Early July and open market interest rates increase let the market lower amount cage to improve the standard of deposit expected and tortured the bond market more than half of the liquidity squeeze seem about to the past, long-term bond continue to adore, the market for the second half of the year had great expectations the debt markets. For bond terms, the financing side is more important than the benchmark interest rate, the financing side can support bond demand recovery? The first to understand a problem, "why the financing side so nervous about?" If the answer is "a natural result of the central bank of liquidity," said only half right.baseball hats Because from the central bank balance sheet perspective, its all can rise the crunch in the role of the liquidity liabilities project together, pull money kept only 11%-12% of the year-on-year rate of increase, from August 2010 to May 2011, the deposit reserve up frozen liquidity reached 3.6 trillion, but the decline of scale and central tickets released 1.8 trillion liquidity, which greatly reduces the central bank of the actual cage financing volume, and the other two financial savings and other liabilities have a little change. At the same time, the central bank money growth overseas assets represent, the major source of the year-on-year rate of increase in the month of may to 17%-18% of the level, this makes the difference between the central bank's monetary issue in the year-on-year rate of increase since 2010 has been rising. In fact is the central bank of the cage liquidity to see, not only did not make the money supply growth fall, their growth trend is rising instead. This seems to be the conflict with our intuition, because since late 2010 levels since the financing side continued deflation really, what is the reason? The answer in the banking system currency the ability to create greatly restricted, on the one hand, not only the deposit reserve rate freeze liquidity, lowering the derived the ability of loan deposit, the rapid growth of direct financing also significantly lower the ability of the loan derived deposit, and DaiCunBi hard constraints have made this cycle is deteriorating. Want to let a higher water in the pool, in addition to the water pool outside, still can force stirring the water in the pool, the former called the total amount of interest rate changes liquidity type, the effects of the stated above, and the amount of monetary tightening type mainly come from the multiplier fall, and the latter is the liquidity structure and distribution of the influence of the change of the interest rate, this comes from deposit frequent the big move. The end of the season, in late, is the important point deposit index evaluation, the original stock huge bank off-balance-sheet financing, at this point is reductive into customer deposit, but the asset pool has not narrowed, less money, this means that, huge off-balance-sheet financing originally from its own funds to cover the bank, but now need to borrow money from outside accordingly. Reduction of the capital account, not outflow bank system, through the Banks' capital in the pool table among institutions across the bridge back to fill by the asset pool table, but the operation needs time to market financing behavior will stimulate money market interest rates rise, at the end of the quarter, so of the capital requirements to achieve the trillions of, this is equivalent to about three days all repurchase market in the volume of sales, this is equivalent to a month in the stock market issue of trillions of new shares, the short term mostly appeared so much capital demand will make capital interest rates have upward, and often in different bank wander between the customer deposit will be shown in the table, short-term financial product yields high bank attract, so Banks began to fierce through the high yield short-term financial products pulled for customer deposit, deposit of liquidity and caused an inter-bank system liquidity unstable, and continue to push the high price of money. The current financial management as the bank within their own funds together to their own money pool, through the intermediary funds back to fill to asset pool. The whole, bank liquidity a penny within the system is missing, as liquidity form of existence of a different caused the liquidity "turbulence" inspired the financing side nervous market expectations, which is pushing up the money market rates. And DaiCunBi average daily examination and can't change their management system of the assessment of the bank, therefore, can't expect DaiCunBi to average daily examination, the financing side fluctuation will drop, unless the bank's internal assessment also to daily examination. By the analysis of the above can be seen, the capital volatility and there nervous middle factors, is not entirely is caused by the central bank to control, the asset of the bank scale may experience for a long time down growth, as long as the central bank did not begin to reduce the deposit must level, such factors on the financing side middle will produce sustained negative influence. So,NHL Jerseys don't expect the financing side in the second half of the whole can be fully relaxed up. The bank will compete for deposits, loans are still scarce resources. But, we can see, micro liquidity structural improve cut has looms, and the cut is in the current open with only interest rates on depression. Policy are leading financing requirements in the bond market release, the supply of credit debt will be rapid growth, and monetary market liquidity nervous but to restrict the bond to increased demand, therefore, it can be said that as long as monetary policy not to relax, and there were no cut reserve rate, the debt markets are hard to show all of the result of the bull market, the most likely outcome is in YiNianBanZai, bond financing interest rates will be exalted depressions.

see more:Publicly insurance
Someone why total prices will drop half superstition