Home » After the regular meeting of the National People’s Congress, the central bank responds to the industry’s prediction that the RRR cut is expected to be implemented in mid-April_Sina Finance_Sina.com

After the regular meeting of the National People’s Congress, the central bank responds to the industry’s prediction that the RRR cut is expected to be implemented in mid-April_Sina Finance_Sina.com

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After the regular meeting of the National People’s Congress, the central bank responds to the industry’s prediction that the RRR cut is expected to be implemented in mid-April_Sina Finance_Sina.com


After the regular meeting of the National People’s Congress, the central bank responded to the industry’s prediction that the RRR cut is expected to be implemented in mid-April

Author: Du Chuan

In recent years, when judging the economic situation, many important meetings have emphasized that the stable operation of the economy faces great challenges, and have released a strong signal that further measures and efforts should be taken to support the real economy.

After the State Council executive meeting on April 13 proposed “the timely use of monetary policy tools such as RRR cuts”, when will the RRR cuts be implemented? attracted external attention. On the 14th, the People’s Bank of China held a press conference on financial statistics for the first quarter of 2022, and made a comprehensive response to hot issues of general concern from all walks of life, such as RRR cuts, housing loans, and exchange rates.

The central bank said that it will use monetary policy tools such as RRR cuts in a timely manner to further increase financial support for the real economy in accordance with the requirements of the National Convention.

Lian Ping, chief economist and dean of the Research Institute of Zhixin Investment, believes that there is a high probability that a comprehensive RRR cut of 0.5 percentage points is expected around mid-April.

 Timely RRR cuts and two new special re-loans

Sun Guofeng, director of the Monetary Policy Department of the Central Bank, said that since the beginning of this year, the monetary policy has adhered to the principle of maintaining stability and seeking progress while maintaining stability.

In the next step, the People’s Bank of China will, in accordance with the requirements of the State Council executive meeting, further increase financial support for the real economy, especially industries severely affected by the epidemic, small, medium and micro enterprises, and individual industrial and commercial households, make reasonable profits to the real economy, and reduce comprehensive financing costs. In terms of total volume, maintain a reasonable and sufficient liquidity, and enhance the stability of the growth of total credit. In terms of price, the reform of the interest rate quoted in the loan market will be brought into play to reduce the financing cost of enterprises. In terms of structure, we will promptly set up re-loans for scientific and technological innovation and special re-loans for inclusive pensions, make good use of inclusive small and micro loan support tools, increase re-loans to support agriculture and small businesses, implement carbon emission reduction support tools and support special projects for clean and efficient use of coal Refinance.

Lian Ping analyzed that the policy orientation of this year’s prudent monetary policy to help stabilize growth has been relatively clear. There is a high probability that a comprehensive RRR cut of 0.5 percentage points is expected around mid-April, and it is expected to release about 1.2 trillion yuan of medium and long-term liquidity.

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Lian Ping said that the current room for lowering the policy interest rate is relatively limited. In the external environment of the Fed’s continuous interest rate hike expectations, my country’s interest rate policy operation needs to be relatively cautious, and the policy effect of the RRR reduction may be more significant, which can directly increase bank liquidity. Promoting the growth of new loans and directly providing low-cost medium and long-term stable funds for banks can effectively reduce financing costs and achieve the purpose of benefiting the real economy.

On April 6, the National Standing Committee stated that two special re-loans for technological innovation and inclusive pensions will be set up.

Regarding re-loans for scientific and technological innovation, Sun Guofeng said that the tool supports high-tech enterprises, “specialized and special new” small and medium-sized enterprises, national technological innovation demonstration enterprises, manufacturing one-way champion enterprises and other technological enterprises. In operation, they are identified according to the existing standards of the Ministry of Science and Technology and the Ministry of Industry and Information Technology. Enterprises within the scope of their own choice by financial institutions provide financing services. Applicable banks include 21 national financial institutions including China Development Bank, policy banks, state-owned commercial banks, Postal Savings Bank of China, and joint-stock commercial banks. The total amount is 200 billion yuan, the interest rate is 1.75%, and the direct mechanism of “loan first and then borrow” is adopted. After financial institutions issue loans to enterprises, the central bank will provide financial support on a quarterly basis to 60% of the loan principal of technology enterprises that meet the requirements for loan terms of 6 months or more.

Regarding the special re-loan for inclusive elderly care, Sun Guofeng said that the central bank will guide financial institutions to provide preferential loans to inclusive elderly care institutions, reduce the financing cost of elderly care institutions, and increase the supply of inclusive elderly care services for the general population. Five provinces including Jiangsu, Henan, Hebei and Jiangxi have launched pilot projects with a pilot quota of 40 billion yuan and an interest rate of 1.75%. The pilot financial institutions are China Development Bank, Export-Import Bank,ICBCABCBank of ChinaConstruction BankBank of Communications7 major national banks. Financial institutions grant preferential interest rate loans to eligible inclusive elderly care institution projects in accordance with the principle of marketization. The special re-loan adopts the direct mechanism of “first loan and then borrowing”, which is issued on a quarterly basis.

