One Year, The Issuing Rate Of Central Bank Changed &Nbsp, Suggesting That The Possibility Of Raising Interest Rates Was Reduced.

Central bank bills issued for 12 weeks

Yesterday, the central bank issued 10 billion yuan one-year central bank bills in the open market, the same amount as issued last week, but the issue rate dropped by 1.1 basis points, from 3.584% to 3.5733%.

There is no doubt that after the suspension of the central bank in three years,

Since the central bank lowered its three year central bank issuance rate in October 20th, to the suspension of three years' central bank ticket issuance and then to the reduction of the annual rate of central bank votes, the central bank has released three fine tuning signals to the market within four weeks.

Industry analysts believe that the central bank's move shows that after the inflation downward trend is clear, monetary policy is balancing the relationship between inflation and economic growth, and gradually releasing the relaxation signal to the market, guiding the market interest rate level to fall by appropriately increasing the supply of market funds, thereby reducing the financing cost of enterprises.

However, investors can not be too optimistic about the fine-tuning process, after all, the situation is obviously different from the four seasons in 2008.

A senior analyst at a big bank said that at that time, in response to the challenges of the global financial crisis, monetary policy shifted rapidly to ease, so the issuance rate of the central issue fell by 170 basis points in just two months.

At present, the keynote of monetary policy implementation has not changed, but is adjusted within the local scope under the premise of deflation.

This indicates that a year's issuance rate of the central bank is a gradual accumulation process, rather than a quick one.

One detail deserves our attention.

On Monday, the issuance of the central bank note was delayed until half past six pm before being released online.

The delay in issuing the announcement itself also reflects the cautious attitude of the central bank to the control of loosening.

Therefore, it is also questionable whether the change of interest rate of the central bank in a year means that the benchmark interest rate will change accordingly.

The result of yesterday's release also makes the market tend to believe that this at least implies that the possibility of raising interest rates in the future will be reduced.

However, uncertainty exists in the external economic environment, while domestic inflation is still at a high level despite the inflection point. Monetary policy implementation is also facing unprecedented challenges. Investors should also look at every step of the central bank in a dynamic way.