El banco central realiza operaciones de recompra de volumen muy bajo durante dos días consecutivos. La política de relajación moderada no ha cambiado.

People’s Finance and News, April 3 (report): The Public Market Operations Trading Announcement released on April 2 by the People’s Bank of China shows that on that day the central bank carried out a 500 million yuan, 7-day reverse repo operation using a fixed-rate and quantity bidding method. At the same time, the announcement added the statement: “All needs of primary dealers were fully met.” This operation was the central bank’s second consecutive trading day of conducting a reverse repo injection of 500 million yuan at a low volume. The low-volume operation reflects that market institutions’ demand for central bank funds has decreased. Reporters learned from some financial institutions that at the end of March, the central bank increased liquidity provision to support cross-quarter funding, and in addition, due to concentrated fiscal spending at month-end, liquidity conditions remained relatively loose in early April. Considering their own liquidity management needs, most institutions in the past two days did not submit their funding demand to the central bank. Experts said that the insertion of “All needs of primary dealers were fully met” in the wording of the April 2 announcement indicates that the central bank’s low-volume operations do not mean that liquidity is being tightened, and the direction of moderately loose monetary policy has not changed. (China Securities Journal)