本报讯 逆回购继续放量。央行昨日发布公告称，当日以利率招标方式进行了650亿元7天期和600亿元14天期逆回购操作，其中7天期中标利率为3.4%，持平于上期，而14天期中标利率下降5个基点，为3.55%，显示出当前市场资金面正在企稳，资金成本正在下降。

Report from our correspondent reverse repurchase y109.52 to continue。The central bank issued yesterday said，With interest rates on the bidding $65 billion 7 days period and 60 billion yuan 14 days period reverse repurchase operation，Among them 7 day period the interest rate is 3.4%，Flat to the previous，And 14 days period the interest rates fall five basis points，Is 3.55%，Show the current market financing area are stabilises，Capital cost is falling。

　　据Wind数据统计，央行6月至今共实施了25次逆回购，全部为7天、14天期，发行规模50亿-1500亿元不等，相比2012年4次、2011年全年未实施逆回购而言，当前央行对这一工具的使用已趋于常态化。

According to the Wind data statistics，The central bank has implemented a total of June 25 times reverse repurchase，All for seven days、14 days period，Issue size 5 billion - 150 billion dollars，Compared with 2012 4 times、In the whole year of 2011 did not implement reverse repurchase concerned，The current central bank to the use of tools has already become more and more normalization。

　　值得一提的是，上周央行天量逆回购在有效减缓流动性压力的同时，也基本打消了市场的降准预期，使得市场逐渐接受央行近期以“逆回购”替代“降准”调节流动性这一事实。

Be worth what carry is，Last week the central bank day quantity reverse repurchase in effective slow liquidity pressure at the same time，Also basic reassure the market drop quasi expected，That makes the market gradually accepted by the central bank in the near future“Reverse repurchase”alternative“Drop must”Control liquidity this fact。

　　“降准仍然会是一个中长期趋势，而巨量逆回购则是阶段性的行为。”西部证券(002673,股吧)宏观分析师刘彦召昨日在接受记者采访时表示，我认为降准还是会做的，这个趋势是存在的。

“Drop quasi would still be a long and medium-term trends，And huge amount reverse repurchase is the behavior of the stage。”Western securities(002673,guba)Macro analysts LiuYanZhao yesterday when accepting a reporter to interview said，I think drop quasi or will do，This trend exists。

　　中金公司亦认为，虽然逆回购的放量能够缓解月末这几天的资金状况，但由于期限很短，对宏观流动性不会产生改善效果。目前资金活性依然较低，未来货币政策如果维持当前的谨慎程度，则市场利率仍将徘徊在较高水平，目前的逆回购在9月初将大量到期，因此无论是从货币政策空间、稳增长需求，还是短期紧张的资金面来看，近期降准均是较为合理的选择。

Cicc also think，Although reverse repurchase of measures to alleviate these days at the end of the capital position，But due to the time is very short，And the macro liquidity won't produce improvements。Current fund activity is still low，If the future monetary policy to maintain the current cautious degree，The market interest rates will still wandering in a higher level，The current reverse repurchase in early September will be a lot of maturity，So whether from monetary policy space、Steady growth needs，Or short-term nervous financing area to see，The recent drop quasi are relatively reasonable choice。

　　受益于逆回购的放量，市场资金面也显得略微宽松，平稳跨月或不是问题。中国外汇交易中心数据显示，周二银行间同业拆借利率多数品种继续走软，其中7天期品种加权平均利率跌逾35个基点，报3.1136%；14天期品种加权平均利率跌近38个基点，报3.3286%。记者 刘扬

Benefit from the reverse repurchase of peatlands，Market financing area also appear a little loose，Smooth span month or is not a problem。The China foreign exchange trading center data display，Tuesday's interbank loan interest rate most varieties continue to go soft，Among them 7 day period varieties of the weighted average interest rate fell more than 35 basis points，To 3.1136%；14 days period varieties of the weighted average interest rate of falling nearly 38 basis points，To 3.3286%。Reporter LiuYang