RMB Interest Rate Swap Centralized Settlement Agent Next Month

< p > > the Shanghai clearinghouse has issued the announcement on the centralized clearing agency business of RMB interest rate swap (hereinafter referred to as the "announcement"), announcing that the centralized clearing agency business of RMB interest rate swap has been launched since July 1, 2014.

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< p > < < a href= > //www.sjfzxm.com/news/index_c.asp > > < /a >, said that the eligible rate swap clearing member can apply for a comprehensive clearing member, and the non liquidating member shall participate in the centralized clearing business of the RMB interest rate swap.

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< p > in order to prevent risks, a comprehensive clearing member shall sign an agreement with a non liquidating member, collect a margin from a non liquidating member and shall not be lower than the standard of the Shanghai clearing house.

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< p > Shanghai clearing house separately calculates and settle accounts separately for settlement business of comprehensive clearing members and settlement funds of self operated businesses, < a href= "//www.sjfzxm.com/news/index_c.asp" > margin < /a >; non liquidation members can choose comprehensive liquidation members independently, and the business process of interest rate swap pactions submitted to centralized liquidation is basically the same as that of clearing members.

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< p > developing RMB a href= "//www.sjfzxm.com/news/index_c.asp" > interest rate less than /a > centralized clearing agency business is a concrete measure for the Shanghai clearing house to implement the central bank's request for Centralized Settlement of RMB related interest rate swap pactions between new financial institutions in July 1, 2014.

To facilitate the participation of market institutions, the Shanghai clearing house will organize related training on interest rate swap agency clearing business in the near future.

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< p > related links: < /p >

< p > the decision making level and the central bank's "timely and appropriate pre adjustment and fine-tuning" statement are full of expectations for all sectors to relax monetary policy.

However, judging from the use of various monetary instruments this year, the preset fine-tuning has been in progress, and from the current economic situation, it seems unnecessary to completely relax monetary policy.

Through the open market flexible operation of the central bank, the central bank made the next step to "make good arrangements for liquidity at all time points". In May this year, it continued to release water for three consecutive weeks to prevent the "shortage of money".

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The central bank conducted a 30 billion yuan 28 day repo operation this week, with a flat interest rate of 4%. P

The scale of operations has set a new weekly low since February.

The 10 billion dollar repo, symbolized yesterday, also showed the ability of the central bank to maintain its strength in the same year as a single day low.

This week the net scale was 20 billion yuan, and the central bank released funds through the open market for third consecutive weeks. The previous two weeks were 44 billion yuan and 120 billion yuan respectively.

Coupled with yesterday's 40 billion yuan of treasury cash tendering and bidding, it has a certain boost to the money market.

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< p > monthly data show that the May open market central bank and the total repurchase of the repurchase funds amounted to 563 billion yuan, the central bank has accumulated 389 billion yuan, and the net investment in that month was 174 billion yuan.

In April, the central bank's net investment in the open market was only 1 billion yuan.

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< p > the open market has been running for three consecutive weeks, showing that the central bank is taking the initiative to create a slightly relaxed expectation or direction to prevent the "money shortage" reappearing last year.

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< p > there is a prevailing view in the market now that although the possibility of the central bank's fine tuning of monetary policy is relatively low in the short term, it has adopted at least four fine-tuning measures in a timely and appropriate manner.

For example, the central bank's flexible repo operation, the 3 year central bank's no longer sequel, directional reduction, refinancing and other undisclosed measures include dynamic and differential deposit reserve ratio, liquidity supply to individual banks and some lagging measures of disclosure, such as standard lending tools.

Looking ahead, the adjustment range of monetary policy may be further adjusted, depending on the development and changes of the economic situation.

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