继上周9100亿元资金回笼后，26日，央行继续以利率招标的方式实施了规模为50亿元的28天期正回购操作，中标利率为2.75%，与上期持平。本期公开市场央行依然未进行逆回购操作，不过，有知情人士透露，当日有部分银行向央行提出了定向逆回购的申请，但均遭拒。

910 billion yuan last week after the money collecting,On the 26th,Central Banks continue to interest rates imposed by means of public bidding, the scale of 5 billion RMB is repo period of 28 days,The winning rate of 2.75%,With the flat of the previous period.Central bank still not to reverse repurchase this open market operations,but,There are people familiar with the matter,There's part of the bank to the central bank put forward the application of directional reverse repurchase,But all was rejected.

　　对此，兴业银行(601166,股吧)首席经济学家鲁政委认为，央行此举意在测试公开市场短期流动性调节工具的市场效果，而央行本身也在“维持中性”与“悄然收紧”之间相机抉择。

For this,Societe generale(601166,stocks)Chief economist lu zhengwei said,The move is intended to test the market effect of open market short-term liquidity adjustment tool,The central bank itself in"Maintain neutral"With the"Quietly tightening"Between the discretion.

　　接受《经济参考报》记者采访的其他业内专家认为，当前，银行间流动性依然宽裕，接下来，央行对公开市场短期流动性调节工具的使用将成为常态。在货币政策目标追求多元化的背景下，可能更多体现出中性色彩，即使下半年通胀压力上升会带来新的微调，预计也不会出现明显的紧缩趋势。

To accept[Economic information daily]The reporter interviews with other industry experts say,The current,Interbank liquidity remains ample,The following,The central bank's open market short-term liquidity, regulating the use of tools will become the norm.In quest of diversification under the background of the monetary policy goal,May be more neutral colors,Even if the rising inflation pressure will bring new fine-tuning in the second half year,Tightening is expected to also won't appear obvious trend.

　　受资金回笼效果影响，银行间同业拆借利率和回购利率全线上扬，甚至有分析认为，资金利率最低时点已过去。截至26日收盘，上海银行间同业拆借利率(Shibor)数据显示，7天品种的拆借利率为3.877%，较前一个交易日上升了50个基点，值得一提的是，隔夜品质的拆借利率升至3.733%，较前一个交易日大幅上涨130余基点，价格逼近7天品种。回购利率方面，隔夜、7天和14天回购 利 率 已 分 别 行 升 至2 .407%、3.299%和3.360%的位置。

Affected by the effect of money collecting,Interbank lending rates and the repurchase rate rose across the board,Even the analysis thinks,Funds rate lowest point has been the past.As of 26 closing,Shanghai interbank lending rates(Shibor)According to data,7 days of varieties of libor rate is 3.877%,The previous trading day up by 50 basis points,It is worth mentioning,The overnight libor rate rose to 3.733% of the quality,A day earlier surged more than 130 basis points,Varieties of price is close to 7 days.Repo rate in terms of,overnight/7 and 14 days Interest rates have points don't line up to 2. 407%/3.299% and 3.360%.

　　一位银行间市场交易员表示，“25日商业银行上缴法定存款准备金，2000亿元资金存入央行后，有部分银行出现流动性偏紧的状况，再加上年初银行放贷需求等因素，所以不排除有银行希望争取央行定向逆回购。”

An interbank market trader said,"25 Banks pay legal deposit reserve,200 billion yuan after the central bank,Some Banks appear tight liquidity situation,Coupled with early bank lending requirements and other factors,So do not rule out there that want to strive for the central bank reverse repurchase."

