Under The Market Interest Rate, The Main Exchange Rate Shows A Two-Way Fluctuation.

< p > July, the interbank market completed a paction of 32 trillion and 900 billion yuan, an increase of 57.7% over the same period, an increase of 4.3%.

Among them, the money market traded 24 trillion and 200 billion yuan, an increase of 59.7% over the previous year; the bond market traded 3 trillion and 700 billion yuan, an increase of 185.8% over the previous year; the spot market for foreign exchange traded 2 trillion yuan, down 11.7% compared to the same period last year; the derivatives market traded at 3 trillion yuan, up 40.4% over the same period last year.

In the first 7 months of this year, China's interbank market totaled 190 trillion and 100 billion yuan, an increase of 8% over the same period last year.

By the end of 7, there were 6898 members in the interbank currency market, an increase of 95 from the end of last month, and 436 members in the foreign exchange market, an increase of 7 from the end of last month.

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< p > < strong > < a > href= > http:// > www.sjfzxm.com/news/index_c.asp > money market < /a > capital is relatively loose > /strong > /p >

< p > < strong > the demand for overnight funds is larger than < /strong > /p >

< p > July, deposit reserve reserve, < a href= "http:// www.sjfzxm.com/news/index_c.asp" > new issue < /a >, financial tax payment became the main factor of disturbing the money market, but in the case of continuous operation of central bank open market operation, the capital market of the money market is still relatively loose. Besides the overnight interest rate rising due to the large demand, the rest period interest rate falls below.

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< p > from the weighted paction interest rate, at the end of 7, overnight credit borrowing closed at 3.25%, up 21 basis points from the beginning of the month, and 7 days of pledge repo closed at 4.02%, down 43 basis points from the beginning of the month.

Market benchmark interest rate, Shibor below the main.

Overnight Shibor closed at 3.20%, up 19 basis points from the beginning of the month. 7 days, 14 days and January Shibor were closed at 3.98%, 3.98% and 4.20%, respectively, which decreased by 44, 73 and 80 base points respectively compared with the beginning of the month. The rest of the period Shibor was below the 3 base points.

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< p > the volume of money market has increased substantially compared with the same period last year. Large commercial banks are the largest net capital producers.

In July, the money market reached a total turnover of 24 trillion and 200 billion yuan, up 59.7% over the same period last year.

Among them, 3 trillion and 300 billion yuan in credit lending, an increase of 37.4% over the same period, 19 trillion and 800 billion yuan in pledge repurchase, an increase of 61.5% over the same period last year, and a buyout repurchase of 1 trillion and 100 billion yuan, an increase of 124.1% over the same period last year.

From the perspective of money market capital flows, the top three institutions of net capital output in July were large commercial banks, policy banks and investment products, with a net income of 5 trillion and 400 billion yuan, 4 trillion and 700 billion yuan and 633 billion 800 million yuan respectively.

City commercial banks, securities companies and rural financial institutions ranked the top three in net capital penetration, with net income of 3 trillion and 300 billion yuan, 2 trillion and 500 billion yuan and 1 trillion and 900 billion yuan respectively.

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< p > < strong > < a > href= > http:// > www.sjfzxm.com/news/index_c.asp > bond market < /a > showing a disadvantageous pattern < /strong > /p >

< p > < strong > the yield curve of treasury bonds has been shifted upward to < /strong > < /p >.

< p > July, the good economic fundamentals became the most important factor to suppress the bond market. The deposit and loan ratio adjustment, the first class market bidding situation is not good, the financial pressure and the rumors about the directional central bank also pressure the market.

Although the executive meeting of the State Council on the end of this month eased the discussion on the high cost of financing, it was hard to change the weak structure of the bond market.

At the end of 7, the yields of the 1 and 10 year treasury bonds in the inter-bank market were closed at 3.78% and 4.29% respectively, up 40 and 23 basis points respectively from the beginning of the month, and the yield of the AAA class medium-term notes in the 1 and 5 years ended at 4.84% and 5.40%, respectively, rising by an average of more than the base point in the beginning of the month.

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< p > bond market is more active, trading concentrated in the medium and short term varieties.

In July, the bond market totaled 3 trillion and 700 billion yuan, an increase of 185.8% over the same period, of which 32 billion 90 million yuan in bond lending.

From the point of view of trading securities, policy financial bonds, corporate bonds and national debt are the top three securities companies. The turnover amounts to 1 trillion and 576 billion 950 million yuan, 449 billion 50 million yuan and 436 billion 730 million yuan respectively, and the market share is 43.1%, 12.3% and 11.9% respectively.

Judging from the term structure, 7 years below the total turnover of 3 trillion and 400 billion yuan, accounting for 93.2% of the market.

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< p > strong > RMB intermediate price rises first and then depreciate > /strong > /p >

< p > < strong > paction price appreciates slightly > /strong > /p >

< p > in early July, the central parity of RMB against the US dollar was 6.1523, followed by a slight appreciation. In July 10th, the median price was 6.1443, an increase of 0.1% over the beginning of the month. After that, the middle price began to depreciate, and the middle price at the end of the month was 6.1675, down 147 basis points from the end of last month, and the depreciation rate was 0.2%.

Compared with the beginning of the year, the intermediate price depreciated by 685 basis points and the depreciation rate was 1.1%.

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< p > July, the RMB appreciated slightly against the US dollar paction price.

At the end of 7, the paction price was 6.1747, 303 basis points higher than the end of last month, and the appreciation rate was 0.5%.

The intraday volatility of trading exchange rate has weakened, and the trading exchange rate in July has fluctuated 72 points a day, which is weaker than the average fluctuation range of 112 points in June, and the biggest fluctuation in trading volume in July is 118 points, which is narrower than that of 237 points in June.

The spot market for the month was $322 billion 150 million, down 2.5%, down 12.6% from the same month.

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< p > the recent trend of RMB exchange rate is influenced by various factors such as China's foreign exchange income and expenditure and external monetary environment.

On the one hand, the stabilization of domestic economy and the warming up of foreign trade import and export will lead to capital inflow and bring the pressure of RMB appreciation.

On the other hand, the international dollar continued to strengthen, driven by interest rate expectations and economic recovery, and the US dollar index rose 2.1% in July.

The Fed said it would raise interest rates sooner or faster in the case of a continuous improvement in the job market.

The regional economic situation survey (brown paper) and economic data show that US economic activity continues to expand, and the US economy rebounded strongly in the second quarter.

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