5月,地方债置换计划仍然千呼万唤难出来。大幅降准1%之后,央行将要推出QE、LTRO的传言不断,央行外汇储备注资两家政策性银行,即将在全国推开信贷质押再贷款,都被引申解读,而财新报道央行将通过对开行等政策性银行定向提供流动性购买地方债,彭博报道至少五个城市政府4月已增加地方债作为当地国库现金定存质押品以提高地方债流动性。2015年万亿置换债券,已经成为焦点。回顾2015年已经过去三分之一,5000亿元的地方政府一般债券,1000亿元的专项债券,和10000亿元的置换债券,都还藏在深闰。这种局面如何形成?又将如 In May, the local debt replacement plan is still hard to come by. After a sharp drop of 1%, the central bank will launch QE, LTRO’s rumors continue, the central bank foreign exchange reserves injected into two policy banks, the country will soon open the credit pledge and then lending, have been extended interpretation, and Choi new central bank will pass PBoC and other policy banks targeted to provide liquidity to buy local debt, Bloomberg reported at least five cities in April the government bonds have been increased as local treasury cash depositors pledged to improve local bond liquidity. Trillion in 2015 replacement bonds, has become the focus. Recalling that in 2015 one third of the past, 500 billion yuan of local government general bonds, 100 billion yuan of special bonds, and 1 trillion yuan of replacement bonds are still hidden in Shen Run. How is this situation formed?