12月的市场流动性或许不用担忧，因为除了央行通过逆回购释放流动性，财政存款的年底突击花钱也很能“宽慰”市场流动性。

12 months of market liquidity may do not have to worry about,Because in addition to the central bank through the reverse repurchase release liquidity,By the end of the fiscal deposit money is also a can"relief"Market liquidity.

　　数据显示，12月6日，央行在公开市场开展逆回购释放流动性1170亿元。本周公开市场实现净投放资金，结束此前连续四周的资金净回笼。

Data display,On December 6,,The central bank in the open market to carry out reverse repurchase release liquidity is 117 billion yuan.This week open market to realize net put their money,After the end of the withdrawal of funds for around the net.

净投放110亿结束资金回笼 Net put 11 billion end the money collecting

　　本周逆回购的量比前几周略有放大，连续四周净回笼资金后，公开市场上再度实现净投放。

This week the amount of reverse repurchase than a few weeks before the slightly enlarged,After withdrawal of funds for around the net,The open market to realize again put on the net.

　　12月6日央行开展7天逆回购450亿元，28天逆回购720亿元，中标利率分别维持在3.35%和3.60%。本周二已经开展逆回购970亿元，其中，7天逆回购590亿元，14天逆回购380亿元。

On December 6, the central bank to carry out 7 days reverse repurchase 45 billion yuan,Twenty-eight days reverse repurchase 72 billion yuan,The interest rates remain at 3.35% and 3.60% respectively.On Tuesday in reverse repurchase has 97 billion yuan,the,7 days reverse repurchase 59 billion yuan,14 days reverse repurchase 38 billion yuan.

　　值得注意的是，此前每周央行逆回购操作都是周二开展7天和28天逆回购，周四开展7天和14天逆回购。但本周二和周四逆回购的期限出现了变化，周二开展了14天，周四开展了28天。有交易员透露，本周逆回购发行节奏的变化，主要是考虑到2013年元旦的因素，如果还是跟往常一样周二展开7天期和28天期操作，那么假期因素会导致实际的资金运作量的时间高于28天。

It is important to note that,A week after the central bank reverse repurchase operation is carried out on Tuesday to seven days and twenty-eight days reverse repurchase,Thursday in seven days and 14 days reverse repurchase.But on Tuesday and Thursday reverse repurchase period there have been changes,On Tuesday in 14 days,On Thursday launched twenty-eight days.A trader said,This week reverse repurchase issue pace of change,The main consideration to 2013 New Year's day factors,If still as usual on Tuesday 7 days period and twenty-eight days period operation,So holiday factors can lead to the actual capital amount of time higher than twenty-eight days.

　　据统计，本周到期逆回购量为2530亿元，本周央行开展逆回购的交易量为2140亿元，但到期央票500亿元，所以本周公开市场实现净投放资金110亿元。此前，央行已经在公开市场上连续四周净回笼资金，上周公开市场上净回笼资金400亿元。

According to the statistics,Is due this week reverse repurchase quantity for 253 billion yuan,This week the central bank to carry out reverse its volume for 214 billion yuan,But central ticket due 50 billion yuan,So this week open market to realize net on the capital of 11 billion yuan.after,The central bank in the open market has continuous on the net around the collection of receivables,Last week the open market withdrawal of net capital of 40 billion yuan.

　　民族证券固定收益研究员尹小兵对中国经济时报记者分析，此前公开市场连续净回笼资金是因为资金面太松，可能是11月份新增外汇占款回升和财政存款慢慢开始投放，投放到市场的资金量比较大的原因。

National securities fixed income YinXiaoBing researcher of China economic times reporter analysis,After continuous net open market withdrawal of funds because financing area is too loose,May be November funding of new foreign back and financial deposit slowly began to launch,To market there is the bigger reason.

财政存款释放促资金面宽松 Financial deposit release to promote financing area loose

　　尽管此前公开市场连续四周净回笼资金，但资金面仍然较为宽松，银行间市场资金利率远低于央行逆回购的引导利率。

Although open market continuous around net collection of receivables,But the financing side still relatively loose,Interbank market funds rate is far lower than the central bank reverse repurchase guidance interest rates.

