The central bank shrinks a parity sequel to 400 billion yuan MLF agency and follows September LPR

Zhongxin Jingwei, September 15th. On the 15th, in order to meet the needs of financial institutions, the central bank launched a 400 billion yuan medium -term loan convenience (MLF) and 2 billion yuan open market reverse repurchase operation. The bid interest rate was the same as before.

Source: central bank website

Because there were 600 billion yuan of 1 -year MLF and 2 billion yuan reverse repurchase expiration today, the net recovery was 200 billion yuan on that day.

After the MLF operation results were released, the market focus was transferred to LPR in September.

Last month, the central bank exceeded expectations of 10 basis points of MLF's bid interest rate, and 1 -year MLF invested 400 billion yuan. Subsequently, the LPR asymmetry was lowered in August, and the 5 -year decrease exceeded expectations.

Recently, Li Keqiang said at a special conference on the State Council, "In recent years, we have maintained macro -policy sustainability, and there is no significant increase in fiscal deficit and super currency. It is because the prices have remained stable. . To continue to introduce a stable stage policy, we can use it and get out of the ground. "

In terms of macro and financial data, affected by the downturn of consumer end, the year -on -year year -on -year growth rate of CPI and PPIs was lower than market expectations; the company's long -term loans and a year -on -month response situation has been significantly recovered; the increase in social financing in August was 2.43 trillion yuan , An increase of 557.1 billion yuan year -on -year.

The Everbright Securities Research Report believes that the growth rate of subsequent social finances will maintain a narrow range of shocks. At the end of the year, there is a pressure to take a weak pressure, and the annual growth rate is about 10.3%. The epidemic disruption of production and operation and offline consumption, as well as the source of uncertainty in the real estate market, is expected to continue to decline during the year.

Founder Securities previously stated that 600 billion MLFs expired in September. How the central bank continued MLF to expire has attracted much attention from the market. To a certain extent, whether LPR can continue to be reduced on the 20th of this month. (Zhongxin Jingwei APP)

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