A total of three funds were released during the year ‘s three RRR cuts1.How does 75 trillion affect the stock market and property market

A total of three funds were released during the year ‘s three RRR cuts1.How does 75 trillion affect the stock market and property market
After nearly a week of supervised “spoilers” several times, the third consecutive year ‘s announcement of the RRR cut on April 3 came as scheduled, but the excess reserve ratio was lowered for the first time in 12 years but it was “seeing for a long time”.Initially announced that for the rural credit cooperatives, rural commercial banks, rural cooperative banks, village banks and urban commercial banks operating only in provincial administrative areas, the deposit reserve ratio will be lowered by 1 on April 15 and May 15.Implemented in place twice, each time down to 0.Five averages, releasing a total of about 400 billion yuan in long-term funds.At the same time, it was decided to reduce the interest rate of the consolidated excess deposit reserve of financial institutions from 0 on April 7.72% down to 0.35%, the interest rate has been zero since 2008.99% down to 0.After 72%, no adjustment has been made.Many experts said to the sauna and Yewang that the reduction of the excess reserve rate and the “step” of the targeted reduction are consistent, all in order to allow financial institutions to use funds where they are most needed, namely the real economy, especially affected by the epidemic.Many industries and enterprises.Lian Ping, chief economist and director of the Institute of Phytosanitary Investment, also mentioned that this also reflects that the world economic recession is gradually showing changes to the Chinese economy, while the macroeconomic policy adjustment has been significantly increased.The three RRR cuts during the year gradually released about 1 long-term fund.The budget of 75 trillion US dollars announced that the initial long-term funds released by the preliminary targeted reduction of about 400 billion U.S. dollars, on average, each small and medium-sized bank has about 100 million U.S. dollars in long-term funds, effectively increasing the stable source of funds for small and medium-sized banks to support the real economy, and even reducingBank capital cost is about 6 billion per year.Regarding the implementation of the quantile reduction, the transition stated that it is to prevent the liquidity accumulation caused by excessive one-off release and ensure that the small and medium-sized banks will receive all the funds to reduce the cash input to small and medium-sized enterprises.”After the RRR cut, more than 4,000 small and medium deposit financial institutions (including rural credit cooperatives, rural commercial banks, rural cooperative banks, village banks, financial companies, financial leasing companies and auto finance companies, etc.) have deposit reservesThe rate has been deducted by 6%. From the previous history and above, the 6% deposit reserve ratio is a relatively low level.”Senior style.In the past week, supervision has repeatedly “spoiled” the targeted downward revision.The National Standing Committee meeting on March 31 made it clear that further reductions in the direction of small and medium-sized banks should be further implemented. At the press conference on the morning of April 3, Vice President Liu Guoqiang also mentioned this plan.This is the third round of RRR cuts during the year.The first time was a comprehensive reduction of the standard on January 6th, and the deposit reserve ratio of financial institutions was lowered by 0.5 digits; the second time is the targeted reduction of inclusive finance on March 16th, and the targeted reduction of 0 for banks that meet the assessment standards.5 to 1 single, and at the same time, additional eligible exchanges will be reduced for the qualified joint-stock commercial banks.The first two RRR cuts gradually released long-term funds of about 1.35 trillion yuan, the cumulative release of long-term funds of about 1 three times during the year.75 trillion.From the close of the implementation of the two directional reductions in the past, the urgency of steady growth and employment can also be smoothed.Bank of China Chief Analyst Zong Liang told Sauna and Yeewang that under the current epidemic situation, international monetary policy is generally relaxed, and we have more room to move from the perspective of monetary policy, and we must make decisions based on the economic situation of our country.A directional downgrade is very close, providing a reasonable basis for ensuring stable economic development.Why target small and medium banks?Analysis: The policy tilt allows more funds to support the small and medium-sized enterprises affected by the epidemic. The unemployment rate rose in the first two months, especially for small and medium-sized enterprises.”This time, the targeted permission has selected small and medium-sized banks. The customers of these banks are mostly small and medium-sized enterprises, especially rural credit cooperatives, rural commercial banks, etc., and gradually released the long-term funds of small and medium-sized banks through the RRR cut, so that they have more fundsSupport small, medium and micro enterprises.Pan Helin, executive dean of the Digital Economic Research Institute of Zhongnan University of Economics and Law, told the sauna, Yewang.Dong Ximiao, chief analyst of Xinwang Bank and a special candidate of the National Finance and Development Laboratory, also analyzed that there are about 4,000 rural small and medium-sized financial institutions and urban commercial banks that operate only in provincial administrative regions, accounting for more than 95 of the country’s banking institutions.%, The implementation of targeted reductions in these two types of banks will help reduce the cost of capital for small and medium-sized banks, promote small and medium-sized banks to provide preferential loans to small and medium-sized enterprises, better serve rural revitalization and economic and social order recovery, stabilize growth and stabilize employmentOf great significance.Liu Guoqiang said at the press conference of the State Council Office that the monetary policy will grasp the strength, focus and rhythm in stages. The early stage was the epidemic prevention and control stage, and later it was gradually resumed production. Now it is necessary to enter the entire industry chain to resume production.To maintain reasonable and sufficient liquidity, there will never be a “money shortage” in the market, nor will the money “grow.”Policy tools to help small, medium, and micro enterprises overcome difficulties include refinancing and discounting.The National Convention on March 31 proposed to increase the re-discount limit of small and medium-sized banks by another 1 trillion, and expand the credit coverage of agriculture-related, foreign trade, and industries heavily affected by the epidemic.The Air Force has established a special refinancing fund