{"code":20000,"message":"OK","data":{"asset_tags":[{"key":"zhaiquan","name":"债券","ancestor_paths":["zichan"],"banner_key":"zhaiquan"}],"audio":{"title":""},"audio_info":{"uri":"https://wpimg-wscn.awtmt.com/a7320599-b0ea-45bf-99e3-e2bd762922f5.mp3","start_time":"0.000000","duration":"198.396000","size":"595233"},"audio_uri":"https://wpimg-wscn.awtmt.com/a7320599-b0ea-45bf-99e3-e2bd762922f5.mp3","author":{"article_count":7211,"author_kind":"default","avatar":"https://wpimg-wscn.awtmt.com/08507e99-88ee-4368-b332-c44def86720c","bio":"","display_name":"赵颖","editor_choice_articles":[],"followers_count":8780,"id":120000004514,"is_followed":false,"uri":"https://wallstreetcn.com/authors/120000004514"},"categories":[{"key":"global","name":"见闻首页"},{"key":"internal","name":"屏蔽外部"},{"key":"bonds","name":"债券"},{"key":"wscn-platform","name":"见闻"}],"columns":[{"id":1005683,"key":"quanqiuyaowen","name":"突发要闻-Breaking News","uri":"https://wallstreetcn.com/columns/1005683"}],"comment_count":2,"comment_disabled":false,"content":"\u003cp\u003e中国央行今日开展20亿元逆回购操作，意外“降息”，将利率下调10基点至1.90%。\u003c/p\u003e\n\u003cp\u003e6月13日，为维护银行体系流动性合理充裕，人民银行以利率招标方式开展了20亿元逆回购操作，中标利率为1.90%，此前为2.00%。\u003c/p\u003e\n\u003cp\u003e\u003cimg class=\"wscnph\" src=\"https://wpimg-wscn.awtmt.com/2cbf3412-363f-4a4c-84cf-580a1f66b6fe.png\" data-wscntype=\"image\" data-wscnh=\"421\" data-wscnw=\"888\" data-wscnsize=\"9999\" /\u003e\u003c/p\u003e\n\u003cp\u003e逆回购OMO利率与MLF和LPR相比，是央行针对不同期限和不同目标的利率调整工具。其中OMO是央行的短期政策利率，目标是将短期市场利率稳定在政策利率附近。但自5月以来，受供需影响，银行间7天回购利率均在政策利率下方徘徊。\u003cbr /\u003e\u003cbr /\u003e\u003cstrong\u003e央行本次公开市场操作中标利率下降10个基点，既反映了资金市场供求需要，进一步缓解银行历史新低的息差水平，也释放了加强逆周期调节和稳定市场预期的政策信号，为未来降低资金和融资成本创造条件。\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e招联首席研究员董希淼认为，7天期逆回购利率下调，传递出政策利率有松动的迹象。如果6月15日中期借贷便利（MLF）中标利率继续下降，将有助于进一步降低银行资金成本。叠加2022年9月以来存款利率多轮下调、银行负债成本有所下降，本\u003cstrong\u003e月贷款市场报价利率（LPR）有望结束连续9个月的“按兵不动”，或将下降5—10个基点。\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cimg class=\"wscnph\" src=\"https://wpimg-wscn.awtmt.com/af3de1a6-0665-462c-ac93-b04da8e79799.png\" data-wscntype=\"image\" data-wscnh=\"719\" data-wscnw=\"1024\" data-wscnsize=\"261478\" /\u003e\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e消息公布后，金融市场信心提振，国债期货全线高开，30年期主力合约涨0.22%，10年期主力合约涨0.23%，5年期主力合约涨0.12%，2年期主力合约涨0.04%。\u003c/p\u003e\n\u003ch2\u003eMLF、LPR降息空间打开\u003c/h2\u003e\n\u003cp\u003e本周四，2000亿元1年期中期借贷便利（MLF）到期，关注MLF会否跟随“降息”。\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://wallstreetcn.com/articles/3690521\" target=\"_blank\" rel=\"noopener\"\u003e中信证券则指出\u003c/a\u003e，目前降息的可能性抬升。进入6月，下半年稳增长的重要窗口期正式到来，叠加近期部分经济金融数据和市场情绪来看，降息的必要性明显抬升。6月一年期MLF利率或将下调5-10bps。除此以外，银行也存在进一步下调存款产品利率的空间，如果降息落地，预计将带动10年期国债到期收益率进一步下行。\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://wallstreetcn.com/articles/3690864?keyword=%E4%B8%9C%E9%A3%8E#from=android\" target=\"_blank\" rel=\"noopener\"\u003e国海证券此前指出\u003c/a\u003e，新一轮存款利率下调周期影响下，新一轮MLF、LPR降息空间打开。6月份MLF+LPR是否降息是关键变量，存在3种可能性：（1）MLF、LPR均不降息。对长端利率略有利空，短端利率、信用债更加安全。（2）MLF不降息、LPR降息。银行净息差继续受到压缩，同时长端利率进一步向下空间也不大。（3）若MLF、LPR均降息。此举将打开长端利率进一步下行的空间，主力行情可能在降息落地后1、2天内快速演绎，伴有部分止盈盘出现。不过，随着后续投资者对于“连续降息”的预期升温，10Y利率有可能突破前低。\u003c/p\u003e\n\u003cp\u003e不过，\u003ca href=\"https://wallstreetcn.com/articles/3690826\" target=\"_blank\" rel=\"noopener\"\u003e申万宏源此前认为\u003c/a\u003e，本周MLF“降息”概率较低，源于商业银行净息差扭转仍需时日，汇率尚未完全稳定、居民购房偏好仍不稳，并非好的降息时间窗口。\u003c/p\u003e\u003cdiv style=\"color: #666; margin-bottom: 15px;\"\u003e风险提示及免责条款\u003c/div\u003e\n          \u003cdiv style=\"font-size: 12px;font-family: 黑体;color: #666;line-height: 20px;\"\u003e\n            市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。\n          \u003c/div\u003e\n","content_short":"央行本次公开市场操作中标利率下降10个基点，既反映了资金市场供求需要，进一步缓解银行历史新低的息差水平，也释放了加强逆周期调节和稳定市场预期的政策信号，为未来降低资金和融资成本创造条件。","custom_tag":"","display_time":1686621629,"funds":null,"has_transfer_audio":true,"id":3690973,"image":{"uri":"https://wpimg-wscn.awtmt.com/7515a2b6-65dd-4a26-8a3c-abf66e1343f6.jpeg","height":528,"width":792,"size":95458},"images":[{"uri":"https://wpimg-wscn.awtmt.com/d0/24/94/-1-2-.png","height":400,"width":640,"size":14832}],"influence_score":0,"is_need_pay":false,"is_priced":false,"is_trial":false,"is_video":false,"layout":"wscn-layout","limited_time":0,"membership_uri":"","next":{"id":3690972,"image":{"uri":"https://wpimg-wscn.awtmt.com/f3458f8c-ff40-43b2-b8a8-90fdfd07afbf.jpeg","height":682,"width":1024,"size":185998},"title":"工业品库存低下的时候，高温来了","url":"https://wallstreetcn.com/articles/3690972"},"pageviews":18624,"plates":[],"previous":{"id":3690975,"image":{"uri":"https://wpimg-wscn.awtmt.com/7cce39c3-12b3-4ce5-8bde-3b92e83f60ef.jpeg","height":681,"width":1024,"size":56914},"title":"新规后首单终止项目拆解：鱼跃医疗主动撤回GDR","url":"https://wallstreetcn.com/articles/3690975"},"related_topics":[],"show_like":true,"source_name":"","source_uri":"","subtitle":"","tags":[],"theme_group_map":null,"themes":[{"key":"quanqiuyaowen","name":"突发要闻-Breaking News"}],"title":"“降息”！在MLF操作前 央行将7天期逆回购利率下调10基点","unshow_content_short":false,"words_count":874}}