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Financing Bills:From to wash away to guide

Expects for a year to mark rate of return again innovation with expect for three months in Financing Bills Gao!Last Tuesday, the central bank open market operation published 35,000,000,000 dollars a year to expect Financing Bills, win mark rate of return 2.0466%, compare front the week rose once again 4 radicles to order.Expects the medium mark rate of return of Financing Bills have already soared continuously for 11 weeks for a year, the total amount rises 45 radicles to order.Expect Financing Bills rate of return for three months also in the middle of soaring in a row 2.1372% of coming to a last Thursday, create since March 3, 2005 15 new high that has ever hads of months.Who can not neglect continuous two wordses, either.Financing Bills publishes interest rate to soar in a row, not only reflected tending of capital market funds noodles tightly, more express that the central bank passes in the open market Financing Bills guides to the interest rate expectation of good bitterness work hard.But what all these reflects is exactly the deep variety of Financing Bills function:From guide towards washing away to.From arrived to invest to the blunt tool species Financing Bills became important central bank hand the open market business operation tool and bank from 2002 bond market bargain species beginning, a period, the main mission of Financing Bills be to blunt the foreign exchange has a style.Because, Financing Bills mountain originally be aimed at trade surplus and international hot money huge gambling Reminbi appreciation, foreign exchange to have a great deal of increment, liquidity among the banks too abundant;The central bank buys to develop open market operation through a time to grow shortage with the coupon, particularly is a short-term bond species rarely seen;In order to lacking a flourishing second class market, the central bank carries on now coupon business open market operation to influence a too big etc. to the market.Is also say, the central bank gives the most basic function of Financing Bills be to hurtle.This function from Financing Bills show up up to now, accompany with an our country foreign trade export keep on surplus, to blunt foreign exchange’s having the pressure of style still doesn’t reduce of situation, hasn’t been weakening.When Financing Bills publishes amount and scale quick inflation, and gradually become bank is important on the market, essential bond species, Financing Bills of the low risk, high income, then became the head of new investment species to choose, the investment function of Financing Bills was quickly scooped out by people.Financing Bills from to blunt the tool arrive investment species of role change, not only enriched the investment species of market among the banks, more important, be more and more of when the organization hold Financing Bills Financing Bills guides the function of interest rate in the market also have to to enhance.Guide function show day by day the Zhao sees from this year’s Financing Bills issue circumstance, at the time of playing to the blunt tool and investing traditional roles like species,etc, Financing Bills’ its guide market expects of direction of wind mark the role rob an eye day by day.The change of this kind of role, since with this year come to commercial bank the mobility deluge relate to closely, also is hard with Financing Bills to quench thirst in the aspects of returning currency of characteristic relevant, the Zhi expects to be relevant while expecting the monetary policy of a set with at present before being placed in more.On the other hand, under the sistuation that it’s monetary to have no more currency tools to return pass Financing Bills interest rate guide expectation in the market, became the new mission of current Financing Bills.This is also why this year 5 monthly meetings appear an unusual phenomenon:In May Financing Bills publishes the quantity throw in for 358,200,000,000 dollars, both being basic to mutually arrive, if again considering foreign exchange storing of increasing, this foreign currency open market synthesizing effect still for clean for 369,000,000,000 dollars, but same period note expiring quantity.Press the convention, the note issue of limited scale will produce leading of declivity dint to the interest rate, but publish interest rate but appear to successively soar of structure and form.Obviously, Financing Bills publishes soaring of interest rate, embodiment of is exactly central bank to the interest rate and up north route intentionally guided of intention.On the other hand, although since Financing Bills published, the central bank carried on aggressive innovation and change to Financing Bills and released such as long-term note and 3 years, promissory note according to, announcement issue plan etc. raise Cuo, market operation of the actual effect combine ignore to think.Measure to calculate according to the first step of Deutsche bank, if the central bank anticipates in the third quarter of this year a degree end to attain 16% broad sense currencies the growth words of target, then need in the future in three months, weekly Financing Bills the clean amount of issue raise 100%.This year head four months, the M2 increases to soon remain about 18%.Such degree exaltation Financing Bills issue quantity of possibility not big, finally still keep needing to pass to add an interest or raising a reserve rate to come to hurtle to reduce the liquidity of deluge.Since to blunt of the mission still need to depend on other tools and then develop the guide function of Financing Bills at present, the then best choice.Haven’t come out because of the financial statistics data in May certainly, central bank whether meeting in the short term set further policy of retrenchment with ease inflation pressure, need an observation currently.Since is such, at observe and expect inside, develop Financing Bills guide function, can not only test reaction in the market, adjust expectation in the market, but also be the policy of retrenchment of what strength for set for for central bank for next move to provide a reference.In fine, let Financing Bills act for a central bank from another angle to talk, exertion guides a function, not only is expanding of Financing Bills function and enrich, but also is central bank to turn way conduction with the market monetary policy intention of intelligence quest.

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