baccaratcom| The volume and price of interbank certificates of deposit deviate from the one-year AAA level and have been inverted by 40bp from the MLF

Source: Cailian

China foreign exchange trading centerbaccaratcomData from., shows that as of yesterday's close, the one-year interest rate on AAA interbank certificates of deposit has increased from 2.0% at the beginning of the year.baccaratcom45% will drop to 2.1%, which is 40bp inverted from the current MLF interest rate. Different from the interest rate trend, the net financing scale of interbank certificates of deposit has been increasing since May. As of yesterday, the cumulative net financing amount this month was 267.29 billion yuan (the net financing scale for the whole month in April was 379.8 billion yuan). Industry experts pointed out that there is a strong correlation between the trend of interbank deposit certificates and DR007, and the interbank deposit certificates interest rate and the MLF interest rate form an obvious "upside down", reflecting the loose funding situation between banks. Under the dual effects of monetary and fiscal policy coordination and institutional "asset shortage", high liquidity is provided to the market. After manual interest payments at high interest rates are prohibited, the interest payment costs of large banks may decline, causing deposits to be lost to bank wealth management and non-bank asset management products. Large banks may need to increase the issuance of certificates of deposit to fill the debt gap, or push interest rates upward.