Official website, the People’s Bank of China, announced today that in order to maintain a reasonable and abundant liquidity in the banking system at the end of the season,On September 29th, 2024, the People’s Bank of China carried out the reverse repurchase operation of RMB 182 billion by means of fixed interest rate and quantity bidding, and the operating interest rate was 1.50%, compared with 1.70% before..
The central bank issued a notice on September 27th, saying that from September 27th, the operating interest rate of 7-day reverse repurchase in the open market was adjusted from the previous 1.70% to 1.50%. The operating rates of 14-day reverse repurchase and temporary positive and negative repurchase in the open market will continue to be determined by adding and subtracting points on the operating rate of 7-day reverse repurchase in the open market, and the range of adding and subtracting points will remain unchanged.
On September 27th, the central bank did not carry out the 7-day reverse repurchase operation, but carried out the 14-day reverse repurchase operation of 278 billion yuan, with an operating interest rate of 1.65%. Therefore,Today is the official landing of the 7-day reverse repurchase operation interest rate reduction.
On September 24th, at the press conference held by the State Council Press Office, Pan Gongsheng, Governor of the People’s Bank of China, announced that the policy interest rate of the central bank would be lowered, and the 7-day reverse repurchase operating rate would be lowered by 0.2 percentage point.From the current 1.7% to 1.5%,Guide the loan market quotation interest rate and deposit interest rate to go down simultaneously, and keep the net interest margin of commercial banks stable.. Pan Gongsheng said that this policy interest rate adjustment is expected to drive the medium-term loan facility (MLF) interest rate down by 0.3 percentage points, and the loan market quotation rate (LPR) and deposit interest rate will also drop by 0.2 to 0.25 percentage points.
Earlier, Director Zou Lan of the Monetary Policy Department of the People’s Bank of China introduced at the press conference of the State Council Office on September 5 that the central bank had made it clear that the operating interest rate of the 7-day reverse repurchase was the main policy interest rate, and changed the bidding of the 7-day reverse repurchase from the original interest rate to the fixed interest rate and quantity bidding, which fully met the bidding needs of primary dealers. The interest rate is no longer the result of winning the bid, but is determined by the central bank according to the needs of implementing monetary policy; Quantity is no longer a means for the central bank to regulate liquidity, but is jointly determined by primary dealers according to the policy interest rate and their market judgment, which is conducive to enhancing the initiative of institutional liquidity management.
Source: CCTV Finance (ID: cctvyscj)
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