央行8月21日公告，周二在公开市场进行了1500亿元7天期和700亿元14天期逆回购操作，中标利率分别为3.4%和3.6%，其中7天期逆回购中标利率较上期上涨5BP。本周到期资金－830亿元，除30亿元央票和300亿元正回购到期外，还有前期累计的1200亿元逆回购到期。在周二进行2200亿元天量逆回购后，累计的未到期逆回购已达到2400亿元。

The central bank announced on August 21,，Tuesday in open market 150 billion yuan 7 days period and 70 billion yuan 14 days period reverse repurchase operation，The interest rates were 3.4% and 3.6% respectively，Among them 7 day period reverse repurchase the interest rate rise is the previous 5 bp。Is due this week funds - 83 billion yuan，In addition to 3 billion yuan from 30 billion yuan tickets and positive repurchase expire outside，And the accumulated 120 billion yuan reverse repurchase maturity。On Tuesday to 220 billion yuan day quantity after inverse repurchase，Accumulated did not expire reverse repurchase has reached 240 billion yuan。

　　点评：外汇占款一直处于低位甚至负增长，使得基础货币无法投放，而央行迟迟不降准，使得资金面越来越紧张；另外，8月中下旬还将面临3000亿元、4000亿元财政存款的上缴压力。值得注意的是，尽管央行逆回购释放2200亿元资金，伴随着7天期逆回购放量的是中标利率上涨5BP。逆回购利率不降反升导致其他期限的利率难以下行。 （王月金点评）

Comment on：Funding of foreign exchange has been in a low or even negative growth，Makes the base currency cannot launch，And the central bank does not fall tardy quasi，The financing side makes more and more nervous；In addition，Late August will also face 300 billion yuan、400 billion yuan of financial deposit to pressure。It is important to note that，Although the central bank reverse repurchase release 220 billion yuan，With seven days period reverse repurchase measures is the rising interest rates five bp。Reverse repurchase rate does not drop back up lead to other term interest rates to descending。 （WangYueJin comment on）