购回所抵押债券的交易行为。也是央行经常使用的公开市场操作手段之一,利用正回购操作可以达到从市场回笼资金的效果。较央行票据,正回购将减少运作成本,同时锁定资金效果。我国央行的正回购操作以7天居多,每周到期再滚动操作。正回购有几个特点:正回购后获得资金的投资回报要确保远高于所付出的利息,这是做回购的出发点也是对正回购的基本要求;回购到期,可以用现金还款,也可以债券出库卖出还钱;回购一般可以续作,即在质押债券到期时可以继续回购获得的资金来归还上次的融入资金;回购一般也可以套作, Sell ​​Repo is the trading of a party’s debt backed by a fixed-size bond and a promise to repurchase the collateralized bond at a later date. It is also one of the public market operations frequently used by the central bank. The use of positive repurchase operations can achieve the effect of returning funds from the market. More than the central bank bills, the repurchase will reduce operating costs, while locking in the financial results. China’s central bank repurchase operations are mostly 7 days, and then scrolling weekly operation. There are several features of the repurchase: the return on investment after the repurchase to ensure that much higher than the interest paid, which is the starting point for repurchase is the basic requirement of the repurchase; repo maturity, you can use Cash repayments, bonds can be sold out of the library to pay back the money; repo generally can be sequel, that is, the pledged bonds maturity can be repurchased to obtain the funds to return the last integration of funds; repo generally can also intervene ,