市场供需变化对资金利率中枢的影响分析

Analysis of Impact of Market Supply&Demand Changes on Capital Interest Rate Center

文章建立了市场资金供求分析框架,并探讨其对资金利率中枢的影响,指出央行流动性的净投放是市场资金利率中枢水平的关键决定因素。针对中短期资金需求和鼓励银行增加贷款需要,央行会通过不同类别货币政策工具向市场提供流动性。资金利率月度中枢的变化多数时候与资金缺口变化的方向一致。但有时,市场预期也是影响资金利率中枢的重要因素。

This article establishes an analysis framework for market capital supply&demand and discusses its impact on the capital interest rate center,and points out that the central banks’net injection of liquidity is a key determinant for the level of the market capital interest rate center.In response to short-and medium-term funding needs and in order to encourage banks to increase lending,the central bank will provide liquidity to the market through various types of monetary policy tools.The change in the monthly center of capital interest rates is mostly consistent with the direction of the funding gap changes,sometimes,however,market expectations also prove to be a critical factor that affects the capital interest rate center.