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

Central bank cuts key liquidity rate for first time since 2015

By CHEN JIA | CHINA DAILY | Updated: 2019-11-19 00:00
Share
Share - WeChat

The People's Bank of China, the central bank, lowered a key interbank interest rate on Monday, the first such easing in four years as policymakers signaled their intention to enact necessary steps to ensure sufficient liquidity and prop up growth.

The PBOC cut the seven-day reverse repurchase rate, a liquidity tool used as an open market operation, was reduced to 2.5 percent from 2.55 percent, the first such cut since October 2015. The central bank also injected 180 billion yuan ($25.74 billion) into the interbank market at the new rate.

Analysts said the move is more of a policy fine-tuning, aimed at strengthening the market's confidence on liquidity, instead of the aggressive stimulus or high-profile monetary easing.

The reverse repurchase rate was lowered two weeks after the PBOC cut the borrowing cost on its medium-term lending facility (MLF) loans-another monetary policy tool indicating the central bank's lending price to commercial banks, by the same margin. It also injected $29 billion of medium-term funds on Friday.

A series of monetary policy operations, especially through coordination of open market and MLF tools, will work together to ensure sufficient liquidity in the financial sector, sending a message that the PBOC is increasing countercyclical adjustments to spur economic growth, said Wen Bin, chief researcher at China Minsheng Bank.

A similar policy stance was evident in the PBOC's third-quarter monetary policy, which was released on Saturday. The report said monetary policy should properly handle the short-term pressure, although the scope for policy maneuvers is limited. The policy should also prevent the spread of inflation expectations.

Monday's cut of the reverse repurchase rate has cheered the bond market, indicated by a more than 0.4 percent increase of delivery of the bench mark 10-year treasury futures. However, allowing the interbank interest rate to influence the bank loan rates may be not that easy, said Zhang Xu, an analyst with the Everbright Securities.

"The separation between the interbank market and the bank loan market may reduce the efficiency of the transmission of the monetary policy," he said.

The PBOC plans to release the one-year loan prime rate (LPR) on Wednesday. The LPR is a newly established bench mark to better indicate the real lending cost to companies. Analysts expect a similar adjustment in LPR. The rate for the one-year fixing currently stands at 4.2 percent, while the five-year rate is 4.85 percent.

"The next reporting of LPR on Wednesday-the fourth time since the new interest rate mechanism was introduced, will be significant, which will show the transmission scheme between the MLF rate and the LPR rate," said Wen, who predicted that the one-year LPR will be lowered to 4.15 percent.

Beside the recent rate adjustments, the second phase of the scheduled targeted reserve requirement ratio (RRR) cut for some city commercial banks announced on Sept 6 became effective on Friday, injecting another 40 billion yuan of liquidity into the system, according to the PBOC.

Chinese monetary authorities face the dilemma of growth slowdown risks amid a rise in consumer inflation, but in order to stabilize growth, the policy markets are expected to do more to bolster growth, according to a research note from the Nomura Securities.

Today's Top News

Editor's picks

Most Viewed

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
主站蜘蛛池模板: 日韩中文一区 | 亚洲看片网 | 成人免费电影av | 午夜剧院官方 | 亚洲精品欧美综合四区 | 日韩欧美国产精品 | 免费国产自久久久久三四区久久 | 欧美日在线 | 亚洲精品国产成人一区二区 | 日本不卡在线 | 一级片a级片 | 免费在线看a| 日韩一区中文字幕 | 青娱乐综合网 | 亚洲一区二区三区在线播放 | 欧美视频第一区 | 麻豆污视频 | 99久久精品免费看国产免费 | 色a综合| 欧美区在线播放 | 久草在线免费福利视频 | 1234成人网站 | 国产色在线| 欧美在线视频一区二区三区 | 免费中文字幕 | 久久国产成人福利播放 | 国产一区在线免费观看 | 伊人伊人伊人 | 成人片黄网站A片免费 | 国产中文字幕网 | 一级黄色毛片子 | 丝袜捆绑调教视频免费区 | 偷拍小美女洗澡在线播放 | 国产精品高清在线 | 一区二区三区在线 | 国产香蕉视频在线观看 | 综合网女女网 | 亚洲国产成人精品女人久久久 | 亚洲 日本 欧美 中文幕 | 性色网站 | 久久久久在线 |