In March, The Central Bank'S Interest Rate Rose Unexpectedly By &Nbsp; The Interest Rate Hike Was Expected To Increase Sharply.

On Tuesday, after the "unexpected" raise the deposit reserve ratio, the central bank gave the market another "Thursday".

Yesterday, the central bank issued the central bank bills in March in the open market for 1 billion yuan. The interest rate rose from 2.9168% to 2.9985%, rising by nearly 8.2 basis points.

Previously, in March, the central bank issued interest rates for 2.9168% weeks, which remained unchanged for ten weeks. The interest rate just happened after the central bank raised interest rates in April.

The market soon linked the results of the open market operation on Thursday with the increase in interest rates.

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Judging from the market performance of the day, the yield of bonds has already risen sharply, which is fully affected by the interest rate hike.

Therefore, the same day

Does the rising interest rate of central bank votes mean that the benchmark interest rate must rise?

In the history of open market operation, there have been many occasions when the central bank actively raised interest rates on central bank instead of raising interest rates.

Most of the background is that the central bank's one or two tier market interest rates are largely upside down, resulting in the loss of the central bank's appeal and the marginalization of the open market return function.

For example, from May to June last year, and in March this year, the central bank has raised interest rates on central banks several times, and has successfully expanded the circulation of central banks.

At the moment, the central bank is facing a serious one or two tier market upside down situation.

After the issuance rate was raised, yesterday's March central bank's one or two level upside is still as high as nearly 100 basis points, and the annual vote is about 35 basis points.

From this point of view, if the central bank intends to increase its strength through the open market, it is necessary to raise the interest rate level.

However, the institutional analysis shows that if the central bank votes are more attractive, the interest rate should rise to 3.4% to 3.5%, which will exceed 15 to 25 basis points of the current one year's fixed interest rate.

It is undeniable that all kinds of information show that the current tightening measures have not been relaxed, but there is the possibility of continued overweight.

On Tuesday, the central bank was unable to wait until the interest rate dropped. The latest economic data released in May showed that inflation pressure is high and the future is likely to rise further.

In the China financial stability report 2011, the central bank once again reiterated that the overall level of stable prices should be placed in a more prominent position.

In addition to quantitative measures, will the central bank once again use price measures?

For investors, this weekend will be "uneasy" again.