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

RRR cut seen on the horizon

By Zhou Lanxu | China Daily | Updated: 2022-04-01 07:24
Share
Share - WeChat
Pedestrians walk past the headquarters of the PBOC in Beijing. Jiang Qiming/China News Service

Credit-easing moves like lower interest rates more likely

The possibility of the People's Bank of China, the country's central bank, cutting the reserve requirement ratio this month has risen upon policy signals that more policy support may be launched soon and commercial banks' ability to lend will be strengthened, experts said on Thursday.

Their remarks emerged after the latest meetings of policymakers noted that economic headwinds have intensified amid a rise in geopolitical tensions and deterioration in the domestic COVID-19 situation, making efforts to stabilize the economy more urgent.

Recognizing the amplifying economic downward pressure, it was decided at the State Council's executive meeting on Tuesday that policies to keep the economy stable should be introduced at an early date and the task of ensuring stable growth needs to occupy an even more prominent position.

The PBOC also pledged at the first-quarter monetary policy committee meeting to provide "more substantial support" for the real economy, focus on stabilizing banks' costs of liabilities and reduce companies' comprehensive financing costs, a statement following the meeting released on Wednesday said.

Wang Youxin, a senior researcher at Bank of China, said the likelihood of an RRR cut in April to meet rising challenges has grown, especially amid policy signals pointing to a lowering of commercial banks' costs of liabilities.

Commercial banks' liabilities mainly consist of deposits and dictate banks' costs of funding.

Wang said: "The most direct move to stabilize banks' cost of liabilities is to reduce the RRR," which will release long-term funds to banks, making it easier for them to lower interest rates of loans to clients, and finally help boost credit growth.

RRR refers to the proportion of money that lenders must hold as reserves. China last cut the RRR in December by 0.5 percentage point, sending the weighted average RRR to 8.4 percent.

Wen Bin, chief researcher at China Minsheng Bank, said April could be a key window for the PBOC to launch more easing measures like an RRR cut, as first-quarter economic and financial data to be released this month may point to a weakness in credit demand and necessitate more supportive measures.

The official purchasing managers index showed that factory activity cooled in March due to more domestic COVID-19 cases and geopolitical uncertainties. The index dropped to a five-month low of 49.5 in March, versus 50.2 in February, the National Bureau of Statistics said on Thursday. Readings below 50 point to economic contraction.

To mitigate downside risk, it is "imperative" for Chinese policymakers, including the PBOC, to step up support, said Chen Dong, head of Asia macroeconomic research at Pictet Wealth Management.

"Policy support should be coming as soon as possible and should be in the form of cutting both interest rates and the RRR," Chen said.

In addition, experts called for measures to improve monetary policy transmission-or better translating monetary easing measures into stable credit growth, including stabilizing financing activity of the property sector.

The monetary policy committee meeting also vowed efforts to improve the monetary policy transmission mechanism, while better meeting the reasonable housing demand of homebuyers and promoting healthy development of the property sector.

"If the mechanism for transforming liquidity in the financial system into financing activities of the real economy cannot be made smoother, moves like interest rate cuts and RRR reductions won't work. Instead, they may generate price bubbles in financial markets," said Xu Gao, chief economist at BOC International.

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: 日本午夜免费无码片三汲大片 | 日韩一区二区三区四区 | 亚洲视频一区在线 | 毛片1级| 激情 一区 | 在线观看特色大片免费网站 | 国产精品美女久久久久aⅴ国产馆 | 欧美性生交大片 | 精品亚洲一区二区三区 | 日韩免费看 | 天天操夜夜做 | 精品国产乱码久久久久久丨区2区 | 99热这里有免费国内精品 | 国产乱偷国产偷高清 | 日本亚洲国产精品久久 | 国产精品v欧美精品∨日韩 一级免费黄色免费片 | 午夜性啪啪A片免费AAA毛片 | 久久国产精品视频 | 亚欧视频在线观看 | 三级特黄 | 国产精品第一国产精品 | 新婚人妻不戴套国产精品 | 国产正在播放 | 欧美精品黄页免费高清在线 | 青娱乐在线免费观看视频 | 久久综合久色欧美综合狠狠 | 亚洲91在线 | 大伊香蕉在线观看视频 wap | 亚洲成人精品久久久 | 日韩国产三级 | 午夜精品一区二区三区免费视频 | 日日a.v拍夜夜添久久免费 | 一区二区三区四区视频 | 欧美另类视频一区 | 久久久国产精品免费观看 | 青青国产在线视频 | 久久亚洲国产精品 | 久草久草在线视频 | 污视频在线观看网站 | 成人1区2区 | 中文字幕在线一区 |