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The 14-day reverse repurchase has re-emerged in the past few days, and the intention of Yang Ma is also very obvious.

On the 23rd, the central bank launched a 14-day reverse repurchase operation on the third trading day, and netted 100 billion yuan on the same day to protect the end of the quarter.

Since September 16, the central bank has released 1.42 trillion yuan of liquidity, including the reversed repurchase and MLF, with a net liquidity of 885 billion yuan.

More factors at the end of the season

Recently, the central bank's reverse repurchase operations have become more frequent, and the volume has also increased. The main reason is that the funds at the end of the quarter are tight.

Xie Yunliang, chief macro analyst of Minsheng Securities, pointed out that due to the overlapping of government bond issuance payment and the expiration of local treasury cash management, the funds are tight, but this tightness is seasonal.

The announcement of the central bank’s open market business transaction on the 19th showed: “The impact of factors such as the peak of the hedging tax period, the payment of government bond issuance, and the expiration of the local treasury cash management, the liquidity at the end of the maintenance period is stable. On September 19, 2019, the People’s Bank of China The interest rate bidding method carried out a reverse repurchase operation of 170 billion yuan."