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Central bank "double down" overweight steady growth to further promote market-oriented interest rate reform | Central Bank | Prudential Bank
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People's Bank of China announced on the 25th, cut deposit and lending rates and lower deposit reserve ratio, and release more than one year (excluding one year) fixed deposit interest rate floating limit. Analysis of industry experts, the move will help resolve the economic risk of stalling in support of sustained and healthy development of the real economy, the RRR is expected to release 600 billion to 700 billion yuan of liquidity. Future, monetary easing will continue to maintain a certain intensity, the central bank will make comprehensive use of various combinations of instruments properly adjusted liquidity,cinture diesel, to maintain adequate liquidity and reasonable and stable operation of the money market.
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Reduce the cost of financing long-term liquidity
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The central bank said that since August 26, down financial institutions RMB benchmark deposit and lending interest rates, in order to further reduce financing costs. Among them, the one-year benchmark lending rate by 0.25 percentage points to 4.6%; one-year benchmark deposit rate by 0.25 percentage point to 1.75%; all other grade benchmark deposit and lending interest rate adjusted accordingly individual housing provident fund deposit and lending rates. Meanwhile, the release of more than one year (excluding one year) fixed deposit interest rate floating ceiling,nike free run+ 2, demand deposits and time deposits of one year or less floating interest rate ceiling unchanged.
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Since September 6,christian louboutin pas cher, down financial institutions RMB deposit reserve ratio by 0.5 percentage points, the banking system in order to maintain adequate liquidity and reasonable, stable and moderate growth of money and credit guide. At the same time,louboutin bottines, the ability to support agriculture and small and micro enterprises in order to further enhance the financial institutions, additional lowering of county rural commercial banks, rural cooperative banks, rural credit cooperatives and rural banks and other rural financial institutions reserve ratio by 0.5 percentage points. Additional reduction of financial leasing companies and auto finance companies reserve ratio by 3 percentage points, to encourage it to play a good role in the expansion of consumption.
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The central bank official said that at present,scarpe hogan outlet, China's economic growth downward pressure still exists, steady growth, adjusting structure, promoting reform, benefit people's livelihood and risk prevention task is still very arduous, global financial markets recently greater volatility, the need for more flexibility use of monetary policy tools to create a favorable monetary and financial environment for economic restructuring and stable and healthy economic development. The lower loan and deposit benchmark interest rate, the main purpose is to continue to play a good role in guiding the benchmark interest rate, reducing the social cost of financing to promote and support sustainable and healthy development of the real economy.
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Since November 2014, the People's Bank has lowered four times the benchmark interest rate loans and deposits, guide financial institutions lending rates continued to decline. July 2015,escarpins louboutin, the weighted average interest rate of loans from financial institutions was 5.97%, the first decline since 2011 to the level of the high social cost of financing problems below 6% effective mitigation. Although the past two months, CPI rose slightly, but the main impact of structural factors such as rising pork prices significantly affected the overall price level is still at historically low levels, but also to further promote re-use price tools to reduce the social cost of providing financing conditions.
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The central bank official said that the lowering the deposit reserve ratio, mainly based on changes in the banking system liquidity, provide adequate long-term liquidity, in order to maintain adequate liquidity and reasonable, and promote stable and healthy economic development. People's Bank recently perfected the central parity of RMB against the US dollar quotation mechanism,louboutin femme prix, and in the past the central parity and the market exchange rate spreads were correct, reaching equilibrium in the foreign exchange market in the process, can cause fluctuations in liquidity, requires a corresponding remedy the resulting liquidity gap and reduce the deposit reserve ratio may play such a role. Furthermore, additional lowering of county rural commercial banks, rural cooperative banks, rural credit cooperatives, rural banks and financial leasing companies, auto finance companies deposit reserve ratio, mainly in order to guide the relevant financial institutions to further increase agriculture, small and micro enterprises and support the expansion of consumption. (The switch A02 version)
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Central Bank Research Bureau Lu Lei said that in the fall timing of the quasi-rate cut, domestic and international economic situation and financial market liquidity conditions is a policy decision to adjust the main triggers. First, the international economic downturn led to our expanding domestic demand as the main direction right time. Import and export value in July year on year negative growth of 8.2 percent, industrial added value increased by 6.0%, total profits of industrial enterprises accumulated negative growth of 0.7%. External demand volatility requirements to expand domestic demand, especially consumer demand, become an important goal of macro-control. It has cut interest rates to encourage enterprises to further reduce the financial cost, to reduce quasi-financial institutions to promote a more adequate financial resource allocation capacity to orient drop quasi push financial institutions to support consumption time window. Second, interest rate and exchange rate policy the right time. Recent PBOC central parity of RMB against the major currencies offer further improve the mechanisms for implementing bound constitute a structural impact on the financial system and foreign currency liquidity, the deposit reserve rate cut is actually a financial system with liquidity indefinitely, can effectively enhance the financial mechanism for the implementation of market volatility currency liquidity management capability.
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Minsheng Securities Research Institute, Executive Director of Friends of pipe clear that the central bank cut interest rates drop quasi intended to hedge foreign exchange decline,nike free trainer 5.0, hedge economic downturn, stabilize market sentiment. And the choice of directional manner intended by setting down conditions for quasi-bank lending incentives,Nike, and clear the monetary policy transmission channels, and to the role of steady growth and structural adjustment. In the judgment in July and August may be as high foreign exchange outflows trillion, this preliminary estimate RRR served liquidity size of about 600 billion to 700 billion yuan, together with the previous MLF and open market operations put in the net, basic reduce the amount of foreign exchange hedging.
