In addition, the central bank will play a leading role in financial policy, grasp the strength, focus and rhythm of the policy, provide accurate services for enterprises, alleviate the financing difficulties, and promote the gradual decline of the actual financing costs of enterprises.
In order to support the development of the real economy, increase support for small and medium-sized enterprises, and reduce the actual cost of social financing, on April 3, the People's Bank of China decided to reduce the deposit reserve ratio of small and medium-sized banks and the interest rate of excess deposit reserve 12 for the first time. How can small and medium-sized banks further support the real economy by lowering the deposit reserve ratio? How to better provide accurate financial services? How to treat the next direction of monetary policy? The reporter interviewed the relevant person in charge, relevant enterprises and experts of the People's Bank of China.
Through the reform and optimization of the financial supply structure, the deposit reserve ratio was lowered in a targeted manner, and about 400 billion yuan of long-term funds were released.
On April 3rd, the People's Bank of China decided to reduce the deposit reserve ratio by 1 percentage point for rural credit cooperatives, rural commercial banks, rural cooperative banks, rural banks and city commercial banks operating only within the provincial administrative region, and implemented it twice in April of 15 and May of 15 respectively, with each reduction of 0.5 percentage point. This is the third time that the People's Bank of China lowered the RRR this year, following the comprehensive RRR cut in June 5438+ 10 and the targeted RRR cut in March in inclusive finance.
Liu Guoqiang, deputy governor of the People's Bank of China, said that implementing a lower deposit reserve ratio for small and medium-sized banks is an important measure to promote the structural reform of the financial supply side. Through reform, we will optimize the financial supply structure and the allocation of credit funds, support small and medium-sized banks to pay more attention to small and medium-sized enterprises, increase credit supply, reduce financing costs, and serve the real economy.
It is reported that the targeted reduction of the deposit reserve ratio can release about 400 billion yuan of long-term funds, and each small and medium-sized bank can get about 6,543.8 billion yuan of long-term funds, effectively increasing the stable source of funds for small and medium-sized banks to support the real economy, and reducing the bank's capital cost by about 6 billion yuan every year, which is conducive to promoting the reduction of the real interest rate of SME loans and directly supporting the real economy through bank transmission.
Lian Ping, chief economist of Zhixin Investment and dean of the research institute, believes that the customers of small and medium-sized banks are mostly small and medium-sized enterprises. After the reduction of the deposit reserve ratio, the loanable funds of small and medium-sized banks will further increase, which is conducive to the accurate bail-out under the current situation.
Why is the deposit reserve ratio lowered twice this time? The relevant person in charge of the People's Bank of China said that this is to prevent the accumulation of liquidity caused by excessive one-time investment and ensure that small and medium-sized banks will invest all the funds they have obtained in small and medium-sized enterprises at lower interest rates. After RRR cut, the deposit reserve ratio of more than 4,000 small and medium-sized deposit-taking financial institutions has dropped to 6%. Judging from the history of China and the situation of developing countries, the deposit reserve ratio of 6% is relatively low.
It is worth noting that, in addition to the targeted reduction of the deposit reserve ratio, the People's Bank of China indicated that the interest rate of excess deposit reserve of financial institutions of the People's Bank of China will be reduced from 0.72% to 0.35% from April 7. This is the first time that the People's Bank of China has lowered the interest rate of excess deposit reserve after 12.
"This time, the People's Bank of China lowered the interest rate of excess deposit reserve, with the purpose of promoting banks to improve the efficiency of capital use and enhance their willingness to lend, so that banks can better serve the real economy, especially small and medium-sized enterprises." Color theory of chief economist of Founder Securities.
Give play to the leading role of financial policies, alleviate the problems of financing difficulties and high costs, and provide accurate services.
A few days ago, Zhuang, the head of Fujian Hexiang Agricultural Development Co., Ltd., was at a loss for financing. Hexiang Agriculture is a large-scale comprehensive agricultural development enterprise. Affected by the epidemic, the production and operation of enterprises were once stagnant, and the capital turnover was facing difficulties.
On March 1 day, the account manager of Hui 'an Rural Credit Cooperative immediately established a one-to-one service mechanism after learning about the enterprise situation. Under the guidance of Fuzhou Central Sub-branch of the People's Bank of China, 3 million yuan of "loan for supporting agriculture due to epidemic situation" was issued to the enterprise within two days, and Hexiang Agriculture became one of the first agricultural enterprises supported by special funds for supporting agriculture and refinancing in Fujian Province. Now with funds to buy spring ploughing materials such as rape and agricultural machinery, the scale of vegetable planting in enterprises has been further expanded.
