Standard Chartered, \u00c7in Halk Bankas\u0131\u2019n\u0131n (PBoC) bankalararas\u0131 piyasan\u0131n gecelik repo i\u015flemlerine ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131 yans\u0131t\u0131r \u015fekilde, g\u00fcnl\u00fck operasyonlar\u0131n\u0131 giderek DR007 yerine DR001 etraf\u0131nda kurgulad\u0131\u011f\u0131n\u0131 belirtiyor. Banka; k\u0131sa vadeli para piyasas\u0131 faizlerinin a\u011f\u0131rl\u0131kl\u0131 olarak 7 g\u00fcnl\u00fck ters repo politika faizinin alt\u0131nda i\u015flem g\u00f6rmesini ve kademeli olarak gecelik politika faizi \u00e7er\u00e7evesine do\u011fru bir ge\u00e7i\u015fi \u00f6ng\u00f6r\u00fcyor.<\/p>\n
\u00c7in\u2019in 7 g\u00fcnl\u00fck ters repo faizi 2024 ortas\u0131nda tek politika faizi olarak belirlenmi\u015fti; ancak PBoC, 2025 May\u0131s\u2019ta 1\u00c7 Para Politikas\u0131 Uygulama Raporu\u2019nu yay\u0131mlad\u0131\u011f\u0131nda, piyasa faizlerinin politika d\u00fczeyinden ne \u00f6l\u00e7\u00fcde sapt\u0131\u011f\u0131n\u0131 izlemek i\u00e7in DR001\u2019i kullanmaya ba\u015flad\u0131. Merkez bankas\u0131, 1\u00c7-2026 raporunda gecelik para piyasas\u0131 faizini politika faizine yak\u0131n tutma taahh\u00fcd\u00fcnde bulunarak DR001\u2019in \u00e7\u0131pa rol\u00fcn\u00fc peki\u015ftirdi ve DR001 ile 7 g\u00fcnl\u00fck politika faizi aras\u0131ndaki vade uyumsuzlu\u011funu gidermek \u00fczere gecelik politika faizine ge\u00e7i\u015f olas\u0131l\u0131\u011f\u0131na i\u015faret etti.<\/p>\n
—<\/p>\n
\u00c7in Halk Bankas\u0131\u2019n\u0131n resmi politika faizi h\u00e2l\u00e2 7 g\u00fcnl\u00fck olsa da, operasyonel a\u00e7\u0131dan ana \u00e7\u0131pa olarak gecelik faizi (DR001) net bi\u00e7imde kulland\u0131\u011f\u0131n\u0131 g\u00f6zlemliyoruz. May\u0131s 2026 sonuna ait g\u00fcncel piyasa verileri bunu do\u011fruluyor: DR001, 7 g\u00fcnl\u00fck politika faizi olan %1,80\u2019in belirgin \u015fekilde alt\u0131nda, istikrarl\u0131 bi\u00e7imde yakla\u015f\u0131k %1,65 seviyesinde i\u015flem g\u00f6r\u00fcyor. Bu, k\u0131sa vadeli bor\u00e7lanma maliyetlerini d\u00fc\u015f\u00fck ve istikrarl\u0131 tutma niyetine i\u015faret ediyor.<\/p>\n
Bu kayma, \u00c7in\u2019in bankalararas\u0131 piyasas\u0131n\u0131n ger\u00e7ekli\u011fini yans\u0131t\u0131yor; burada gecelik fonlama belirleyici. \u00c7in D\u00f6viz \u0130\u015flem Sistemi (CFETS) verilerine g\u00f6re gecelik repo i\u015flemleri art\u0131k toplam piyasa hacminin yakla\u015f\u0131k %90\u2019\u0131n\u0131 olu\u015fturuyor. Merkez bankas\u0131 DR001\u2019e odaklanarak, finansal sistemin \u201ctesisat\u0131nda\u201d en kritik b\u00f6l\u00fcm\u00fc fiilen y\u00f6netmi\u015f oluyor.<\/p>\n
—<\/p>\n
T\u00fcrev i\u015flem yapanlar a\u00e7\u0131s\u0131ndan bu, faiz e\u011frisinin en k\u0131sa ucunda d\u00fc\u015f\u00fck oynakl\u0131\u011f\u0131n s\u00fcrmesini beklememiz gerekti\u011fi anlam\u0131na geliyor. Merkez bankas\u0131n\u0131n istikrar taahh\u00fcd\u00fc; k\u0131sa vadeli swaptionlar veya cap\u2019ler gibi k\u0131sa vadeli faiz oynakl\u0131\u011f\u0131 sat\u0131\u015f\u0131 i\u00e7eren stratejilerin g\u00f6rece elveri\u015fli olabilece\u011fine i\u015faret ediyor. PBoC\u2019nin DR001\u2019de olas\u0131 s\u0131\u00e7ramalar\u0131 engellemek i\u00e7in a\u00e7\u0131k piyasa i\u015flemlerini s\u0131k kullanmas\u0131 da bu g\u00f6r\u00fc\u015f\u00fc destekliyor.<\/p>\n
E\u011frinin k\u0131sa ucu bu denli s\u0131k\u0131 \u00e7\u0131palanm\u0131\u015fken, getiri e\u011frisinin dikle\u015fmesi potansiyeli g\u00f6r\u00fcyoruz. Son sanayi \u00fcretimi verilerinin de i\u015faret etti\u011fi \u00fczere, ekonomik verilerde iyile\u015fme uzun vadeli faizleri yukar\u0131 \u00e7ekerse bu senaryo ger\u00e7ekle\u015febilir. Bu nedenle k\u0131sa vadeli swaplarda sabit faiz al\u0131p (receive), daha uzun vadeli swaplarda sabit faiz \u00f6deyerek (pay) e\u011fri dikle\u015ftirici i\u015flemlerde pozisyon al\u0131yoruz.<\/p>\n
PBoC\u2019nin nihayetinde bu operasyonel tercihi resm\u00eele\u015ftirerek gecelik politika faizini benimsemesini bekliyoruz. B\u00f6yle bir ad\u0131m mevcut uyumsuzlu\u011fu giderecek ve istikrarl\u0131 ivme aray\u0131\u015f\u0131ndaki ekonomiyi daha iyi desteklemek amac\u0131yla de\u011ferlendiriliyor olabilir. Zamanlama belirsiz olsa da piyasa bu kaymay\u0131 b\u00fcy\u00fck \u00f6l\u00e7\u00fcde fiyatlad\u0131\u011f\u0131ndan, nihai duyurunun belirgin bir \u015fok yaratmas\u0131 beklenmez.<\/p>\n","protected":false},"excerpt":{"rendered":"
PBoC, 7 g\u00fcnl\u00fck politikadan fiilen geceli\u011fe kay\u0131yor: Standart Chartered\u2019a g\u00f6re DR001 yeni \u00e7\u0131pa. DR001 %1,65\u2019te, %1,80\u2019in alt\u0131nda. D\u00fc\u015f\u00fck oynakl\u0131k, e\u011fri dikle\u015fmesi ve olas\u0131 gecelik politika faizi g\u00fcndemde.<\/p>\n","protected":false},"author":87,"featured_media":47670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-49289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/49289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=49289"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/49289\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/47670"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=49289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=49289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=49289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}