After the central bank’s monetary policy tightening before or cautious dominant emotional capital

After the central bank’s monetary policy tightening before funds cautious mood or leading after the central bank’s monetary policy or a week ago has tightened the Securities Times reporter Fang Haiping National Day holiday, the market is bleak, the Shanghai index back to 3000 points below the trading volume to shrink significantly, capital strong wait-and-see mood. In accordance with the law over the National Day holiday, the vast majority of cases, after the return, the market will be back to the temperature. According to the analysis, the pre holiday funds are mainly dominated by emotions, institutions worried about uncertainty during the long holiday, black swan event. From the financial point of view, this week due to the central bank’s "pumping", the market funds than usual tense, money market funds rates continued to rise in many varieties. Most analysts believe that the factors that cause the surface tension of funds after the holidays will disappear, including capital requirements, cross quarter demand for funds and MPA assessment and other factors, so it also support the market. It is worth noting that the holiday after the return of RMB accession to the SDR has taken effect, the Fed rate hike expectations effect will gradually appear, the RMB devaluation pressure or again, this will bring greater constraints on the central bank’s monetary policy. Many agencies believe that after the holiday, the central bank’s monetary policy variables exist. So what is the most likely direction? Taihe, the new generation of economists think tank researcher Zhang Chao told reporters that the next monetary policy will be tightened. Recent economic data released better than expected, but it is obvious to see an upturn in the economy is still relying on the traditional mode in promoting structural reform, advancing slowly, it is necessary for the central bank to tighten monetary policy forced reform progress. The renminbi may appear more restraint, Guotai Junan director Zhou Wenyuan told reporters, after the central bank monetary policy in narrow space. The actual effect of accession to the SDR is limited, the impetus to promote the internationalization of the RMB has given way to maintain the stability of the RMB exchange rate may be appropriate to increase flexibility. Prior to joining SDR yuan briefing, the Central Bank Deputy Governor Yi Gang said, in the current stage of the transition, the excessive exchange rate volatility and foreign exchange transaction situation, the central bank will still decisive intervention. In fact, since last year the central bank’s monetary policy showed obviously the color of the game, the normalization of short-term operation tools, and constantly enrich the liquidity management tools, this is a compromise of the game. Although there is no RRR cut, but the central bank’s determination to maintain liquidity stability is very clear. If the central bank is more likely to maintain a stable exchange rate, then it is likely to be more cautious in the use of these short-term instruments. In fact, this caution has been reflected in the pre holiday: the extension of the repurchase period of reverse repurchase funds, improve the cost of capital, and at the end of the season before the critical point of time from the market pumping to tighten liquidity. It information management research director Zhao Bowen told reporters, after the attitude of the central bank for funds is mainly depends on the exchange rate, if the exchange rate depreciation pressure is relatively large, can put a lot of money before the reverse repurchase Festival after the expiration of the no longer continue to hedge, or reduce the degree of impact. But if the exchange rate is stable, because of economic theory相关的主题文章: