央行实施天量逆回购 暗示谨慎货币政策

The central bank implementation day quantity reverse repurchase suggest that careful monetary policy

　　资金的流动性和股市息息相关。昨天，央行开展了1000亿元14天和1900亿元28天的逆回购，创下了有史以来单日逆回购的最大规模。我们注意到，从9月13日央行重启28天逆回购开始，到昨天一共进行了4期3700亿元的操作，算上昨天恢复发行的1000亿元14天逆回购，央行节前共向市场投放了4700亿元，这个规模应该说已经超过降准0.5个百分点所释放的资金。央行为什么会频频采用逆回购的手段来释放流动性？资金面是否可以真正缓解？未来还会继续降准、降息吗？来看记者报道。

Liquidity and stock market is closely linked.yesterday,The central bank has carried out 100 billion yuan and 190 billion yuan 28 days and the inverse repurchase,The history of a single day reverse repurchase of the most large scale.We note that,From September 13, the central bank to restart 28 days reverse repurchase began,Yesterday a total of 4 to the period of the operation of the 370 billion yuan,On the issue of recovery is yesterday 100 billion yuan 14 days reverse repurchase,The central bank were to the market before put 470 billion yuan,This scale should say is more than 0.5% drop must release of funds.Why central bank repeatedly using reverse repurchase means to release the liquidity?Whether the financing side can be real remission?The future will continue to drop quasi/Cut interest rates??To see reporter.

　　记者张琳：逆回购，简单来说，就是央行把钱借给商业银行，商业银行把债券质押给央行，到期时，商业银行还钱，债券回到商业银行帐户上，目的就是要释放流动性。但是逆回购操作的期限通常比较短，目前主要集中在7天和14天，这就意味着，央行借此投放的流动性，将在7到14天内重新回流到央行。

Reporter zhang Lin:Reverse repurchase,In simple terms,Is the central bank to lend money to a commercial bank,The bonds of commercial bank pledged to give the central bank,expires,Commercial bank also money,Bonds return to commercial bank account,Purpose is to release the liquidity.But the reverse repurchase operation period are generally shorter,At present mainly concentrated in the 7 days and 14 days,This means that,The central bank to put on the liquidity,Will be in 7 to 14 days to return to the central bank.

　　记者张琳：在央行货币政策委员会三季度例会新闻稿中，我们看到对于未来经济形势的分析大多和二季度没有什么差别，但是有一个新的提法，就是“要密切关注近期欧美新一轮的救助和刺激措施可能带来的影响”。分析人士认为，近期越来越频繁和大额的逆回购，使得降准的预期一再降温，这反映了了在欧美新一轮宽松政策刺激下，中国更加坚定实施稳健甚至是谨慎的货币政策。也有分析人士认为，逆回购投放的流动性是暂时的，不能真正用于支持中长期的信贷扩张，因此，市场对于未来降准、降息仍有期待。

Reporter zhang Lin:In the third quarter of the central bank's monetary policy committee meeting in the press release,We see in the future economic situation and the analysis of the second quarter most does not have what difference,But there is a new formulation,is"To pay close attention to the recent Europe and the United States a new round of relief and the possible impact of the stimulus".Analysts believe that,Recently more and more frequent and large reverse repurchase,Make drop quasi expected cool again and again,This reflects in Europe and be able to a new round of loose policy stimulus next,China's more firmly implement robust even prudent monetary policy.Also analysts believe,Reverse repurchase on the liquidity is temporary,Can't really used to support long-term credit expansion,therefore,The market for the future must fall/There are still looking forward to cut interest rates.

　　交通银行(601328,股吧)首席经济学家 连平

Bank of communications(601328,guba)Chief economist even flat

　　谈货币政策

Talk about monetary policy