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双节过后,银行间市场资金面持续呈现宽松状态,央行减弱公开市场的投放力度,于10月中旬暂停了逆回购操作,但目前流动性又有趋紧迹象。专家预计,因为资金面维持紧平衡局面,流动性因素主导的债市窄幅震荡局面在11月仍将延续。1 7日央行暂停公开市场逆回购操作之后,7天回购定盘利率一度稳定在3.5%左右,但23日再度突破4%,资金面再次呈现趋紧迹象。接下来央行对流动性的态度值得高度关注。
After the second quarter, the capital market in the inter-bank market continued to show a loose condition. The central bank weakened the launch of the open market and suspended the reverse repurchase operation in mid-October. However, liquidity has tightened further. Experts predict that due to the tight balance of capital, the liquidity-dominated bond market will remain in a narrow range in November. After the central bank suspended the reverse repurchase operation in the open market on 7 January, the interest rate on the 7-day repo once stabilized at around 3.5% but once again exceeded 4% on the 23rd. As a result, the fund surface showed signs of tightening again. Next, the attitude of the central bank on liquidity deserves great attention.