The the Political Bureau of the Communist Party of China (CPC) Central Committee Conference held recently in China called for giving full play to the leading role of financial policies, such as refinancing, postponing repayment of principal and interest, dredging the transmission mechanism, alleviating the problems of financing difficulty and high cost, and providing accurate financial services for epidemic prevention and control, resuming production and real economic development.
Dong Ximiao, a special researcher at the National Finance and Development Laboratory, believes that since the outbreak of the epidemic, the People's Bank of China has successively set up a special refinancing loan of 300 billion yuan, adding a rediscount amount of 500 billion yuan, and helping key enterprises to resume work with preferential interest rate funds, which has achieved good results. "The People's Bank of China directed banks to put in special re-loans, which were emergency and life-saving money and invested in key guarantee enterprises in the list. The new refinancing rediscount quota can provide low-cost sources of funds for small and medium-sized banks, increase their ability and enthusiasm to issue loans, and apply to more enterprises, which is a more inclusive policy. "
The reporter learned from the People's Bank of China that as of March 3 1 0, nine national banks and 10 provincial and municipal local corporate banks had granted preferential loans to 5,995 national and local key enterprises totaling 231500 million yuan, with a weighted average interest rate of 2.5 1%. After financial discount, the actual financing interest rate of the enterprise is about 6 1%. In the rediscount of 500 billion yuan of refinancing, local corporate banks have issued a total of 304.2 billion yuan of preferential interest rate loans (including discount), supporting 3510.4 million enterprises (including farmers).
During the epidemic, banking financial institutions not only implemented special refinancing and refinancing policies, but also provided accurate financial services to the real economy by delaying the repayment of principal and interest.
Liang Zhou, vice chairman of China Banking and Insurance Regulatory Commission, said recently that the policy of deferred repayment of loan principal and interest has been welcomed by small and medium-sized enterprises. According to incomplete statistics, as of April 3, the loan principal and interest of SMEs with deferred repayment reached more than 700 billion yuan. "Wholesale and retail, accommodation and catering, hotels, logistics and transportation, cultural tourism and other industries are greatly affected by the epidemic. Banks are required not to blindly lend, cut off loans, and suppress loans, especially to reduce loan interest rates to benefit enterprises. At the same time, support enterprises to return to work as soon as possible by increasing credit loans and medium and long-term loans. " Liang Zhou said.
Grasp the strength, focus and rhythm of monetary policy, and maintain a reasonable and sufficient liquidity.
Recently, the market is more concerned about whether the People's Bank of China will lower the benchmark deposit interest rate. Liu Guoqiang said, "Of course, as a tool, it can be used, but this tool is a special ballast stone, so more consideration should be given to its implementation." Liu Guoqiang believes that the factors to be considered include price situation, economic growth, internal and external balance, etc. In particular, the relationship between deposit interest rates and ordinary people is more direct, and the feelings of ordinary people should be considered.
The recent the Political Bureau of the Communist Party of China (CPC) Central Committee meeting pointed out that it is necessary to strengthen the adjustment and implementation of macro policies. We should pay close attention to the study, put forward a package of macro-policy measures and respond positively. A proactive fiscal policy should be more proactive, and a prudent monetary policy should be more flexible and appropriate. Next, what is the direction of monetary policy?
The next step is to grasp the strength, focus and rhythm of the policy in stages. According to different stages, maintain reasonable and sufficient liquidity to fully meet market demand. "We will never let the market have a' money shortage'. Of course, money should not be gross. To meet reasonable and sufficient market demand, the growth rate of M2 and social financing scale basically matches the nominal GDP growth rate and is slightly higher. " Liu Guoqiang said.
Liu Guoqiang said that we should continue to make good use of 300 billion yuan of special refinancing and 500 billion yuan of rediscount policy refinancing, and implement the new quota of 1 trillion yuan of inclusive refinancing, so as to achieve seamless connection with the previous policies and avoid any stall. At the same time, the deposit reserve ratio will be lowered in a targeted manner, and the positive incentive and guiding role of reserve instruments will be fully exerted.
Reducing the financing cost of the real economy is an important task at present. Dong Ximiao believes that relevant mechanisms should be further reformed and improved, and the market-oriented reform of loan interest rates should be deepened. At present, we should step up the conversion of the pricing benchmark of existing floating interest rate loans, dredge the transmission channel of monetary policy by means of reform, and promote the gradual decline of the actual financing cost of enterprises.
Wen Bin, chief researcher of China Minsheng Bank, believes that a prudent monetary policy should be more flexible and moderate, give more prominence to supporting the recovery and development of the real economy, comprehensively consider various factors such as epidemic prevention and control and economic development, and use various policy tools in a timely and appropriate manner to ensure the smooth operation of the economy.