本报记者 曾会生

Our reporter CengHuiSheng

　　央行逆回购大幅缩水，本周公开市场上再度资金净回笼。

The central bank reverse repurchase shrunk dramatically,This week the open market withdrawal of net capital again.

　　12月13日央行在公开市场开展逆回购仅有180亿元，加上周二的810亿元也不足千亿元。本周公开市场到期逆回购达到2620亿元，公开市场上净回笼资金超千亿元。

On December 13, the central bank in the open market to carry out reverse repurchase only 18 billion yuan,With Tuesday's 81 billion yuan is less than one hundred billion yuan.This week open market maturity reverse repurchase amounted to 262 billion yuan,The open market withdrawal of net capital over one hundred billion yuan.

　　但当天银行间市场的资金利率仍然低位，7天回购利率不升反降，显示市场资金比较宽裕。但是市场人士分析，本月底资金或再度紧张，逆回购操作将会随着需求而扩大。

But the interbank market capital interest rates are still low,7 days repurchase rate does not rise but lower,Display market funds were better off.But the market analysts,The end of this month or funds nervous again,Reverse repurchase operation will be as demand and expand.

　　13日，央行开展7天逆回购80亿元，14天逆回购100亿元，中标利率分别持平于3.35%和3.45%。11日，央行开展逆回购810亿元，其中7天逆回购110亿元，28天逆回购700亿元。

13,The central bank to carry out 7 days reverse repurchase 8 billion yuan,14 days reverse repurchase 10 billion yuan,The interest rate of 3.35% and 3.45% respectively in the same.11,The central bank to carry out reverse repurchase 81 billion yuan,Seven days reverse repurchase 11 billion yuan,Twenty-eight days reverse repurchase 70 billion yuan.

　　但据统计，本周公开市场到期逆回购为2620亿元，加上到期央票380亿元，央行本周公开市场上净回笼资金1250亿元。上周央行在公开市场上净投放了110亿元。

But according to statistics,This week open market maturity reverse repurchase for 262 billion yuan,With central ticket due 38 billion yuan,This week the central bank open market withdrawal of net capital of 125 billion yuan.Last week the central bank in the open market net put 11 billion yuan.

　　尽管本周公开市场净回笼资金量为近期的较高水平，但市场资金面并未出现紧张局面。13日，全国银行间市场回购定盘利率方面，隔夜利率持平在2.2800，7天回购定盘利率下跌了36个基点至2.6600；银行间市场隔夜同业拆放利率小涨1.5个基点为2.2747，7天拆放利率则下跌了35.6个基点至2.6600。同业拆借行情上，7天交易品种的利率更是下跌了52个基点，质押式回购行情方面，7天交易品种利率也降了28.3个基点，为2.7274。

Although this week open market withdrawal of net there for recent high level,But the market financing area did not appear the tension.13,The national inter-bank market repurchase chack interest rates,Overnight interest rates in the same 2.2800,7 days buyback chack rate dropped 36 basis points to 2.6600;Interbank market overnight trade loan interest rate small up 1.5 point 2.2747,7 days loan interest rate is down by 35.6 percentage points to 2.6600.The interbank lending market,7 day trading varieties of interest rate is down 52 basis points,Repo market aspects,7 day trading products interest rates are down by 28.3 percentage points,For 2.7274.

　　民族证券固定收益研究员尹小兵此前接受中国经济时报记者采访时分析，年底财政存款大投放给市场注入了大量资金，市场流动性比较宽裕。媒体日前报道称，本月财政突击花钱可能达到2万亿元。尹小兵表示，至少会超万亿元。

National securities fixed income researchers YinXiaoBing previously accept China economic times reporter to interview analysis,The end of the year financial deposit large launch to the market into a lot of money,Market liquidity were better off.The media has reported,This month the financial shock money could reach 2 trillion yuan.YinXiaoBing said,At least more than one trillion yuan.

　　不过平安证券固定收益部副总经理石磊对本报记者表示，财政存款投放效应的解释没有说服力。“年年都财政投放，但每年年底还是资金紧张。财政投放只具有时点效应，很快又流回去了。而且这几年相关部门防止和治理突击花钱，不再集中花钱，今年的财政存款释放不会像以前那么集中。”

But peace securities fixed income of vise general manager shi lei to our reporter said,Financial deposit on the effect of the interpretation is not convincing."Year after year on finance,But at the end of the year or financial strain.Finance is only on the time effect,Soon and flow back.And this years related departments to prevent and control assault spend money,No longer focus spending,This year's financial deposit release not less concentrated."

　　他认为，公开市场投放只是流动性投放的一小部分，净回笼是因为市场需求不高，市场利率比央行逆回购利率低，机构不愿意通过逆回购筹资，市场处于比较宽松的状态。尽管大家也在为年底筹集资金，延长筹资期限，但是本身资金并不紧张。

He thinks,Open market liquidity is just a small part of the launch,Withdrawal of net because the market demand is not high,Market interest rates than the central bank reverse repurchase rates are low,Institutions are reluctant to through the reverse repurchase financing,The market in a more relaxed state.Although we are also raising money for the end of the year,Extend the financing period,But money is not the nervous itself.

　　也有分析人士表示，最近市场流动性宽松的另一大原因是，11月份中国对外贸易维持较大顺差和人民币持续升值，本月通过外汇占款投放的基础货币量可能会比较大。

Also have analysts said,The recent market liquidity loose another big reason is,China's foreign trade in November to maintain large surplus and the continued appreciation in the yuan,This month on the funding of the foundation of foreign currency may be larger.

　　“近期资金宽松是季节性的，现在不到紧张的时候，一般在20号之后才会紧张。现在资金需求不是很高，存款和理财之间的转化还没有开始，需求没有真正体现出来。”石磊判断，到了月底和年底资金面又可能会出现紧张的局面，后两周市场流动性肯定比现在紧张。

"Recent funds loose is seasonal,Now when not nervous,In general, and only after get nervous.Now capital demand is not very high,Deposit and finance of the transitions between has yet to start,Demand is not really reflected."Shi lei judgment,By the end of the month and the financing side at the end of the year and may appear tense situation,Two weeks after the market liquidity is definitely better than nervous now.

　　由于央行逆回购比较及时，市场不会连续出现资金紧张的局面。石磊对本报记者分析，到月底流动性紧张了，央行逆回购操作规模也会随着市场需求增加而扩量，今年流动性整体上肯定要比去年好。

Due to the central bank reverse repurchase is timely,The market does not continuous appear financial strain situation.Shi lei to our reporter analysis,Until the end of the liquidity nervous,The central bank reverse repurchase operation size can also be increased along with the market demand expanding quantity,This year, on the whole, liquidity must be better than last year.