Extended information:
national debt (national debt; Government loan), also known as national bonds, is a creditor-debtor relationship formed by the state on the basis of its credit and in accordance with the general principles of debt.
national debt is a bond issued by the state, a government bond issued by the central government to raise financial funds, and a creditor's right and debt certificate issued by the central government to investors, which promises to pay interest and repay the principal at a certain period of time. As the issuer of national debt is the state, it has the highest credit and is recognized as the safest investment tool.
China's national debt refers to the national debt issued by the Ministry of Finance on behalf of the central government. It is guaranteed by the state's financial reputation and has a very high reputation. It has always been known as the "Phnom Penh bond", and prudent investors like to invest in national debt. There are three types of bonds: voucher bonds, bearer bonds and book-entry bonds.
The occurrence, alteration and elimination of the legal relationship of national debt mostly reflect the unilateral will of the state. Although the legal relationship of national debt is equal compared with other financial legal relationships, it shows a certain subordination compared with the general creditor-debtor relationship, which is more obvious in the legal relationship of domestic debt.
reverse repurchase, refers to the transaction behavior that the financial lender gives the funds to the financial integrator, collects the securities as the pledge, recovers the principal and interest in the future, and releases the pledge of the securities.
reverse repurchase by the central bank refers to the trading behavior that the People's Bank of China buys securities from a primary dealer and agrees to sell them to the primary dealer on a specific date in the future. Reverse repurchase refers to the operation that the central bank puts liquidity into the market, while forward repurchase refers to the operation that the central bank recovers liquidity from the market. The simple explanation is to lend money actively, and the transaction of obtaining bond pledge is called reverse repurchase transaction. At this time, the central bank plays the role of investor and is the lender who accepts bond pledge and lends money.
market participants believe that it is obviously more difficult to borrow funds from the inter-bank market, which is quite different from the previous situation of funds. Moreover, due to factors such as financial deposits and poor foreign exchange holdings, it is difficult to loosen the funds in the short term. Considering the month-end factor, it is not surprising that the 7-day reverse repurchase issued this week has crossed the 25 th payment punctuality point, and the scale of operation has increased.