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National debt (national debt; Governmentloan, also known as national bond, 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 debt certificate issued by the central government to investors, which promises to repay the principal and interest within a certain period of time. Because the issuer of national debt is the country, 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. Guaranteed by the national financial reputation, the credibility is very high. It has always been called "Phnom Penh bond", and cautious investors like to invest in government bonds. There are three kinds of bonds: voucher bonds, bearer bonds and book-entry bonds.
The occurrence, change 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 to other financial legal relationships, it shows a certain subordinate relationship 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 financial lenders lend funds to financial integrators, collect securities as collateral, recover principal and interest in the future, and release the pledge of securities.
Reverse repurchase by the central bank means that the People's Bank of China buys securities from primary dealers and agrees to sell them to primary dealers on a specific date in the future. Reverse repurchase refers to the operation of the central bank to put liquidity into the market, and positive repurchase refers to the operation of the central bank to recover liquidity from the market. The simple explanation is active lending, and the transaction that obtains bond pledge is called reverse repurchase transaction. At this time, the central bank plays the role of investor, and is a lender who accepts bond pledge and lends money.
Market participants believe that it is obviously more difficult to borrow funds from the interbank market, which is quite different from the previous capital situation. Moreover, due to factors such as poor fiscal deposits and foreign exchange, it is difficult to relax 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 redemption punctuality, and the scale of operation has increased.