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Prudential Bank Institute executive president Mr Hu believes that rough estimates, the central bank released Brigadier down long-term liquidity of about 700 billion yuan, the bank can ease the financial pressure, to the intensification of efforts to support the real economy. The central bank announced the rate cut also announced September 6 RRR help Chinese banking system to maintain loose liquidity levels,woolrich parka uomo, and guide various types of social decline in financing costs.
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Further interest rate market
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The central bank official says, combined with interest rate cuts further promote market-oriented interest rate reform, release more than one year deposit rate floating ceiling, marking the market-oriented reform of interest rates has taken an important step forward. As financial institutions to further expand the independent pricing space, is conducive to the promotion of independent pricing capability of financial institutions to improve and accelerate the transformation of the business model,nike air jordan, improve financial services, but also help promote the fund price more realistically reflect the market supply and demand, give full play to the market decisive role, and further optimize the allocation of resources, promoting economic structure adjustment and transformation and upgrading, create favorable conditions for healthy and sustainable economic and financial development.
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Hu Haifeng, the central bank open more than one-year deposit interest rate floating ceiling, the full realization of the long-term deposit interest rate market interest rate market an important step. Commercial banks should respond proactively to accelerate the transition,louboutin pas cher, to strengthen their asset-liability management, interest rate pricing and interest rate risk management. In response to the challenges of the interest rate market, the source of commercial bank liabilities side to be more diversified asset side must improve capital allocation efficiency, and to develop asset management, investment banking and other services to increase non-interest income. Remain within the one-year deposit and deposit interest rate floating ceiling unchanged, reflecting the long-term according to the first after the short basic sequence of progressive liberalization of deposit interest rate ceiling of reform ideas, but also consistent with prevailing international practices . Judging from past experience, in this order to promote market-oriented interest rate reform, help foster and exercise independent pricing capability of financial institutions,ugg bottes femmes, to lay a more solid foundation for the ultimate realization of the full interest rate market; but also conducive to the stability of financial institutions deposit interest rates and overall financing costs, promote lower social cost of financing for the sustained and healthy economic development has a positive meaning.
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The central bank official says, let go after the one-year deposit interest rate floating above the upper limit, the PBC will continue to improve related measures, further scientific and rational pricing guide financial institutions to maintain a fair and orderly market competition order. First, we continue to publish benchmark deposit rate by existing maturities. Further play the guiding role of the benchmark interest rate, providing an important reference for more than one-year deposit interest rate pricing. Second is to improve the regulation of interest rates and the transmission mechanism. Further improve the central bank interest rate management system, enhance the ability to control interest rates. Strengthen financial markets foster the benchmark interest rate, improve the market interest rate system, improve the efficiency of monetary policy transmission. Third is to play the role of industry self-regulation. Guide market interest rate pricing discipline mechanism to further play an important role good pricing discipline in the industry, according to the law in accordance with the principles of compliance, both the incentives and constraints on interest rate pricing better financial institutions to continue to give more priority to product innovation and market pricing right, expand the main issue certificates of deposit and interbank certificates of deposit investment range; with the necessary self-restraint on deposit interest rates beyond a reasonable level, disrupted the market order of financial institutions.
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We will continue to maintain adequate liquidity and reasonable
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The central bank official said the central bank provides liquidity and tools to more channels, in addition to the RRR, the recent expansion of reverse repurchase also implemented, facilitate the medium-term borrowing (MLF), supplementary mortgage loans (PSL) to increase market liquidity and the like loanable funds initiatives. Next, the central bank will continue to closely monitor the liquidity changes, comprehensive use of various combinations of instruments properly adjusted liquidity, to maintain adequate liquidity and reasonable and stable operation of the money market, to guide steady moderate growth of money and credit, and promote stable and healthy economic development.
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Lu Lei said that the effectiveness of monetary policy depends on the smooth flow of the transmission mechanism. First,hogan olympia donna, based on price trends, compare the level of profitability and nominal cost of financing the real economy, double-down policy steady growth,cappelli hip hop, promoting reform, structural adjustment, benefit people's livelihood and create a risk-neutral anti modest monetary environment, but need effective financing needs of financial institutions and efficient supply of financial services to the real economy sector cooperation. Secondly, taking into account the producer price index for 40 consecutive months of negative growth,peuterey, and requires close attention and effective macro-control policies with other monetary policy and fiscal policy,hogan donna, to minimize theory commonly believed monetary policy exists governance price up excellent results governance in the price downlink asymmetric effect. Third, the key factor is that Chinese economy is still in a growth point of the new normal environment, growth pole, shaping growth with monetary policy for the economy to create a good environment, real economic growth is necessary to rely on the real economy and financial sector benign interaction mechanism.
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China Life security analysts believe that the next period of time the macro overall liquidity will still remain relatively relaxed, which will help ease the pressure of capital outflow of RMB devaluation. RRR,adidas varial trainers, interest rates help stabilize market expectations for economic growth and help mitigate systemic risk stalling real economy downturn. In the case of economic growth is expected to stabilize, the stock market is expected to bottom gradually.
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