资金市场维持紧平衡

Money market maintain tight balance

　　张大伟制图

　　⊙记者 王媛 丰和 ○编辑 枫林

WangYuan ⊙ reporter feng and ○ edit maple's woods

　　在7月宏观数据公布当日，央行再度实施500亿逆回购，量价继续与上期持平，令本周公开市场重返净投放，而资金市场继续维持紧平衡。

In July the macro data released on that day，The central bank implementation again 50 billion inverse the buyback，Price volume to continue with the previous levels，Make this week to return to the net on the open market，And capital markets continue to maintain tight balance。

　　本周公开市场仍延续上周操作思路，继续滚动开展逆回购，以缓解到期逆回购压力。昨日开展的500亿逆回购，利率持平于3.35%，至此，本周公开市场重返净投放，净投放资金量达440亿元。

This week the open market still continue operating idea last week，Continue to scroll in inverse the buyback，Due to ease pressure inverse the buyback。In 50 billion the reverse repurchase yesterday，Interest rates at 3.35% in，So far，This week to return to the net on the open market，Net on the financing volume of 44 billion yuan。

　　受逆回购“滋润”，昨日资金面相对宽松，银行间市场隔夜和7天回购利率尽管分别上涨了4.85个基点和3.11个基点，但拆借资金相对容易，资金面维持紧平衡格局，这与昨日公布的经济数据一起，助力了昨日债市反弹。

Reverse repurchase by“moist”，The financing side yesterday relatively loose，Interbank overnight and seven days repurchase rates despite rising respectively 4.85 basis points and 3.11 basis points，But lending and borrowing money is relatively easier，The financing side to maintain tight balance pattern，This and the economic data released yesterday together，Power the bond market rally yesterday。

　　周四公布的宏观数据显示中国经济依然疲弱，场内避险情绪升温。其中，全国工业生产者出厂价格（PPI）环比下降0.8%，低于市场预期，显示经济继续疲软。受此刺激，债市止跌企稳，利率债收益率全线回落。

The macro data released on Thursday showed China's economy remains weak，A hedge emotional temperature field。Among them，The national industrial producers ex-factory price（ppi）Annulus comparing fell 0.8%，Below market expectations，Showing the economy continues to weaken。By this stimulus，Bond markets stabilising reason，Interest rate debt yields dropped all。

　　数据显示，标杆性品种10年国债120009在3.28%有成交，较前一交易日下滑了5个基点，与年内第二次降息时的跌幅相当。

Data shows，Benchmarking cultivars of Treasury bonds at 3.28% 10 years 120009 have a deal，The session is dropped five basis points，And the years of the second when cut interest rates fell quite。

　　汇丰中国首席经济学家屈宏斌昨日指出，PPI环比降幅也从6月的0.7%扩大到7月的0.8%。结合汇丰制造业PMI中的价格指数已连续三个月保持在收缩区间来看，显示需求仍然偏弱，企业去库存尚未结束。

The HSBC China QuHongBin's chief economist, said yesterday，ppi annulus from June by 0.7% to 0.8% of the expanding July。Combined with HSBC PMI manufacturing the price index for three months to keep shrinking interval，Show demand remains weak，Enterprise to inventory is not yet over。

　　尽管降准“靴子”迟迟未落地，但本周开展的1000亿逆回购将于下周到期，结合昨日公布的宏观数据，市场认为8月降准仍有可能。7月CPI同比上涨1．8％，创2010年2月以来的新低。业内人士预计，ＣＰＩ维持低位，将给政策调控提供很大空间。

Despite the drop must“boots”Didn't fall to the ground，But this week the buyback in 100 billion in inverse falls due next week，Combined with the macro data released yesterday，Market think August drop must was still possible。July CPI rose 1.8% year-on-year，And since February 2010 low。Insiders expect，CPI remains low，Will give policy control provide large space。

　　中信证券(600030,股吧)指出，货币政策将仅限于采取适应性的调整，即在观察到CPI下行后才进一步放松货币政策。7月份CPI同比继续较大幅度下行，8月份央行仍有可能采取降准措施。

Citic securities(600030,Shares it)Points out that，Monetary policy will be limited to take adaptability adjustment，That is in seeing the CPI down before further loosening monetary policy。In July, compared to the dramatic CPI continued to the downside，In August, the central bank is likely to take down must measures。