Excess liquidity situation before the holiday policy uncertainty leads to a significant sell-off in bank shares continued
Yesterday, the central bank to continue to scale the amount of one billion to one-year central bank bills issued, is still expected before the Spring Festival the funds will remain relaxed environment. But the 14 accidents in three years Tengen repurchase restart, showing the central bank controls short-term excess liquidity did not relax. An institution believes that the new control policy may be issued until after the holiday, or pre-holiday announcement, post implementation.
14 buy-back after a lapse of three years after the restart Tengen
central bank issued 10 billion yuan yesterday, the central one-year ticket issued to maintain the scale of seven the same week, the successful rate of return of 2.7221%, 2.6167% compared with last Tuesday's rise of nearly 11 basis points.
is worth noting that the same day, the central bank to repurchase 600 million operation for a period of 14 days, the successful rate of 2.05%. This is the first time in nearly three years of the period the central bank repurchase operations.
analysts believe that, due to relatively abundant liquidity, 14 Tengen repurchase little effect on real money side, and the due date before the Spring Festival, showing the central bank is mainly short-term control of the situation of excess liquidity. Bank of Shanghai of a large financial operations center also said the central bank increased the intensity withdrawn from circulation, mainly for the recent warming trend of the financial side too much too fast.
since New Year's Day just a few days since the inter-bank repo rate fell rapidly. Yesterday, the weighted average interest rate of 7 days repurchase closed 2.4584%, expires earlier closed up 7 basis points, compared to a record high of 6.34% late last year fell by nearly 400 basis points, indicating banks loose liquidity return to the situation.
banking analyst at Changjiang Securities, said the wave upward cost of capital, is a dense raised the deposit reserve ratio, the progress of the financial savings running below expectations, shares intensive issue, put a small amount of central bank bills, Pull the end of such deposits is serious due to superposition of a number of factors. The New Year is over, immediately diving sensitive cost of capital, capital and improvement in schedule.
However, the cost of capital is narrowing down space, is expected to demand the end of cross-section of funds or money market interest rates will lead to further spikes. From the full year, because of policy tightening is expected to continue the existence of tight market will feel more and more financial pressure.
more tightening measures or until years later
the open market due this week will reach 110 billion yuan of funds, if withdrawn from circulation on Thursday last week remained at the level of intensity, this Zhou will continue to maintain a net running. Earlier, the central bank has money for 8 weeks to achieve a net 357 billion yuan invested.
the open market in January this year, the scale of maturity of up to 468 billion yuan of funds, which total 450 billion yuan, after three weeks.
the industry, even though before the Spring Festival market demand for more funds, the central bank may also be interested in maintaining a relatively liberal capital side, but in January of up to 468 billion yuan of funds due, and in December of last year released yesterday new loans, 7.95 trillion yuan more than expected, liquidity management tasks are still heavy, so the short term the introduction of different institutions to the central bank reserve ratio and other austerity measures still tension.
of gold that even if the central bank raised the deposit reserve ratio before the holiday, is also likely to form the difference is not universal. However, given the contraction before the holiday should not be too tight liquidity, regulation and control policy may be issued until after the holiday, or pre-holiday announcement, post implementation.
Shanghai Pudong Development Bank 2010 results Express
operating income of 49.876 billion yuan, an increase of 35.44%;
operating profit of 25.018 billion yuan, an increase of 45.64%; < / p>
net profit attributable to shareholders of listed companies 19.076 billion yuan, an increase of 44.33%;
1.6 yuan per share.
listed banks
-than-expected first results
performance up Yusi Cheng, Shanghai and Shenzhen as the first appearance of the listed banks performance Express, Shanghai Pudong Development Banks report card is undoubtedly good for the bank opened the 2010 annual report disclosed a good start, which also indicates that performance of listed banks have so much to be a good harvest last year.
Express Shanghai Pudong Development Bank 2010 results show, the company achieved operating income of 49.876 billion yuan, an increase of 35.44%; operating profit of 25.018 billion yuan, an increase of 45.64%; net profit attributable to shareholders of listed companies 19.076 billion yuan, an increase of 44.33%, 1.6 yuan per share.
performance in 2010 despite the Bank has become a broad based market consensus, but because of the previous year financing bank collective impulse, causing the market shares of banks in general lack of confidence. And into 2011, market parties for this year, more consistent performance of banks in view of the last two years of rapid growth will slow.
impact
broker: Bank shares under pressure but may be bargain hunting
HKEx, the disclosure of information, reduction of the National Social Security Fund of China 4 Bank H shares (03,988) 3,000 shares, the average price of 4.173 Hong Kong dollars per share, a total of 125 million Hong Kong dollars cash. Reduction, the social security fund of the Bank's shareholding will be reduced to 12.99%.
BNP Paribas Securities pointed out that mainland banks continued selling pressure, estimated in the first quarter last only a narrow range.
the bank pointed out that mainland banks compete to increase their deposits, the Mainland in the fourth quarter under a hot real estate sales increase, which resulted in two negative effects, one in the fourth quarter and the first quarter of this year, Bank of Quarterly net interest margin may be narrow, the second is to tighten the sources of financing short-term borrowing also increase pressure, estimated in the first quarter last year, new loans will be 2.6 trillion yuan, down 2.25 trillion ~ 2.55 trillion yuan yuan.
but BNP Paribas Securities bullish is difficult to curb demand for loans, it is recommended investors bargain hunting in the first quarter of the rural market has a deposit taking advantage of the Agricultural Bank of China (01288), but also optimistic about the just announced refinancing Minsheng Bank (01988).
bullish brokerage Minsheng Bank
Minsheng Bank announced last week will include seven specific object 4.57 yuan per share than 47 million shares issued A shares, raising up to 21.5 billion yuan. Although the market has attracted criticism, but by the brokerage generally good.
independent Hong Kong stock market commentator David Webb considered that the allotment options are not fair, it is recommended shareholders vote against H. Minsheng Bank H shares held by individual institutional investors also criticized the plan is unreasonable, do not see at a discount to the reasons for placement targeting.
However, the Minsheng Bank still be strong broker support, in addition to Paris, France, said the bullish stock, other securities firms also believe that this will eliminate the shadow of its future funding and capital support to the bank to capture the strong demand for loans growth opportunities.
(This article Source: Dayang - Guangzhou Daily)
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