Abstract The People's Bank of China has decided to lower the benchmark interest rates for financial institutions' RMB loans and deposits from August 26, 2015 to further reduce corporate financing costs. Among them, the one-year lending benchmark interest rate of financial institutions was lowered by 0.25 percentage points to 4.6%; one year...
The People's Bank of China decided to lower the benchmark interest rates for financial institutions' RMB loans and deposits from August 26, 2015 to further reduce corporate financing costs. Among them, the one-year lending benchmark interest rate of financial institutions was lowered by 0.25 percentage points to 4.6%; the one-year deposit benchmark interest rate was lowered by 0.25 percentage points to 1.75%; the other benchmark loans and deposit benchmark interest rates, and the personal housing provident fund deposit and loan interest rates were adjusted accordingly. At the same time, the interest rate floating ceiling of time deposits of one year or longer (excluding one year) is released, and the interest rate floating ceiling of demand deposits and time deposits below one year remains unchanged. Since September 6, 2015, the RMB deposit reserve ratio of financial institutions has been lowered by 0.5 percentage points in order to maintain a reasonable and sufficient liquidity in the banking system and guide the steady and moderate growth of money and credit. At the same time, in order to further enhance the ability of financial institutions to support “agriculture, rural areas and farmers†and small and micro enterprises, the reserve ratio of rural financial institutions such as rural commercial banks, rural cooperative banks, rural credit cooperatives and rural banks will be reduced by 0.5 percentage points. The reduction of the reserve ratio of financial leasing companies and auto finance companies by 3 percentage points will be encouraged to encourage them to play a role in expanding consumption. (Finish)
The relevant person in charge of the central bank responded to the measures such as the introduction of interest rate cuts and other measures. 1. What are the main considerations for the combination measures such as the introduction of interest rate cuts?
A: At present, China's economic growth still has downward pressure. The task of stabilizing growth, restructuring, promoting reform, benefiting people's livelihood and preventing risks is still very arduous. The global financial market has also experienced large fluctuations in the near future, requiring more flexible use of monetary policy. Tools to create a good monetary and financial environment for economic restructuring and stable and healthy economic development.
The main purpose of reducing the benchmark interest rate for loans and deposits is to continue to play a guiding role in benchmark interest rates, promote the reduction of social financing costs, and support the sustained and healthy development of the real economy. Since November 2014, the People's Bank of China [microblogging] has lowered the benchmark interest rates on loans and deposits four times, guiding the continued decline in lending rates of financial institutions. In July 2015, the weighted average interest rate of financial institution loans was 5.97%. Since 2011, it has fallen back to below 6% for the first time. The problem of high social financing costs has been effectively alleviated. Although the CPI has rebounded slightly in the past two months, it is mainly affected by structural factors such as the obvious increase in pork prices. The overall price level is still at a historically low level, which also provides conditions for re-use of price instruments to further reduce the cost of social financing. To this end, with the approval of the State Council, the People's Bank of China decided to further cut the benchmark interest rate on loans and deposits, promote the lending rate of financial institutions and various market interest rates, and consolidate the policy effects of the previous macro-control.
The reduction of the deposit reserve ratio is mainly based on changes in the liquidity of the banking system and appropriate long-term liquidity to maintain a reasonable and sufficient liquidity and promote stable and healthy economic development. The People's Bank of China has recently improved the quotation mechanism for the central parity of the RMB against the US dollar, and corrected the spread between the past intermediate price and the market exchange rate. In the process of approaching the equilibrium, the foreign exchange market will also cause liquidity fluctuations, which need to be compensated accordingly. The resulting liquidity gap, which reduces the deposit reserve ratio, can play such a role. In addition, this time, the deposit reserve ratio of county rural commercial banks, rural cooperative banks, rural credit cooperatives, rural banks, financial leasing companies and auto finance companies will be additionally reduced, mainly to guide relevant financial institutions to further increase the “three rural issuesâ€. ", small and micro enterprises and support for expanding consumption.
2. What is the background and significance of the combination of interest rate cuts and the opening of the fixed deposit interest rate for more than one year? Why should we keep the one-year fixed deposit and demand deposit interest rate floating ceiling unchanged?
A: In accordance with the strategic deployment of the Party Central Committee and the State Council, in recent years, the People's Bank of China has accelerated the reform of interest rate marketization and made important progress. At present, the interest rate control other than deposits has been fully liberalized, and the floating interest rate limit has been expanded to 1.5 times the benchmark interest rate. The large deposit certificates for enterprises and individuals have been officially issued, the market interest rate pricing self-regulatory mechanism has been continuously improved, and the central bank's interest rate regulation capability has gradually improved. Strengthened, the deposit insurance system was successfully launched, and the conditions for further reforming the interest rate marketization became more mature. At the same time, China's current price level is generally at a low level, the banking system has ample liquidity, and the upward pressure on market interest rates is relatively small, which also provides a better macro environment and time window for promoting interest rate marketization reform.