 Promote mortgage deferral arrangements in areas affected by the epidemic

Since the beginning of this year, domestic epidemics have occurred frequently, and people from all walks of life have paid more attention to the deferral of mortgage repayments.

Zou Lan, director of the financial market department of the central bank, said that historically, the quality of personal housing loans in my country is closely related to employment and income. Since the outbreak of the epidemic, the income of some residents has been affected in the short term, and there is a need to postpone the repayment of monthly payments and rearrange the repayment plan. From the perspective of post-loan risk management, banks also need targeted arrangements for such special circumstances.

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In fact, as early as January 2020, the central bank and other five departments jointly issued a notice, which clarified that for the four groups of people affected by the epidemic, financial institutions should flexibly adjust the repayment arrangements for personal credit such as housing mortgages and credit cards, and reasonably delay the repayment. The deadline for repayment is not required for overdue records for those who fail to repay in time due to the impact of the epidemic.

Zou Lan said that from the practice of large banks at the time, in the early stage of the epidemic, the non-performing rate of personal housing loans once rose from 0.29% to 0.37%; after the implementation of the deferred repayment policy, the loan quality remained stable; as the epidemic eased, residents Revenue recovered, loan repayments soon returned to normal, and by the end of 2020, the NPL ratio had returned to its original level of 0.29%.

Zou Lan emphasized that in the next step, the central bank will continue to pay attention to the epidemic situation and guide banks to focus on the following aspects: First, strengthen the concept of customer-centricity. For customers who have difficulty in normal repayment, it is necessary to distinguish whether it is repayment ability or repayment ability. The reason for the willingness to pay, distinguish whether it is the short-term repayment ability or the medium and long-term repayment ability affected by the epidemic, and implement the deferred repayment policy; the second is to increase policy publicity, appropriately simplify business processes, focus on key customer groups, and adapt to local conditions. Take stronger and more targeted measures; thirdly, in view of the characteristics of long retail business chain and diversified customer base, it is necessary to increase business training at all levels, improve the customer service system, implement the protection of credit rights and interests, and unblock the channels for complaints and rights protection. , and continuously improve the quality of service.

Ruan Jianhong, director of the Investigation and Statistics Department of the Central Bank, also said that under the influence of the epidemic, the total amount of loans in the country has grown steadily and rapidly. A year-on-year increase of 663.6 billion yuan. Among them, the growth rate of loans in the Yangtze River Delta region is higher than that of the whole country.

  Will the RMB exchange rate adjust significantly?

Against the background of increasing downward pressure on the domestic economy and interest rate hikes by overseas central banks such as the Federal Reserve, the RMB exchange rate has been under pressure to a certain extent recently.

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Sun Guofeng said that since the beginning of this year, the RMB exchange rate has risen and fallen, and has floated in both directions. my country adheres to a managed floating exchange rate system based on market supply and demand, adjusted with reference to a basket of currencies, and the market plays a decisive role in the formation of exchange rates. In general, the RMB exchange rate has become more flexible and has remained basically stable at a reasonable and balanced level.

He said that in the next step, the People’s Bank of China will insist on focusing on me, mainly grasping the strength and rhythm of the implementation of the prudent monetary policy according to the domestic economic situation, enhancing the flexibility of the RMB exchange rate, and giving play to the function of the exchange rate to adjust the macro economy and the automatic stabilizer of the balance of payments. Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, and properly grasp the balance between internal and external equilibrium. At the same time, it will closely monitor the international macroeconomic and financial situation, and prudently respond to the impact of changes in the external environment.

In addition, preventing and defusing financial risks has always been the top priority of the central bank’s work. This year’s government work report first mentioned “the establishment of a financial stability guarantee fund”. On April 6, the central bank issued the “Financial Stability Law (Draft for Comment)”, which clarified that “funds are raised from financial institutions, financial infrastructure and other entities and the State Council. other funds as specified”.

Sun Tianqi, director of the Financial Stability Bureau of the Central Bank, said that the Financial Stability Guarantee Fund is positioned as a reserve fund controlled by the central government to deal with major financial risks. Part of the joint maintenance of my country’s financial stability and security.

In the disposal of conventional financial risks, the deposit insurance fund and relevant industry guarantee funds are mainly invested in accordance with their duties according to law, and the use of the financial stability guarantee fund is not involved; in the disposal of major financial risks, financial institutions, shareholders and actual controllers, local governments, Where there is still a gap after the deposit insurance fund and relevant industry security funds have fully invested in the corresponding resources in accordance with the law and duties, after approval, the financial stability guarantee fund shall be used to dispose of major financial risks in accordance with the procedures.

Massive information, accurate interpretation, all in Sina Finance APP

Responsible editor: Li Tong

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