本报讯 央行昨日在公开市场进行了950亿元7天期逆回购操作，中标利率和上周持平，报3.35%。尽管央行此前在公开市场进行了两期限正、逆回购询量，但正回购再度未能成行。正回购持续询而不发，进一步影响市场对央行的降准预期。

Report from our correspondent bank in the open market yesterday 95 billion yuan 7 days period inverse repurchase operation，The interest rate and flat last week，Reported 3.35%。Although the central bank in the open market for two deadline is、Inverse repurchase amount for，But is unable to buy back again。Is the buyback continued on and not hair，Further affect the market of the central bank is expected to drop allowed。

　　鉴于本周公开市场将有1000亿元的逆回购到期，加上月末、财政缴存等因素影响，央行继续在公开市场上进行逆回购操作、以应对临近月末流动性的逐步紧张，并不出人意料。

In view of this week there will be 100 billion yuan open market inverse repurchase expires，Late and、Financial capture puts and other factors，The central bank to continue on the open market operation against the buyback、In response to the end is near liquidity gradually nervous，Came as no surprise。

　　值得一提的是，巨量逆回购也使得降准预期被打乱。“今年以来央行历次货币政策调整呈现出一个显著特征，即存款准备金率盯住货币供应量。6月末广义货币M2同比增加13.6%，纵观今年历次存款准备金率调整与当时的M2增速数据，13.6%的同比增速并不支持央行降准。”一银行人士认为。

It is，Huge amount inverse repurchase also makes drop must expected be upset。“Since this year all previous central bank monetary policy adjustment presents a significant features，That is the deposit reserve rate target the money supply。6 month M2 increased 13.6% year-on-year，Throughout this year all previous deposit reserve rate of growth of the M2 at that time and the adjustment of data，13.6% year-on-year growth does not support the central bank must drop。”People who see a bank。

　　光大银行(601818,股吧)首席分析师盛宏清同样延后了对降准的预期。他表示本月已经降息，央行或担心动作太过频繁使得市场信心恶化，因此没有及时下调存款准备金率；而今日汇丰中国制造业采购经理指数初值公布为49.5，升至5个月来新高，情况好转也可能使得央行认为降准可以延后。

Everbright bank(601818,Shares it)Chief analysts ChengHongQing also delay of the expected to drop allowed。He said this month has been to cut interest rates，The central bank or worry about action too often makes the market confidence deteriorated，So not to cut deposit reserve rate；The HSBC China manufacturing industry today purchasing managers index released initial value is 49.5，Up to five months to new highs，For better also may make the central bank must can delay that drop。

　　不过，国泰君安宏观债券首席研究员姜超则认为，预计央行将继续在公开市场上进行逆回购操作，以应对临近月末流动性的逐步紧张，此外，考虑到央行政策宽松趋势不变以及外汇占款增长放缓，目前央行降准概率加大。

but，Cathay Pacific chief researcher JiangChao hand to macro bonds is considered，Expected the central bank will continue to on the open market operation against the buyback，In response to the end is near liquidity gradually nervous，In addition，Considering the central bank policy loose, and foreign exchange trends combines growth，At present the central bank must drop the probability increase。

　　值得一提的是，昨日财政部、央行还就500亿元3个月国库现金定存进行了利率招标。与上次同期限品种招标相比，在资金面环境整体有所趋紧的背景下，本期国库现金定存中标利率亦有小幅上行，但上行幅度较小也反映出机构对于后市资金面预期仍偏向乐观。

It is，Yesterday the Treasury、The central bank also is 50 billion yuan 3 months for the Treasury cash deposit interest rates tender。With the last period compared with tender varieties，In financing area environment under the background of the overall tightening somewhat，This issue Treasury cash deposit account the winning interest rates also have a modest upward，But small scale upward also reflects that the agency is expected to turn to the financing side still optimistic。

　　上次3个月国库现金定存招标是在6月19日，招标量600亿元，中标利率为3.23%。而根据中债网公布的招投标结果公告，本期中标利率为3.50%，较上次走高27个基点。值得注意的是，6月19日7天期质押式回购加权平均利率为2.98%，7月24日则已上行至3.39%，上行幅度达到41个基点。也就是说，本期国库现金定存中标利率与7天回购利率的利差已由上期的32个基点缩窄至11个基点。

The last 3 months to the state Treasury cash deposit account bidding is in June 19，The bidding of 60 billion yuan，The interest rate is 3.23%。And according to the bidding in debt nets announced results announcement，The current rate is 3.50%，Previous go high 27 basis points。Note the，June 19,, 7 days period repo weighted average interest rate of 2.98%，July 24, on it to 3.39%，Uplink range to 41 basis points。That is，This issue Treasury cash deposit account interest rate and the seven days of the buyback by the previous interest rates has 32 basis points erode to 11 percentage points。

　　受到资金面改善影响，银行间同业拆借利率多数下跌，其中隔夜品种跌37.67个基点，加权平均利率为2.9625%；7天期品种跌15.71个基点，加权平均利率为3.4017%。

The financing side effect is improved，Interbank loan interest rates down most，Among them overnight varieties fell 37.67 basis points，The weighted average interest rate of 2.9625%；7 day period varieties fell 15.71 basis points，The weighted average interest rate of 3.4017%。

　　当日，中国银行(601988,股吧)间市场质押式回购加权平均利率隔夜品种跌37.75个基点，加权平均利率为2.9698%；7天期品种跌17.57个基点，加权平均利率为3.3943%。银行间买断式回购加权平均利率隔夜品种跌35.66个基点，加权平均利率为3.1832%；7天期品种跌43.57个基点，加权平均利率为3.4048%。

On that day，The bank of China(601988,Shares it)Market between repo weighted average interest rates fall overnight varieties 37.75 basis points，The weighted average interest rate of 2.9698%；7 day period varieties fell 17.57 basis points，The weighted average interest rate of 3.3943%。Bank buyout repo between the weighted average interest rate dropped 35.66 percentage points overnight varieties，The weighted average interest rate of 3.1832%；7 day period varieties fell 43.57 basis points，The weighted average interest rate of 3.4048%。

　　记者 刘扬

Reporter LiuYang