Measures For The Management Of Counter Business In The National Inter Bank Bond Market Have Been Enlarged.

In February 14th, the seventh day of the lunar calendar, the Western Valentine's day.

Near the evening, the central bank suddenly issued a big move, which will have a significant impact on the pattern of China's capital market in the next two years, but unfortunately most people do not understand it.

The central bank issued a document for the management of counter business in the national inter bank bond market. The headlines used by the media were mostly "the central bank issued a document to regulate the counter business of the national interbank bond market". These wording has a strong hypnotic effect, so that readers do not know what to say and then ignore it directly.

If we sum up the central bank's strategy in a sentence, it should be this: the stock market is out of order. In order to increase the proportion of direct financing and increase the lever and steady growth of the enterprises, the central bank decided to mobilize the masses to buy bonds.

China's bond market is divided into two parts: first, the stock exchange, but the interbank market.

From the perspective of paction volume and scale, the latter is the main factor.

The latter is mainly composed of financial institutions and some eligible enterprises.

Ordinary people take part in bond trading, or buy bonds at banks, hold the principal and interest at the time limit, or go to the exchanges and buy and sell bonds.

The third way is to buy bank financial products, and banks take the money to buy all kinds of bonds (Treasury bonds, local bonds, corporate bonds) in the interbank bond market, which is indirect participation for ordinary investors.

The net assets of the enterprises allowed to buy and sell bonds in OTC should be no less than 10 million; those who meet the requirements will not earn less than 500 thousand of their annual income, and their financial assets will not be less than 3 million.

In fact, in 2015, China's bond market has been very hot. Many financial institutions have increased leverage on bonds, and the risk of accumulation has been increasing. Many people of insight have begun to prompt the bond market.

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Expanding the main body involved in the interbank bond market is equivalent to the introduction of live water, which is conducive to reducing the risk of bond market and increasing the capacity of the bond market.

In fact, starting the bond market is only a way to raise the proportion of direct financing.

In the downturn of the main board market, management is still offering new opportunities to the small and medium-sized innovative enterprises through the new three boards.

The rapid expansion of the new three boards will reach a new climax in 2016.

Some analysts believe that this is to find a replacement for the "local debt replacement", which is certainly one of the main purposes.

On the other hand, due to the sluggish stock market, the IPO registration system reform will be delayed again after the stock market's "leverage" plan is blocked.

Under such circumstances, it can only be decided in the bond market.

Then, management starts.

And new three boards, deep Shanghai

What kind of impact will it have? In the short term, it will have a positive effect, because it reduces the pressure of market expansion, and also achieves the pfusion of blood to enterprises, especially listed companies (mainly debt markets).

In the long run, there will be negative effects, which will lead to diversion of market funds and possibly even the possibility of marginalization of the stock market in the new three boards and bond markets.

But there is no way out. Who will let the Shanghai stock market fail to win?