of US $ 300 billion and a refinancing quota of RMB500 billion.The unexpected “reduction of excess reserve ratio” and “let financial institutions use money where they need it most” are not unexpected. However, the first reduction of excess reserve ratio after 12 years is “seeing for a long time.”Lianping told the sauna and Yewang that the excess deposit reserve is a requirement for commercial banks to pay statutory deposit reserve in accordance with the continuous requirements. If the funds are ample, they can also be placed in replacement and pay interest.”This time the emerging interest rate of excess deposit reserve will be reduced from 0.72% down to 0.The 35% range is not small, basically very clear, that is, if you want commercial banks to have ample funds, do n’t place them, but more can play a role in supporting the real economy, such as credit and investment bonds.”Lian Ping said.Zong Liang also believes that the transition is to allow financial institutions to use their money where it is most needed, rather than depositing it gradually.The reduction of the excess reserve ratio and the targeted RRR cuts are unified and coordinated, so that financial institutions’ funds can be more compact and flow more into the real economy, providing better support for the development of the real economy.This rare operation also carries more signals.Lian Ping said that the reduction of the excess reserve ratio also reflects the positive effect of the world economic recession on the changes of the Chinese economy. It is absolutely necessary for macro policies to increase the code from all angles, and macro policy adjustment efforts have been significantly increased.”Monetary authorities can be said to be using various means to promote commercial banks to make better use of financial resources to support the real economy, especially to further promote the recovery of the real economy’s demand and recovery.”” Lian Ping said.An analysis of the “blow-wind” of the stock market and property market: To prevent speculations from lowering standards around the world, especially by intermediary agencies, lowering standards also helps to boost confidence in the stock market.China Merchants Fund said that this targeted RRR cut has released a greater signal of counter-cyclical adjustment intensity. Before the two sessions of this year, the market’s expectations for stimulus policies are still good, and it is also constantly protecting the market, thereby boosting market confidence.In terms of the impact on the property market, Yan Yuejin, director of the Shanghai Yiju Real Estate Research Institute, said that the previous monetary policy adjustments have had a large number of positive effects on the property market.First, the liquidity of commercial banks has increased, and the overall pace of subsequent lending will be accelerated, and the related loan business can also be well supported.The second is that the cost of related loans will be further reduced. The follow-up will have a positive effect on the reduction of loan interest rates for housing companies and buyers, and further activate the real estate development and housing sales markets.However, he also reminded that the recent housing transaction market is better than expected. It is necessary to prevent speculations such as speculation and lowering of standards in various agencies, especially intermediary agencies, to prevent various types of housing sales from arbitrarily increasing prices, and further promote the supplement of housing and housing speculation.Analysis of remaining space for RRR cuts and interest rate cuts: The deposit interest rate is more directly related to the people, and adjustments need to be comprehensively considered in public statements such as Politburo meetings and mergers, and will continue to promote the reform of the loan market quoted interest rate (LPR) to guide banks to the real economy.Make profit.The policy tool driving LPR’s decline is not only the RRR cut.On Monday, the reverse repurchase was restarted 29 trading days after the beginning of the year, and the interest rate was rarely reduced by 20 basis points at a time.Too many members of the public believe that the downward pressure on the economy in the first quarter of the country is high. The G20 meeting is also expected to strengthen policy coordination. It is expected that the interest rate of the 4-month minimum credit limit (medium-term lending facility) operation and the quoted interest rate of the LPR loan market will be synchronized.Downgrade.However, the decline in LPR has compressed bank interest spreads, and there has been increasing speculation about lowering the benchmark interest rate of deposits to “reduce the burden” on banks.Going forward, Liu Guoqiang said that the deposit interest rate is more direct to follow the relationship between ordinary people, adjustments need to consider the feelings of ordinary people, and also consider factors such as price, economic growth, internal and external balance.There are many ways to “reduce the burden” for banks, at least to provide budget funds.Lian Ping also analyzed that the current reduction in the benchmark deposit interest rate is not very suitable, because it affects many aspects, including the deposit income of ordinary people, the RMB exchange rate and so on.”There are some dilemmas in this situation.The real economy has encountered such a big impact as the world economic recession. This time the gradual reduction of the impact will be greater than during 2008 and 2009. Therefore, the policy intensity should be further increased. Reducing the deposit access rate by a certain amount is one of the policy options, but it is also necessary.Consider whether there is any impact.Many experts believe that there is still room for future RRR cuts and interest rate cuts.Dong Ximiao believes that in the early stage, the banking industry generally reduced the concession fee for the prevention and control of epidemic services and the resumption of production and production.Under the circumstances that the profit growth of the bank is affected, can the benchmark interest rate of deposits be lowered in a timely and appropriate manner, increase and reduce the cost of bank liabilities, and enhance the initiative and sustainability of banks to improve services.Regarding the decline in the benchmark interest rate of deposits, Lian Ping believes that the growth rate of existing bank deposits is not high, and loans will also be hindered.The benchmark interest rate for deposits has limited downward space and it is difficult to continue a substantial downward adjustment.Pan Helin believes that the upcoming RRR cut will gradually eliminate the market’s expectation of a comprehensive RRR cut and interest rate cut. In the context of the Fed’s interest rate cut, the space for the gradual comprehensive RRR cut and interest rate cut has been opened, but it is just waiting for a more appropriate time window.Sauna, Ye Wang Cheng Weimiao editor Chen Li proofreading Yang Xuli