The central issue of voting interest rates fell 96 basis points rate cut expected strong market

Has gone through seven weeks of hard bottom, yesterday (18) at last year central bank bills issued to 2.2459 percent of the interest rate announcement of the new money market interest rate system "completed."

 18, 5,000,000,000 yuan one-year central bank bills issued the previous level of interest rates than the straight drop of about 95 basis points to 2.2459 percent.  Zhang mapping

 Yesterday, the central bank on the open market 5,000,000,000 yuan issued one-year central bank bills issued the results of previous Foreign Exchange interest rate level than the issue straight drop of about 95 basis points to 2.2459 percent, reached in May 2006 period.

 Close to 100 basis points decline, a record not only for a year the central bank to issue notes in the history of the largest single drop, and the rapid end of the year, the central bank bills bottom.

 Since early September this year, the central bank announced the rate cut, a year central bank bills have been looking at the bottom, but out of the money market interest rates to maintain the stability of the system, each of the tender on the open market than the results of a slow response from the market making, distribution and interest rates Secondary market has always maintained a huge margin, not a true reflection of the price level of capital market, money market interest rates led to the system difficult to establish in the near future.

 This time, open market operations, the year the central bank note issuance has finally reached the level of interest rates prior to the secondary market.  Earlier in the day, open market operations after the announcement of the result, the central institution of a year of buying votes once rapid growth in turnover rate of return fell to 2.3 percent from 2.27 percent, but the breakthrough has not issued the same day interest rates.  To close, buying less obvious, the secondary market yield to 2.33 percent rebound in the vicinity, were issued at a price higher than 8 basis points.  Some of the inter-bank market, traders said the central counting circulation 50 billion in huge demand, the agency tested the full year on the central rate of the bottom line votes.

 After a seven-week bottom, a year central bank bills issued by the level of interest rates early in September fell to 4.0583 percent of the 2.25 percent decline to reach 180 basis points.  Last week, ahead of completion of the bottom of Central vote three months fell to 3.3978 percent from 2.0156 percent, down 138 basis points.  At this point, a new money market interest rate system has been re-established.

 However, the new rate system is still afraid of the stage.  Research industry analysts believe that in the future along with further relaxation of liquidity, as well as the central bank to cut interest rates further, money market interest rate system will also focus further down.