本报讯 市场又迎降准窗口期。央行周四以利率招标方式开展了7天期逆回购操作，交易量增至500亿元，中标利率连续第四次持平于3.35%。当天央行并未开展正回购操作，未发行央票。

Report from our correspondent market and meet must drop the window period。The central bank interest rate bidding on Thursday to carry out the seven days the buyback period inverse operation，Volume increased to $50 billion，The winning interest rates for the fourth time in at 3.35%。The central bank has not carry out are the buyback operation，Not central issue tickets。

　　尽管规模较周二的80亿元出现增加，但考虑到仍有超千亿元的逆回购到期，资金回笼迹象仍十分明显。据Wind统计显示，本周公开市场央票及正回购到期资金仅10亿元，此外还有1450亿元逆回购到期，本周净回笼860亿元，为6个月以来的最大单周回笼量，扭转上周实现净投放格局。

Although the scale of 8 billion yuan on Tuesday a presence increases，But considering there are still RMB one hundred billion yuan of inverse repurchase expires，The money collecting signs are still evident。According to Wind statistics show，This week the open market and buy tickets are central due capital only 1 billion yuan，In addition there are 145 billion yuan inverse repurchase expires，This week 86 billion yuan net cage，For six months since the biggest weekly amount cage，Last week the net on the reverse realize pattern。

　　“周三询量时就发现时间点比以前要晚些，而从周四的情况来看，到期的有500亿元，而发行的也有500亿，只能算平稳过渡。”中邮证券固定收益分析师李卓昨日表示，本周末降准预期依旧很强烈。“从目前7天、14天利率倒挂明显就可以看出，这是市场未来预期收益率会下降的一种现象。”

“On Wednesday the amount found time points later than before，And judging from Thursday，There are 50 billion yuan of maturity，And the issue also have 50 billion，Can calculate smooth transition。”Mailed in fixed income securities analysts LiZhuo said yesterday，This weekend must still be very strong down expectations。“Seven days from now、14 days down interest rates significantly can see，This is the market expected rate of return of the decline of the future will be a phenomenon。”

　　从市场利率来看，银行间同业拆借利率周四多数下跌，其中隔夜品种跌7.4个基点，加权平均利率收报2.5587%；7天期品种涨4.14个基点，加权平均利率收报3.5403%。

From market interest rates and see，Interbank loan interest rates down most on Thursday，Among them overnight varieties fell 7.4 basis points，The weighted average interest rate at 2.5587%；7 day period varieties up 4.14 basis points，The weighted average interest rate at 3.5403%。

　　当天，银行间市场质押式回购加权平均利率隔夜品种跌8.09个基点，加权平均利率为2.5470%；7天期品种涨7.44个基点，加权平均利率为3.4862%。银行间买断式回购加权平均利率隔夜品种跌6.17个基点，加权平均利率为2.6910%；7天期品种涨2.69个基点，加权平均利率为3.6947%。

The day，Interbank market repo weighted average interest rates fall overnight varieties 8.09 basis points，The weighted average interest rate of 2.5470%；7 day period varieties up 7.44 basis points，The weighted average interest rate of 3.4862%。Bank buyout repo between the weighted average interest rate dropped 6.17 percentage points overnight varieties，The weighted average interest rate of 2.6910%；7 day period varieties up 2.69 basis points，The weighted average interest rate of 3.6947%。

　　尽管现在大行自身资金面并不紧张，但市场对于近期降准预期很高。下周将公布7月经济数据，信贷、进出口以及房价等其他数据随后也将陆续发布，未来两周将迎来降准的敏感时点。

Although now big line on the financing side is not nervous itself，But the market for recent drop must expect high。Next week will be released on July economic data，credit、Import and export and house prices and other data then also will soon release，The next two weeks will have the standard of sensitive point down。

　　此外，业内人士认为，中国经济增长放缓的趋势还未完全扭转，政策面进一步放松空间仍充裕。8月资金面情况依旧不乐观，央行如此之快转而大幅净回笼资金让市场意外，降准预期进一步升温。记者 刘扬

In addition，The personage inside course of study thinks，China's economic growth slowed the trend has not completely reversed，Face further easing policy space is still plenty。August financing area still not optimistic，The central bank so quick to net receivables let a market accident，Drop must expected to boom。Reporter LiuYang