Under this circumstance, the reforms in regulation and control, combined with interest rate cuts to further promote interest rate marketization reforms, and liberalize the floating ceiling of interest rates for one-year deposits and above, marking an important step forward in China's interest rate marketization reform. With the further expansion of the independent pricing space of financial institutions, it is beneficial to promote financial institutions to improve their independent pricing power, accelerate the transformation of business models, and improve the level of financial services. It is also conducive to making the price of funds more realistically reflect the relationship between supply and demand in the market and give full play to the market. Decisive role, further optimize resource allocation, promote economic restructuring, transformation and upgrading, and create favorable conditions for the healthy and sustainable development of economy and finance.
This time, we will continue to keep the floating deposit limit of time deposits and demand deposits within one year, which reflects the reform idea of ​​gradually liberalizing the deposit interest rate ceiling in the basic order of “first long-term and short-term short-termâ€, and also the international practice. Consistent. From the international experience, promoting the interest rate marketization reform in this order is conducive to cultivating and training the financial institutions' independent pricing power, laying a more solid foundation for the ultimate comprehensive realization of interest rate marketization; it is also conducive to stabilizing financial institutions' deposit interest payments. The rate and overall financing costs, and promote the reduction of social financing costs, are of positive significance for maintaining sustained and healthy economic development.
3. After releasing the floating ceiling of the fixed deposit interest rate for more than one year, how to guide financial institutions to make scientific and reasonable pricing?
A: After releasing the floating ceiling of the fixed deposit interest rate for more than one year, the PBOC will continue to improve relevant supporting measures, further guide financial institutions to make scientific and reasonable pricing, and maintain a fair and orderly market competition order. First, continue to announce the deposit benchmark interest rate according to the current term. Further exerting the guiding role of the benchmark interest rate provides an important reference for financial institutions to rate the fixed deposit interest rate over one year. The second is to improve the interest rate regulation and transmission mechanism. Further improve the central bank's interest rate regulation system and enhance the ability to control interest rates. Strengthen the cultivation of benchmark interest rates in the financial market, improve the market interest rate system, and improve the efficiency of monetary policy transmission. The third is to play the role of industry self-discipline management. Guide the market interest rate pricing self-discipline mechanism, and further play an important role in the industry's pricing self-discipline. In accordance with the principle of legal compliance, incentives and constraints, financial institutions with better interest rate pricing will continue to give priority to more market pricing power and product innovation rights. Expand the scope of investment in large deposit certificates and interbank deposits; and impose necessary self-discipline on financial institutions whose deposit interest rates exceed reasonable levels and disrupt market order.
4. What are the recent operations of the central bank to provide liquidity?
A: The central bank provides more channels and tools for liquidity. In addition to lowering the RRR, the central bank has recently implemented the expansion of reverse repurchase, medium-term lending facilities (MLF), mortgage supplementary loans (PSL), etc. to increase market liquidity and loanable funds. Initiative. Since August, the cumulative reverse repurchase operation has introduced a liquidity of 565 billion yuan, and the central treasury cash management commercial bank has a time deposit operation of 60 billion yuan. On August 19th, the 6-month MLF operation was 110 billion yuan, and the interest rate was 3.35%. While increasing market liquidity, it guided financial institutions to increase the key areas and weak links of the national economy such as small and micro enterprises and “three ruralâ€. Support strength. Continue to provide long-term stable and cost-effective funding sources for development finance support shed reform through PSL. The PSL balance at the end of July was 846.4 billion yuan, an increase of 463.3 billion yuan over the beginning of the year. In order to timely play the role of price leverage and adapt to the adjustment of deposit and loan benchmark interest rates, the PSL capital interest rate has been lowered three times this year to increase support for the transformation of shantytowns and promote the reduction of financing costs. In addition, the central bank continued to increase financial support for “agriculture, rural areas and farmers†and small and micro enterprises by supporting agriculture, supporting small loans, and rediscounting to support financial institutions. At the end of July, the balance of loans for supporting agriculture was 213.9 billion yuan, an increase of 26.2 billion yuan over the same period of the previous year; the balance of small loans was 62.5 billion yuan, an increase of 25.4 billion yuan over the same period of the previous year; the discounted balance was 127.2 billion yuan, compared with the same period of the previous year. Increased by 11.8 billion yuan.
In the next step, the central bank will continue to closely monitor changes in liquidity, comprehensively use various tools and combinations to properly regulate liquidity, maintain a reasonable liquidity and stable operation of the money market, guide the steady and moderate growth of money and credit, and promote stable and healthy economic development.
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