The minimum cost of capital theory challenges repurchase rate below 1%
Cost of capital is continuing to decline in recent days, is approaching the 0.72 percent over the deposit reserve ratio of the theoretical lower limit. Yesterday, the inter-bank bond repo pledge weighted average interest rate fell 5.26 basis points, of which seven days overnight repurchase and repurchase interest rates were below the 1 percent level, in which a weighted average of the overnight repo rate is the first time below this a gateway.
In fact, Monday’s overnight repurchase rate has been in intraday below 1%. Yesterday the “results” were continuing to consolidate below the closing price the day before the opening of 1.03 percent after 10 minutes after the second tranche of the overnight repo on turnover of 0.9%, which is also the day’s lowest price. After trading day little more than 1% of the transaction, the final weighted average of the overnight repurchase rate 0.9665 percent, one-day drop 6.98 basis points, the volume of transactions has also shrunk the 5923000000-251724000000 yuan. At the same time, seven days after the repo rate also dropped to 1 percent, the most traded price of 0.97%.
the data shows that since 2003, since statistically, this is the first time overnight repurchase rate fell below 1 percent, the lowest when the last time in 2005 in November, but still more than 1% .
funds is very well-off is the unity of the majority of investors are given the answer. Repurchase rate from the mid-term trend, in the November 26 announced that the central bank to cut interest rates 108 basis points before, although market liquidity is also very well-off, but the capital remained relatively stable prices, interest rates did not follow现券fast downlink. Until the central bank announced a drastic reduction of interest rates and deposit reserve rate, and December 5 in the implementation of the deposit reserve ratio lowered the repurchase rate firm began to “disintegrate” and all the way down to 1 percent this week, a breakthrough line.
“deposit reserve rate has been dropping, the central counting how not made, but many funds have expired, the price of natural down.” traders said that prices of the status of funds to run the state is expected to also will continue, but is unlikely to lower than 0.72 percent, below 0.72 percent because if the excess deposit reserve rate, “then it must surely be no one willing to put money, the central bank would prefer to exist.”
also There are traders said that the imbalance between supply and demand can not fully explain the rapid decline in the repo rate, in fact, some agencies are deliberately keeping a financial offer, interest rates, “smashing” low. As for the reasons he believes may be out of competition for customer needs, and funds face off just to provide the reported low-cost environment.
and capital together with the decline in prices, as well as bond yields. Because the expected rate cut by the strong impact of the bond interest rates this week continued whereabouts, which have been pre-”carry” at a high level of medium-and long-debt interest rates began declining pace. At present, 1-year interest rate the central vote has fallen to 1.3 percent, down from 1.3274 percent when in 2005 the lowest interest rate issue.2008-12-18
资本理论的最低成本挑战，回购利率低于1％
资本成本继续下降，在最近几天，已接近以上的理论下限存款准备金率是百分之0.72。昨天，银行间债券回购质押加权平均利率下跌5.26个基点，其中7天回购隔夜回购利率和低1个百分点的水平，其中的隔夜回购利率加权平均是首次跌破了这是一个网关。
事实上，周一的隔夜回购利率已低于1％，盘中。昨天的“成果”正在继续低于当日收盘价巩固前百分之1.03开放10分钟后后为0.9％，这也是当天的最低价格成交隔夜回购协议第二部分。交易日之后，略高于1交易，最后的隔夜回购利率百分之0.9665，单日跌幅6.98个基点，交易量加权平均％以上，也缩小了5923000000-251724000000元。同时，7天回购利率后也下降至百分之一，0.97％的大部分交易价格。
的数据显示，自2003年以来，因为统计数字表明，这是第一次隔夜回购利率低于1个百分点，最低跌至2005年时，上一次是在11月，但仍超过1％。
资金是很富裕，是大多数投资者的团结给出答案。回购利率从中期趋势在11月26日宣布，央行将削减108个基点，利率，但市场流动性也很富裕，但资金仍然相对稳定物价，利率没有遵循现券快速下行。直到央行宣布利率和存款准备金率的急剧下降，并在存款准备金率执行12月5日回购利率降低了企业开始“分化”，一路下跌至1个百分点，本周一突破行。
“存款准备金率不断下降，中央点票怎么没有作出，但许多资金已过期，价格自然下降。”交易商表示，对资金状况的价格运行状态，预计还将继续，但不会低于百分之0.72，低于0.72百分之因为如果超额存款准备金率，“那肯定是没有人愿意投入资金，央行希望继续存在。“
也有交易商表示，供应和需求之间的不平衡不能完全解释的回购利率的迅速下降，但事实上，一些机构故意保持金融提供，利率，“砸”低。至于原因，他认为可能是客户的需求竞争中，资金对峙只提供报告的低成本环境。
和资本的价格下降在一起，以及债券收益率。由于受债券利率本周继续下落，并已预先“随身携带一中高层次”的强烈预期降息的影响和长期债务的利率开始下降的步伐。目前，1年期利率中央票已经下降到百分之一点三，低于1.3274百分之在2005年时的最低利率的问题。2008-12-18