新闻 > 经济
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170907/31308309.html
Server: cms-8-252
Date: 2024/12/02 12:12:46

Powered by China
China

监管升级 期债承压

2017-09-07 09:46:56   中国经济网

8月末,财政支出力度进一步加大,银行体系流动性整体处于较高水平,对国债期货形成支撑。近期,随着8月经济数据的公布以及监管细则陆续出台,期债承压,而资金面和避险情绪对期债形成支撑,期债或延续振荡。

8月官方制造业PMI为年内次高,从分项指标看,新出口订单指数继续下降,表明未来出口增速或放缓。生产指数、新订单指数和进口指数均回升,对PMI超预期上升形成支撑。8月财新制造业PMI为年内次高,制造业整体运行状况改善。8月财新服务业PMI为三个月最高,这一走势与国家统计局服务业PMI不同。总体上,7月受极端高温天气影响,部分企业放高温假,大部分经济数据不及预期,8月经济数据整体将有所反弹,当前经济表现出较强韧性,施压期债。通胀方面,受供给侧改革、环保等影响,上游原材料价格上涨对PPI形成支撑,不过9月PPI基数上升,形成制约。此外,近期蔬菜和猪肉价格均有所反弹,对8月CPI形成支撑。

自央行发布《2017年第二季度中国货币政策执行报告》,开启对同业存单的考核后,央行再次表示,9月1日起金融机构不得新发行期限超过1年(不含)的同业存单。Wind统计显示,目前2年、3年期同业存单存量规模和存单数量占同业存单总存量的比例分别为1.67%和2.01%。证监会发布《公开募集开放式证券投资基金流动性风险管理规定》,自2017年10月1日起施行,进一步强化金融监管,该规定对涉及基金管理人需进行投资调整的事项均给予6个月的过渡期,冲击或有限。此外,央行等七部门联合发布《关于防范代币发行融资风险的公告》,指出ICO是非法公开融资行为,应当立即停止。

9月资金面压力较大,影响资金面的因素主要有:逆回购到期、MLF到期、金融机构缴准、企业缴税、MPA考核、2.3万亿元同业存单到期等。本周央行公开市场有3700亿元逆回购到期,周四还有1695亿元MLF到期,央行大概率呵护市场流动性。9月初,资金面较为宽松,央行连续四天暂停公开市场操作,市场情绪偏谨慎。周三,央行恢复公开市场操作,特别的,时隔近三个月重启28天期逆回购操作,净回笼1200亿元,另就1年期MLF需求询量,央行削峰填谷,维稳资金面,有助于提振市场情绪,支撑债市。

美朝冲突持续推进,朝鲜氢弹试验成功,短期避险情绪升温,对国内债市的影响有所弱化。此外,美联储9月大概率缩表,综合考虑美联储或温和缩表,市场已有充分预期,即使美联储9月缩表靴子落地,对我国的影响或有限。

8月经济数据向好、市场对监管的担忧、美联储9月大概率缩表施压期债市场,而央行维稳资金面、美朝冲突持续推进形成一定的支撑,受多空因素影响,期债短期或延续振荡,建议波段操作为主。

404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170907/31308309.html
Server: cms-8-252
Date: 2024/12/02 12:12:46

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170907/31308309.html
Server: cms-8-252
Date: 2024/12/02 12:12:46

Powered by China
China

相关阅读

404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170907/31308309.html
Server: cms-8-252
Date: 2024/12/02 12:12:46

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170907/31308309.html
Server: cms-8-252
Date: 2024/12/02 12:12:46

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170907/31308309.html
Server: cms-8-252
Date: 2024/12/02 12:12:46

Powered by China
China
分享到:
0 0
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170907/31308309.html
Server: cms-8-252
Date: 2024/12/02 12:12:46

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170907/31308309.html
Server: cms-8-252
Date: 2024/12/02 12:12:46

Powered by China
China

美图推荐

404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170907/31308309.html
Server: cms-8-252
Date: 2024/12/02 12:12:46

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170907/31308309.html
Server: cms-8-252
Date: 2024/12/02 12:12:46

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170907/31308309.html
Server: cms-8-252
Date: 2024/12/02 12:12:46

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170907/31308309.html
Server: cms-8-252
Date: 2024/12/02 12:12:46

Powered by China
China

为您推荐

加载更多>>
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170907/31308309.html
Server: cms-8-252
Date: 2024/12/02 12:12:46

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170907/31308309.html
Server: cms-8-252
Date: 2024/12/02 12:12:46

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170907/31308309.html
Server: cms-8-252
Date: 2024/12/02 12:12:46

Powered by China
China