据新华社电 中国人民银行昨日以利率招标方式开展了650亿元7天期和600亿元14天期逆回购操作，中标利率分别为3．40％及3．55％。这是央行自6月下旬以来连续第十周在公开市场进行逆回购操作。

The people's bank of China according to xinhua yesterday with interest rates tender way carried out 65 billion yuan 7 days period and 60 billion yuan 14 days period reverse repurchase operation，The interest rate was 3.40% and 3.55%, respectively。This is the central bank since late June since the tenth consecutive weeks in open market to reverse repurchase operation。

　　分析人士认为，随着逆回购的大规模频繁使用，准备金率下调等货币工具的使用时点将可能进一步推迟。而基于对物价、房价反弹的忌惮，央行自二季度以来货币调控放松的节奏或将放缓。

Analysts believe that，With reverse repurchase of large-scale frequent use，Reserve currencies such as the rate cut will be the use of tools at further delay。And based on the price、House prices rebound fear，Since the central bank since the second quarter monetary control relaxing rhythm or will slow。

　　近期，央行逆回购操作呈现出节奏加快、力度加大等特点。资料显示，算上本周操作，自6月26日以来，央行已经连续十周在公开市场进行了逆回购操作，创下自2002年6月以来连续逆回购操作的最长时间纪录。就在上周，央行当周抛出3650亿元逆回购操作以熨平短期市场资金波动，以致当周净投放规模创下七个月来单周最高。

recent，The central bank reverse repurchase operation show the quickening pace、Efforts to strengthen etc。Data shows，Is this week operation，Since since June 26,，The central bank has continuous ten weeks in the open market inverse repurchase operation，Since a since June 2002 continuous reverse repurchase operation of the longest time record。Just last week，The central bank this week out 365 billion yuan reverse repurchase operation to ironing short-term money market fluctuations，That week net on the scale in seven months to the highest in a single week。

　　逆回购的频繁使用，削弱了市场对于8月份央行准备金率下调的预期。此前，央行曾于2月、5月两次下调准备金率，在6月、7月央行两次下调基准利率的基础上，市场曾一度认为8月份将是央行准备金率调降的时间窗口，不过，随着央行逆回购的日趋常态化，市场对于短期内准备金率下调的预期明显趋弱。

Reverse repurchase of frequent use，Weaken the market in August to the central bank reserve rate cut expectations。after，The central bank was in February、May twice cut reserve ratio，In June、July the central bank twice cut benchmark interest rate on the basis of the，The market once think August will be central bank reserve ratio reduction in time window，but，As the central bank reverse repurchase is normalization，The market for the short term reserve rate cut expectations weakness.the obviously。

　　“作为短期平滑资金压力的工具，逆回购对于目前阶段性的调整比较有效。而下调准备金率则会通过乘数效应对未来物价房价的走高产生比较大的影响。”交通银行(601328,股吧)首席经济学家连平指出。种种迹象表明，随着二季度楼市的回暖，房价反弹的压力日趋明显，持续走低的物价也呈现年底抬头的苗头。

“As a short-term smooth fund pressure tool，Reverse repurchase for the present stage adjustment is more effective。And cut reserve ratio will be through the multiplier effect on future price house prices go high produce bigger influence。”Bank of communications(601328,guba)Chief economist pointed out that even flat。All the signs are that，As the second quarter of the property market warmed，House prices rebound pressure has become increasingly evident，Falling prices in the end of the year the symptom that looked up。

　　专家认为，尽管稳增长是当前宏观调控的重要任务，但基于对物价和房价反弹的忌惮，三季度我国货币政策的松动节奏或有所趋缓。

Experts say，Although steady growth is the current macroeconomic regulation and control important task，But based on prices and house prices rebound fear，The third quarter monetary policy loose rhythm or have to slow down。

　　“稳增长需要货币政策相对宽松，但这又与控房价目标有所抵触，从而制约了中国货币政策的放松力度。”中金公司首席经济学家彭文生认为，考虑到美联储出台ＱＥ3可能性的上升，我国货币政策放松的节奏和力度将有所降低。

“Steady growth need relatively loose monetary policy，But this and control target prices have conflict，So as to restrict the Chinese monetary policy relaxation dynamics。”Cicc's chief economist PengWenSheng think，Considering the fed QE3 possibility on the rise，China's monetary policy relaxation rhythm and strength to be reduced。