The chief economist of CITIC Securities, Ming Ming, said that the way the central bank carries out national debt borrowing operations and even subsequent sales of national debt has been further clarified. The central bank's use of credit borrowing means that the central bank will not provide collateral to banks that lend out national debt, which also means that the process of borrowing securities will not achieve liquidity injection. In addition, the central bank has indicated that it will adopt an indefinite-term borrowing method, which means that the central bank's control over the yield curve will not be limited to a specific term variety. Compared with preventing the long-term yield from being too low, the central bank's intention may be to fully control an upward sloping yield curve.
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Chứng khoán CITIC: Chi tiết về việc "vay mượn" của Ngân hàng trung ương được làm rõ hơn
The chief economist of CITIC Securities, Ming Ming, said that the way the central bank carries out national debt borrowing operations and even subsequent sales of national debt has been further clarified. The central bank's use of credit borrowing means that the central bank will not provide collateral to banks that lend out national debt, which also means that the process of borrowing securities will not achieve liquidity injection. In addition, the central bank has indicated that it will adopt an indefinite-term borrowing method, which means that the central bank's control over the yield curve will not be limited to a specific term variety. Compared with preventing the long-term yield from being too low, the central bank's intention may be to fully control an upward sloping yield curve.