Chicago Bears rookie quarterback Mitchell Trubisky tried on Wednesday to pump the brakes on the continued hysteria surrounding his preseason debut.

“I don’t know what you’re talking about,” Trubisky said of Mitch Mania. “I don’t pay attention to it.”

For the most part, Danny Trevathan JerseysTrubisky said he successfully stayed in the bunker as Chicago reveled in his performance (18-of-25 for 166 yards and one touchdown) last Thursday at Soldier Field.“A couple more people texted me after the game -- family congratulating me,” Trubisky said. “I think it’s just a small step in the right direction. I’ve still got a lot of work to do. I was pleased with how I played, but plenty more mistakes are going on during practice for me that I need to work on and continue to improve in my game and make sure when I go out there that I’m doing my job to help other people do their job.

“I think it just showed me that I’m making progress, Walter Payton Jerseysthat I could go out there and lead and do my job like I wanted to show. But it was just a small sample. It was the first game, and you’ve just got to continue to be consistent in reproducing it. That’s why we’re out here working and practicing.”

Practice is where Trubisky can identify the majority of his flaws. Trubisky had no trouble with the vanilla scheme of Denver's second-string defense last week. But on the practice field, Trubisky often is shown looks he’s never seen before.

“[At practice], Kevin White JerseysI’ve been taking the wrong drop a couple times, Jordan Howard Jerseys[and I’m working on] getting the correct Mike [linebacker call] down so we have it blocked correctly,” Trubisky said. “[I’m working on] just being more efficient. The game was actually pretty clean; it’s more in practice.”

Saturday's game against the Cardinals is an even bigger test for Trubisky, who is expected to play sometime after the Bears pull starter Mike Glennon.

Arizona coach Bruce Arians won’t be bashful about showing stuff in the preseason. Alshon Jeffery JerseysDon’t be surprised to see the Cardinals go after Trubisky, who’s working on blitz recognition in practice but didn’t face much extra pressure in the Broncos game.

资金面宽松依旧 存准率上调空间不大

 

4月18日,央行宣布再次上调存款准备金率后的首个交易日,银行间市场回购利率小幅上升,其中7天与14天期拆借利率分别上涨34.37和21.21个基点。与此同时,7天期的质押回购利率也小幅上涨34.2个基点。

无独有偶,债券市场也“波澜不惊”,现券收益率小幅上升。“存准率提高后,短期债券收益率几乎未受影响,仅中长期金融债上涨了2-3个基点,总体上收益率曲线变化不大。”一位国有大行的债券交易员表示。

这已经是年内第4次上调存款准备金率,“但目前货币市场资金面尚为宽松,而当前存准率可上调空间也不是很大了,年内肯定会再次加息”。国泰君安首席经济学家李迅雷表示。

宽松资金面不改

央行17日晚宣布,自4月21日起,上调存款类金融机构人民币存款准备金率0.5个百分点。经过此次上调,大型银行存款准备金率高达20.5%,再创历史高点。

多家机构预测,此次上调可一次性冻结约3600-3700亿银行资金。

对于此次存准率调整的原因,李迅雷认为,政策触发点主要是“针对当前外汇占款的新增压力”。

央行的统计数据显示,一季度,我国外汇储备的月度增速均在20%以上,其中,3月份的外汇占款是4079亿,较2月份大幅增加1933亿,规模接近2010年的月度高值水平。“3月份是4000多亿,4月份的情况如果类似,上调准备金率后所冻结的市场资金量,则大约同新增的外汇占款额相吻合。”李迅雷说。

事实上,货币市场资金面并未出现明显的紧张信号。

18日,银行间市场回购利率小幅上升,其中7天与14天期拆借利率分别上涨34.37和21.21个基点。有银行金融市场部人士指出,“总体上资金市场的反应并不明显。相比于1月央行上调存准率后出现的资金旱情现象,现在银行间市场的资金情况早已不可同日而语。”

多位银行的债券交易员也表示,债市“并未受到太大影响,调整存准率的预期之前就被市场消化了”。市场中短期债券的收益率几乎不受影响,仅中长期金融债稍微上涨了2至3个基点。

东方证券固定收益部经理孙志鹏亦指出,中长期债券的买卖盘价差略有扩大。以10年期国债为例,买卖盘价差达到2.5个基点,“这主要是买盘价格下降所致。10年期国债的价差通常在1-1.5个基点的水平。”

“不过,此次存准率的上调,并未超出市场预期,债券收益率的总体反应并不大,市场资金面依旧较为宽裕。”孙志鹏称。

存准率上调空间不大

存准率“靴子”落地,市场人士对债市的资金面并不悲观。 

孙志鹏表示,货币政策预期是影响债券市场收益率水平的重要因素之一。目前虽处于货币政策收紧中,资金依旧充裕,除非货币政策有超预期的收紧。

资料显示,4-6月,公开市场到期资金将分别达到9270亿、4906亿及5213亿。 

平安证券的一位分析师指出,未来央行的调控力度不会放松,调控动作将主要针对流动性。在短期流动性对冲压力依旧较大和通胀高企的背景下,央行后续仍可能上调存款准备金,并且上半年内再次上调利率的几率很大。 

此前,央行行长周小川16日在博鳌论坛上表示,适度从紧的货币政策还会持续一段时间,存准率的上调没有上限。 

事实上,此次上调存款准备金率,是年内的第4次,也是自去年1月以来第10次上调。 

“本轮调控以准备金率为主,虽然实现了信贷资金面的趋紧,但目前货币市场的资金面尚为宽松。存款准备金率的调整是一个‘简单’的操作,而当前可上调的空间也不是很大了。”李迅雷表示。 

根据央行统计数据,随着货币政策紧缩,我国今年一季度新增人民币贷款量缩减至2.24万亿,同比下降13.84%。 

对于后续的货币政策,李迅雷认为,年内肯定会再次加息。“市场中的投资成本会得到适当提高。同时,银行存款增加、放贷能力紧缩的现状又会得到一定程度的缓解,当前这个利率水平,即便有许多中小银行的贷款利率达到10%以上,但还无法遏制当前大量企业从银行索取信贷的需求。”

国泰君安宏观分析师姜超则认为,央行接下来可能会更多地运用公开市场操作。“准备金率的资金回笼规模有限,一次仅3700亿元左右,效用不大,加息则会带来大量的热钱流入,仅3月份的热钱流入规模就达3500亿元。” 

事实上,自3月中旬以来,随着央票一二级市场利率倒挂的结束,央行公开市场周回笼资金能力已超过2000亿,上周回笼量更是达到2750亿,净回笼630亿。

来源:21世纪经济报道  2011-04-19

 
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