本报讯 随着央行昨日展开80亿逆回购，7月公开市场操作收官。央行网站信息显示，周二央行进行的7天期逆回购操作量降至80亿元，较上一次进行的500亿元减少逾八成，中标利率连续第三次持平于3.35%，当日正回购继续询而不发。

Report from our correspondent with the central bank yesterday on the 8 billion inverse the buyback，July an open market operation。The central bank website information display，The central bank on Tuesday 7 days of the buyback period inverse operation signal drop to 8 billion yuan，Is the last of the 50 billion yuan reduce more than eighty percent，The interest rate for the third straight time flat at 3.35%，On that day is the buyback) and not continue to send。

　　“今天逆回购缩量是个信号。”中邮证券固定收益分析师李卓昨日表示，“整个7月央行一直在放逆回购，而8月到期资金就1000多亿元，而逆回购也有大量到期。这意味着若不降准就要不断的逆回购，所以如果周四逆回购还不放量，预计降准的可能性就比较大，预计一两周之内应当能见分晓。”

“Today is a signal SuLiang inverse the buyback。”Mailed in fixed income securities analysts LiZhuo said yesterday，“The central bank has been put on July in reverse repurchase，And the 8 month capital more than 1000 yuan，And inverse repurchase also have a large expires。This means that if you don't drop must keep the inverse of the buyback，So if the inverse repurchase is not rare on Thursday，Is expected to drop the possibility of accurate is greater，A two weeks are expected to be able to be。”

　　今年6月26日以来，央行连续向市场注入流动性，至今13期央票都是逆回购操作，票面利率从4.20%下滑到目前的3.35%，而最近一个月，央行都采取了7天期限的逆回购操作方式。据Wind统计显示，目前央行公开市场已净回笼资金1360亿元，而7月份央行公开市场共计净投放资金840亿元。加上6月份已净投放资金2940亿元，央行已连续两个月净投放，共计净投放资金3780亿元。

This year since June 26,，For the central bank to inject liquidity into the market，So far central 13 issue ticket is inverse repurchase operation，The coupon rate fell to 4.20% from 3.35% currently，And a recent months，Central Banks have taken seven days of the buyback period inverse operation mode。According to Wind statistics show，At present the central bank open market already net cage capital of 136 billion yuan，And in July, the central bank open market in net on the capital of 84 billion yuan。In June and has put on the net capital of 294 billion yuan，The central bank has two consecutive months net resources，Total net on the capital of 378 billion yuan。

　　而对于降准目前市场产生了分歧。国海证券(000750,股吧)分析师范小阳就认为，降不降准都不重要。“从大趋势上讲，通胀触底，未来随着通胀的温和反弹，资金面应该会比上半年要紧一些，因此逆回购这么慢慢腾挪着，也还可以保持资金面的相对稳定。央行肯定也看到了这点，所以降准也并不是必然，而看到通胀形势，也不想放太松。”

And to drop must were divided in the market at present。GuoHai securities(000750,Shares it)Normal small Yang will think analysis，Drop not do must not important。“From the big trend speaking，Inflation hit bottom，The future of mild rally with inflation，Financing area should be some important than the first half，So inverse repurchase so slowly move STH，Still also can keep the money relatively stable。The central bank must also see this，So drop must also is not necessary，And see inflation situation，Also don't want to put too loose。”

　　此外，不少业内人士也表示，央行已经将一年期定存的基准利率降至3%的水平，而从市场利率水平来看，短期利率比如7天回购等，仍然保持在较高的水平上，即使在两次降息后，还一度出现3．5%以上的高位，这表明市场的资金面可能并不如央行想象般宽松。央行仍将在下半年进行降准来为市场注入流动性，按照测算，如果货币供应的增长目标保持在14%，在资本流入进一步减少的状况下，央行可能还需要两到三次降准来实现货币增长的目标。

In addition，Many in the industry were said，The central bank has been the benchmark one-year deposit account of benchmark interest rates fell to 3% level，And from a market interest rates and see，Short-term interest rates such as repurchase of 7 days，Remain in the higher level，Even in after two cuts，Also once appear more than 3.5% of the high，This suggests that the market on the financing side may not like the central bank imagine a loose。The central bank will still in the second half to drop to inject liquidity into the market for accurate，According to estimates，If the supply of money growth target remain at 14%，In the capital into further reduce the condition，The central bank may also be two to three times to implement monetary growth must drop goal。

　　从资金面来看，银行间同业拆借利率周二多数上涨。其中隔夜品种和7天期品种止跌，分别涨7.38个基点和22.36个基点。当天，银行间市场质押式回购加权平均利率隔夜品种涨7.37个基点，加权平均利率为2.6068%；7天期品种涨21.62个基点，加权平均利率为3.3551%。

From the financing side to see，Interbank loan interest rates Tuesday most rise。Overnight and seven days of varieties of reason varieties，Up 7.38 percentage points respectively and 22.36 basis points。The day，Interbank market repo weighted average interest rate rise overnight varieties 7.37 basis points，The weighted average interest rate of 2.6068%；7 day period varieties up 21.62 basis points，The weighted average interest rate of 3.3551%。

　　记者 刘扬

Reporter LiuYang