Today, raising the deposit reserve ratio of funds still hard to shake loose surface.

<P> Today (25) raised the deposit reserve ratio is the implementation date, but the price movements of money market funds, the market liquidity is still loose. .Relative to the corresponding reserve accumulation and a lot of money invested by the release of the central counting of funds due for the freezing of funds did not 2000 billion to the market impact. .</ P> <P> It http:// hearing, from the central bank announced that the implementation of the reserve banks to obtain funding for only one week paid. .But in fact the central bank since the 18th since the declaration notice, subject to sufficient funds to face the support of funds in the interbank market price is steadily falling, there is no sign of a rebound, pledged repo was touch the lowest weighted average interest rate to 2.25% .fell 16 basis points yesterday to 2.2013%. .And because of demand, the amount of repurchase transactions are also shrinking, reducing 266.6239 million yuan yesterday, closing 510.2782 million yuan. .</ P> <P> market analysis, this occurs mainly due to stable sources of funding capital needs and stock market turmoil to dilute the impact of two factors. .</ P> <P> the one hand, brought about by the rapid increase in foreign exchange reserves, money supply remains a larger scale, there are a lot of maturity in April stepped in and buy back the release of funds. .While the data released by General Administration of Customs, the trade surplus in February of this year plummeted to $ 8,555,000,000 of data, but the market that the larger the chance of data, through exports, FDI and other channels are still large-scale inflow of funds, they .corresponding to a large number of base money market funds are an important pool "into the water." .</ P> <P> At the same time, affected by seasonal factors, a quarter of bank liquidity has always been more abundant, more relaxed side market funds, the bank's excess reserve ratio is higher. .The open market but at this time scale is also a great central ticket expires, even if withdrawn from circulation and increase strength, or will have a lot of money to market the objective results. .According to statistics, not including repurchase expired in March due only to the central counting the amount as high as 566 billion yuan, 596 billion yuan, second only to January the second highest single month. .</ P> <P> in "into the water," a massive injection of funds for the market, while short-term money market has caused tension in the recent purchase of new shares also strengthened the capital deserted pool water effect. .Spring Festival, China Railway Construction only large-cap stocks issued in the stock market turmoil intensified, "playing the new" risk arbitrage funds, but also to securities companies, insurance companies, fund companies have been the main "playing the new" in reducing the financing in the money market .needs. .</ P> <P> simultaneously the inter-bank dealer said that this implementation of the deposit reserve ratio increase, there are still some banks are required to use the foreign exchange payment, which reduces the financial needs of the local currency market. .</ P>.