Breakthrough, then rate cut A shares over 3600 stocks became popular

Breakthrough, then “rate cut” A shares over 3600 stocks became popular

Original title: “Rate the interest rate again” at the beginning of the year A-share response rose sharply Source: Daily Economic News editor Bian Wanli and editor Liao Dan Lu Xiangyong Du Hengfeng February 17, in order to hedge the effect of canceling the repurchase expiry and other factors,Maintain reasonable and sufficient liquidity of the banking system, and expanded to include a $ 2,000 trillion mid-term loan facility (MLF) operation and a 100 billion 7-day reverse repurchase operation.

It is worth mentioning that MLF’s bidding interest rate has been lowered by 10 BP to 3 for 苏州桑拿网 a long time.

15%.

  In the early morning of the day, the three major indexes all opened higher and higher.

The final close, the Shanghai stock index rose 2.

28%, SZSE Component Index rose 2.

98%, GEM Index rose 3.

72% hit a three-year high.

More than 3,600 stocks in the two cities became popular, of which 182 (excluding ST stocks) daily limit.

  Specifically, the one-year MLF winning bid rate is lower, and the one-year MLF winning bid rate is lower.

15%, 7-day reverse repo operation won the bid rate of 2.

4%.

Among them, the MLF operating interest rate has dropped by 10 BP compared with the previous one.

  ”Daily Economic News” reporter noted that on February 3, in order to maintain reasonable and sufficient liquidity of the banking system during the special period of epidemic prevention and control, the interest rate bidding method was gradually used to carry out a 1.200 billion reverse repurchase operation.

Among them, the 7-day reverse repurchase and the 14-day reverse repurchase bid rate were 2 respectively.

40%, 2.

55%, 10 basis points lower than before.

  Dongfang Jincheng’s chief macro analyst Wang Qing analyzed that the policy interest rate linkage adjustment will release a signal of increased counter-cyclical adjustment.

Since the opening of the financial market, the scale of the expansion of open market funds increased by the transitional seasonal growth, and the operating interest rate was reduced by 10 basis points, which drove the market interest rate DR007 to be significantly lower than the level before the Spring Festival, and the market capital level entered a loose state.

  Wang Qing further pointed out that the current MLF interest rate reduction was the same as the (last time) reverse repurchase rate, expanding the display of the policy interest rate system linkage adjustment, and at the same time increasing the release of monetary policy during the epidemic to strengthen the signal of countercyclical adjustment.
  It is worth mentioning that the change in the interest rate of MLF is directly related to the change in the quoted interest rate (LPR) of the loan market.

According to the formation mechanism of LPR, LPR is formed by 18 quotation banks on the basis of the open market operating interest rate (mainly MLF interest rate).

Changes in the overall market interest rate will be reflected in the loan interest rate.

Financial market and money market interest rate changes will affect LPR expectations.

  As a result, Wen Bin said: “Gradually reducing the MLF interest rate opens the way for the LPR interest rate to fall.

Wen Bin analysis believes that at present, there is too much liquidity in the financial market, and interest rates on the money and bond markets have fallen. Replacing some of the reverse repurchase with MLF can lengthen the time limit for funding and stabilize market expectations.Falling LPR interest rates open up space.

It is expected that the new LPR interest rate will be quoted on February 20th, and the interest rates of two varieties with a term of 1 year and above 5 years will be reduced by 10 BP, respectively, to 4.

05% and 4.

7%.

  Wang Qing expects that after the MLF interest rate is reduced, this month’s one-year LPR quote will decline accordingly, and it is expected that the reduction will also be 10 basis points, which will directly drive down corporate loan interest rates.

In addition, the 5-year LPR, which is mainly targeted at residential mortgages, is expected to be slightly reduced by 5 basis points this month.

The epidemic has created a certain downward pressure on the macroeconomic and real estate industries, and recently, some regions are loosening fine-tuning of real estate policies.

The slight reduction of the 5-year LPR will help stabilize the real estate market operation, in line with the overall direction of the current macro and industry policies to strengthen counter-cyclical adjustments.

  In Wen Bin’s opinion, in the next stage, monetary policy will remain flexible and appropriate, increase the speed of counter-cyclical conversions, the extent of transfer expansion will fall, and there will still be room for cuts in standards and interest rates. With reasonable and sufficient liquidity, it can be further smoothedThe monetary policy sanction mechanism has effectively reduced the financing cost of the real economy.

  Wang Qing believes that in 2020, macroeconomic policies will continue to work in a stable growth direction. Among them, the interest rate cut cycle in monetary policy will continue gradually. In the future, there will still be about 30 basis points for MLF interest rate reduction, so the interest rate reduction will reach about 40 basis points.