日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

China stands firm on monetary stance, fine-tunes policies

Xinhua | Updated: 2018-06-25 19:29
Share
Share - WeChat

BEIJING - China's central bank remained firm on its monetary stance, but has nimbly managed the pace and strength of its policies to tackle structural problems.

The People's Bank of China (PBOC) announced Sunday that it would cut the reserve requirement ratio (RRR) for some commercial banks by 50 basis points, expecting to unleash a total of 700 billion yuan (about $107.7 billion) into the banking system.

PBOC said the cut, the third this year following reductions in January and April, was "targeted, precision regulation" and aimed to boost funding for small and micro firms as well as support debt-to-equity swap program. The rate cut will take effect on July 5.

The cut was largely foretold by a State Council statement last week, which said the country would accelerate debt-to-equity swaps as well as make funding more accessible and affordable for small firms through measures including targeted RRR cuts and other monetary policy tools.

To ease the financing strain for small businesses, which contribute about 80 percent of employment, the government has tried a range of measures, including expanding the scope of securities as collateral during medium-term lending facility (MLF) operations to favor small businesses and increasing the relending and rediscount quotas for small companies.

Besides supporting small businesses, analysts say the RRR cut will ease the liquidity strain in the interbank market. It represents another sign of the central bank's policy adjustment, not a shift of monetary stance.

The State Council statement stressed sticking to the prudent and neutral monetary policy, but changed the wording for liquidity management to "keep liquidity at a reasonable and ample level" from the previous "reasonable and stable."

"We have seen early signs of policy adjustment, with the PBOC not following the United States in hiking open market operation rates last week, while stepping up its open market operation net injection visibly," CICC analysts said, adding the adjustment was "much needed" to offset the tightening effect from overlapping policy tightening since November last year.

Over the past two weeks, the PBOC has net-injected 680 billion yuan worth of liquidity into the banking system via open market operations, compared with just 83 billion yuan during the same period last year.

There will be more room for policy adjustment, according to analysts.

CICC analyst Liang Hong expects RRR cuts of 150 basis points in total during the rest of the year, expansion of the bank loan quota, replenishment of banks' capital, as well as publication of detailed and pragmatic guidelines in regards to the financial-deleveraging timetable.

UBS economist Wang Tao said other liquidity tools will be also used, including more MLF and pledged supplementary lending operations.

Wang expects the overall credit growth to stay weak but not fall much further from May's 11.6-percent rise.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 国产一级一级一级成人毛片 | 免费一二区 | 午夜视频在线看 | 黄网站入口 | 天天操天天舔天天干 | 久热香蕉精品视频在线播放 | 亚洲精品久久久 | 国内精品视频免费观看 | 色婷婷综合久久久久中文一区二区 | 美女用震蛋叫爽的视频95视频 | 欧美日韩性生活 | 国产高清www免费视频 | 精品欧美| 欲色av | 中文字幕在线一区二区三区 | 一级特黄欧美 | 日本在线免费观看视频 | 国产视频在线观看免费 | 亚洲一区二区三区福利在线 | 国产熟妇久久777777 | 天天插夜夜 | av看片网站 | 人人澡人人澡人人看添欧美 | 澳门一级毛片免费播放 | 亚洲春黄在线观看 | 欧美一二三区在线 | 9久9久女女免费精品视频在线观看 | 亚洲免费观看视频 | 国产精品三级久久久久久电影 | 久久综合亚洲一区二区三区 | 另类小说综合 | 午夜视频在线看 | 久久久久久网站 | 久久久久久亚洲精品 | 亚洲涩综合 | 成人福利视频在线看高清观看 | 婷婷六月天 | 国产精品男人的天堂 | 在线不卡视频 | 国产美女久久 | 大学门卫老秦无删减版txt |