　　实际上，1月份银行新增人民币信贷达1.07万亿元，同比多增3340亿元。1月末，央行已对部分银行进行窗口指导，但从2月份情况看，前半个月，银行信贷依然有较大规模的投放。此外，1月份社会融资总规模激增至2.54万亿元，比上年同期多增1.56万亿元，值得注意的是，实体经济从非银行信贷渠道获得的融资资金大幅增长，如未贴现银行承兑汇票、新增信托、委托贷款及企业债券，这四种渠道的资金占社会融资总规模比例已达47.8%。因此，市场流动性宽松的局面已引起了央行的警惕，其中包括楼市回暖促使一、二线城市房价反弹压力增大以及对“影子银行”风险积聚的担忧。

In fact,New bank credit up to 1.07 trillion yuan in January,Compared to the more than 334 billion yuan.One end of the month,The central bank has been carried out on the part of the bank window guidance,But look from the case in February,Before half a month,Bank credit is still has the mass delivery.In addition,Total social financing scale surged to $2.54 trillion in January,1.56 trillion yuan more than a year ago,It is worth noting,Real economy from non-bank credit channels of financing capital increased significantly,If not the discount bank acceptance of draft/New trust/Entrusted loans and corporate bonds,The four channels of funds accounted for the total social financing scale has reached 47.8%.so,Market liquidity easing the situation has caused the central bank's caution,Including the housing market recovery prompted a/Second-tier cities housing prices rebound pressure as well as on"The shadow banking"The concerns of the risk accumulation.

　　“我国债券市场金融产品少，国债衍生品也不发达，金融市场层次较为单一，因此货币供应会较多的集中在银行间市场，流动性看上去宽松，但真正渗透到实体经济领域还不够。因此，央行会采取一些更加灵活的手段调控流动性市场。”央行金融研究局一位人士对《经济参考报》记者坦言。

"Our country bond market financial products,Debt derivatives are also developed,Financial market is relatively single,Therefore the money supply will be more focused on the interbank market,Mobility seems to be easing,But the real penetration into the real economy is not enough.so,The central bank will take some more flexible means to control liquidity in the market."Central bank financial research to a person[Economic information daily]Reporters said.

　　为了进一步完善公开市场操作机制，1月18日，央行决定启用公开市场短期流动性调节工具，以7天期以内短期回购为主，采用市场化利率招标方式开展操作，这也作为公开市场常规操作的必要补充，在银行体系流动性出现临时性波动时相机使用。

In order to further perfect the open market operation mechanism,On January 18,,The central bank's decision to enable open market short-term liquidity adjustment tool,Give priority to with short-term repo within 7 days,Adopts the market interest rates tender way to carry out the operation,It also as a necessary complement to public markets normal operation,In liquidity in the banking system temporary fluctuation when the camera is used.

　　从去年末到今年初，经济复苏的趋势显现。不过，“本轮经济复苏仍然依靠的是投资需求拉动，尤其是在地方投资出现过度倾向的情况下，会对货币政策产生较大的外在压力，并且强化了通胀预期。”中国社科院金融市场研究室主任杨涛在接受《经济参考报》记者采访时分析称。

From late last year to early this year,The trend of the economic recovery.but,"The economic recovery still depends on investment demand,Especially under the condition of the local investment appears excessive tendency,Will have larger external pressure on monetary policy,And to strengthen the inflation expectations."Yang tao, director of the financial market research at the Chinese academy of social sciences said in an interview[Economic information daily]Reporter said in an interview with analysis.

　　同时，杨涛认为，“今年我国面临的经济形势更加复杂，在货币政策目标追求多元化的背景下，可能更多会体现出中性色彩，即使下半年通胀压力上升会带来新的微调，预计也不会出现明显的紧缩趋势。今年重点可能仍然会放在对公开市场操作工具的完善以及加强短期市场流动性管理方面。”

At the same time,Yang tao think,"This year China's economic situation is more complicated,In quest of diversification under the background of the monetary policy goal,May be more at neutral color,Even if the rising inflation pressure will bring new fine-tuning in the second half year,Tightening is expected to also won't appear obvious trend.This year will still focus on the open market operations tools to improve and strengthen the short-term liquidity management."