Opinions On Pushing Forward The Reform Of Price Mechanism

Recently, the CPC Central Committee and the State Council issued the "opinions on pushing forward the reform of the price mechanism". This is the first document issued specifically by the CPC Central Committee and the State Council on price reform.

This document is a programmatic document to promote price reform at present and in the future. It is very important, significant and far-reaching.

Hu Zucai said that carrying out the "several opinions" will benefit both the present and the long-term.

We should play an important role in adjusting the structure and improving people's livelihood.

The NDRC will conscientiously implement the "several opinions", push the price reform forward, and raise the price regulation and service to a new level, so as to create a good price environment for the economy and society.

The Information Office of the State Council held a press conference at the press conference hall of the Information Office of the State Council at 10 this morning, Hu Zucai, deputy director of the national development and Reform Commission, said at the meeting.

The core of the market mechanism is price reform.

An important part of reform.

The CPC Central Committee and the State Council have always attached great importance to price reform.

In the third Plenary Session of the 18th CPC Central Committee, it was clear that we should improve the mechanism of determining prices mainly by the market.

Hu Zucai said that this morning, the national development and Reform Commission announced the new "central pricing catalogue", which is an important concrete measure to implement the "several opinions".

Price reform is linked to production and consumption, even to the people.

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Reverse repurchase continues to shrink.

According to yesterday's announcement of the central bank [micro-blog], the central bank carried out a 25 billion yuan 7 day reverse repurchase operation with interest rate bidding, and the winning rate was flat at 2.35%.

The operation volume decreased by 15 billion yuan on Tuesday's 40 billion yuan.

It is worth mentioning that since the long holiday, the central bank has maintained a repurchase of shrinkage after a 100 billion yuan repurchase.

"The central bank reduced the reverse repurchase and increased the net return of funds, which may provide a gap for the hedge base currency and reserve space for directional operations."

Yu Yuanbo, a division analyst at Dongguan banking and financial market, said yesterday.

In addition, he believes that the continued downturn in macroeconomic data in September has increased the market's expectations of the central bank's reduction, but the margin effect and the pmission effect of funds do not appear to be obvious.

Considering that the US Federal Reserve's next interest rate increase is expected to occur at the end of the year, it may trigger a sharp fluctuation in the foreign exchange market, so the probability of reducing the probability in the short term is low.

It is more likely that the central bank will choose to reduce its foreign exchange reserves by the end of the year or early next year, depending on the market's response to the Fed's rate hike expectations.

When it comes to liquidity this week, Yu Yuanbo suggested that the main factor that would affect liquidity this week is the pfer of financial resources.

"According to past practice, the scale of the fiscal turn up in October is large, resulting in a substantial increase in government deposits under the balance sheet of the central bank, which in turn leads to tight liquidity in the market.

In October last year, the net deposit of the government caused an increase of about 800 billion yuan in government deposits. However, in view of this year's fiscal trend, the government has increased its financial expenditure in order to achieve the goal of steady growth. It is estimated that the net payroll scale will be 500 billion yuan in October.

Due to the general financial turn in from mid to late, the market liquidity will be under great pressure this week.

"Overall, the interbank market liquidity remains tight this week. Under the influence of the financial factors, the central bank has a lower probability of net return, and the reverse repurchase scale is expected to be around 90 billion."

He finally pointed out.

According to Wind statistics, the funds expended in the open market this week amounted to 90 billion yuan, of which the funds expended on Tuesday and Thursday were 40 billion yuan and 50 billion yuan respectively.

The open market on Tuesday achieved a net return of $15 billion.

Last week, the central bank cleared 70 billion yuan in the open market.

From the point of view of the price of capital, since the end of September, the interbank market funds have been maintaining a balanced and slack trend, and the repo rate has been running at a low level, but the downward range is relatively limited. The 7 day interest rate has been consolidated for many days in the 2.4%-2.5% line.