　　12月4日，银行间市场同业拆放利率下跌，7天回购利率大跌47个基点，隔夜资金利率也小跌。5日7天期拆放利率继续微跌8.3个基点至2.8000，达到近两个月来的低位。6日，隔夜同业拆放利率小跌1个基点，7天回购利率则小涨至2.8830。而质押式回购利率行情也基本一致，隔夜利率持平在2.25%，7天利率上涨13.7个基点至2.8870。不管是银行间同业拆放利率还是质押式回购利率均低于央行7天逆回购3.35%的中标利率。

On December 4,,Interbank market trade loan interest rates down,7 days of repurchase rates plunge 47 basis points,Overnight funds rate also small drop.5, 7 days period loan interest rates continue to micro fell 8.3 basis points to 2.8000,Nearly two months of low.6,Overnight the loan interest rate small drop 1 point,7 days is small repurchase rates rose to 2.8830.Repo rate and the basic consistent,Overnight interest rates at 2.25% the same,7 days to a rise in interest rates by 13.7 percentage points to 2.8870.Whether the interbank loan interest rate or repo rates are lower than those of the central bank 7 days reverse repurchase 3.35% of the interest rate.

　　“从利率和量上来看，近期市场资金面都比较宽松。”平安证券固定收益部副总经理石磊认为，利率比数量更能反映资金面的宽松。

"From the interest rate and the quantity to see,Recent market financing area are loose."Peace securities fixed income of vise general manager shi lei think,Interest rates more than quantity can reflect the loose money.

　　近日银行间市场同业拆借和质押式回购成交量反映出市场活跃，金融机构融出资金意愿强烈。12月5日各商业银行补缴存款准备金率，但并没有面临资金压力。当天，全国银行间市场同业拆借共成交274笔，总计2068.73亿元，较前一日增加343.23亿元，加权利率2.3852%；质押式回购共成交1522笔，总计6300.68亿元，较前一日增加190.12亿元，加权利率2.3679%。

Recently interbank market interbank lending and repo trading volume reflect market is active,Financial institutions RongChu funds will strongly.December 5, filling each commercial bank deposit reserve ratio,But did not face financial pressure.the,The national inter-bank market interbank lending a total of 274 pen clinch a deal,A total of 206.873 billion yuan,A day before an increase of 34.323 billion yuan,Weighted interest rate 2.3852%;A total of 1522 repo clinch a deal the pen,A total of 630.068 billion yuan,A day before an increase of 19.012 billion yuan,Weighted interest rate 2.3679%.

　　近日有媒体报道，年底临近，今年财政超收可能达到9000亿元，年底突击花钱规模超过3万亿元。

Recently had the media reports,Near the end of the year,This year the financial excess could reach 900 billion yuan,The end of the year assault money scale more than 3 trillion yuan.

　　“目前市场资金面比较宽松，主要是到年末财政存款开始投放。”尹小兵告诉本报记者，据往年数据，11月财政存款投放资金在2000亿—3000亿元，12月份则高达上万亿元，今年可能会更多一些。但他认为，财政存款的投放力度不会像媒体报道的3万亿元那么大。

"The present market financing area more comfortable,Mainly to the end of the year begins to put in the financial savings."YinXiaoBing told our reporter,According to the usual data,November financial deposit on the capital in 200 billion, 300 billion yuan,December is as high as the trillions of dollars,This year may be more.But he thinks,Financial deposit on the strength not like media coverage of the 3 trillion yuan so big.

　　也有分析认为，随着年末临近，市场资金宽松的局面可能会改变。石磊此前也对本报记者表示，12月份资金面可能会出现紧张。不过，尹小兵表示，由于财政存款投放力度大，今年年底资金面不会太紧，近期银行间市场7天资金利率会维持在3%以下。

Have analyzed that,With the end of the year is near,Market funds loose situation may change.The shi lei to our reporter said,December financing area may appear nervous.but,YinXiaoBing said,Due to financial deposit on the big strength,The financing side by the end of this year will not be too tight,Recent interbank market 7 days funds rate will remain below 3%.