At the end of the inter month superposition season, the central bank continued to increase open market operations. On March 29, the central bank launched a 150 billion yuan seven-day reverse repurchase operation by means of interest rate bidding, with the bid winning interest rate of 2.10%. According to the data, 20 billion yuan of reverse repurchase expired on that day, so a net investment of 130 billion yuan was invested throughout the day. Since then, the central bank has achieved a net investment of more than 320 billion yuan for three consecutive trading days. The central bank said in its announcement that the move was aimed at maintaining stable liquidity at the end of the quarter. In this regard, Zhou Maohua, the financial market analyst of Everbright Bank, said that there are many overseas uncertain factors in the near future. At the end of the inter month superposition season, the market interest rate fluctuation has increased. The central bank operates flexibly and appropriately increases the net investment of short-term funds to stabilize the fluctuation of capital and ensure that the market interest rate fluctuates around the policy interest rate; At the same time, the central bank takes care of the capital to ensure reasonable and sufficient liquidity, which also helps to stabilize market sentiment. In terms of market liquidity, on March 29, most Shibor short end varieties went down. Overnight varieties fell 21.9 basis points to 1.727%, 4.3 basis points to 2.145% in 7-day period, 8.4 basis points to 2.391% in 14 day period and 0.1 basis points to 2.314% in one month period. According to the analysis of Mingming bond research team of CITIC Securities, since mid February, the interest rate of inter-bank certificates of deposit has continued to rise, and the issuance of inter-bank certificates of deposit with a term of 9 months to 1 year has continued to rise. However, it seems to have stabilized recently, mainly due to the increased pressure on the liability side of commercial banks and the negative impact of fund and financial redemption. At present, the yield curve of interbank certificates of deposit moves up sharply as a whole, the cost of bank liabilities rises, and the demand for long-term funds is more obvious. Compared with last year's RRR reduction, the central bank may reduce the RRR in the near future. Interbank certificate of deposit interest rate is expected to have limited upward space in the future and may stabilize in the short term. In particular, if the RRR reduction operation is implemented, the interest rate center will move down and form repression. On March 21, the central bank authorized the national interbank lending center to announce that the quoted interest rate (LPR) of the loan market in March was 3.7% for one-year term and 4.6% for more than five-year term. The two types of products have remained unchanged for two consecutive months. In addition, wind data show that 190 billion yuan of reverse repo will expire in the central bank's open market this week, including 30 billion yuan, 20 billion yuan, 20 billion yuan and 100 billion yuan from Monday to Friday. In this regard, some institutional people believe that from the time node at the end of March, deposit institutions are facing macro Prudential assessment (MPA) assessment during this period, and the capital supply is tightened, resulting in seasonal tightening of inter-bank liquidity. "Judging from the current situation, the overall capital level remains stable, the liquidity is relatively abundant, the price of cross season funds has increased, and the price difference of pledged repo between banking institutions and non bank financial institutions has also expanded, but the absolute interest rate level is not high. In this case, the central bank's appropriate release of cross period liquidity to the market will help stabilize the price of cross period funds and market expectations, which is a normal operation." The person said. Recently, the executive meeting of the State Council deployed comprehensive measures to stabilize market expectations and maintain the steady and healthy development of the capital market. The meeting stressed that we should strengthen the support of prudent monetary policy to the real economy, adhere to the principle of not "flooding", and use monetary policy tools to maintain the moderate growth of social financing. Maintain policy stability. In recent years, policies to stabilize the economy and stimulate vitality should be continued as far as possible to prevent the introduction of policies that are not conducive to market expectations. (Xinhua News Agency)