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发表于 2010-7-1 12:01 PM
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本帖最后由 alex68 于 2010-7-1 14:30 编辑
About euro's today surge, there is one thing I don't understand.
Yesterday, only 130B out of 440B was rolled over from 1 yr debt to 3 months debt. But today, there was aditional 110B was offered to 6 days fund for about 80 financial institutions. Why banks don't use 3 months fund instead of 6 days fund which can be rolled over in line with ECB 7 day funding operation. 7 days fund has the same 1% interest as the 3 months fund. I don't see the point why banks prefer short-term funding facility to the longer-term one. Or do the banks try to hide sth here?
I have some wild guess. The most likely one was banks offered 110B fund was going to return the money to ECB anytime sooner. In this case we may see more market liquidation in near term. |
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