The People's Bank of China has invested 25 billion yuan (RMB, the same, about S $ 4.8 billion) for medium -term funds through the medium -term borrowing facilities (MLF), and continuously puts out the general expectations of economists.This move shows that when the recovery momentum becomes weakened, the central bank has maintained a loose policy unchanged, and it is hoped that it can help from Kuan Credit for economic growth.
Bloomberg reported that according to the announcement of the Bank of China, a one -year MLF operation of 125 billion yuan was carried out on Monday (May 15), and the interest rate was still stable at 2.75%;100 billion yuan.This is the sixth consecutive month of the People's Bank of China for the sixth consecutive month. The Economist estimates based on Bloomberg's survey that this time is only an equal sequel.
After the bank loan was sprayed at the beginning of the year, the April credit increase and social merger of the April announced by China last week were far lower than expected, and it was less than the previous month.In addition, the first time in the manufacturing event in April for several months has shrunk, and the weak inflation data also shows that domestic demand is limited.In this context, monetary policy is expected to maintain a loose tone.
On the other hand, the liquidity has a large amount of stasis in the inter -bank market, and the market interest rates such as interbank deposit are accelerated, indicating that the central bank of China does not need to vigorously increase the capital, but the policy still needs to continue to transmit the power to the real economy.
Bloomberg quoted Zhou Guannan, Huachuang Securities analyst, analyzed: "The monthly tax period is approaching, and the central bank still needs to put appropriately to invest in the fluctuations that may occur in advance."
Zhou Guannan also said, but "the current funding has remained loose and does not need to invest a large amount of funds. And the interest rate of interbank deposits has recently decreased significantly, and the market's funding demand for MLF is not high."
The People's Bank of China also slightly returned 2 billion yuan through the reverse repurchase operation on Monday, and the interest rate of the inverse repurchase was maintained at 2%.At the beginning of the market, the pledge repurchase interest rate of the Bank of China market continued to rise, of which the seven -day repurchase interest rate rose nearly 15 basis points to about 1.96%; 10 years of national bond active vouchers rose to a base point to 2.7125%; domestic and foreign RMB fell overnight to fall overnight.Temporary stability.
China recently requires commercial banks to reduce the upper limit of some deposit interest rates from Monday to further reduce the cost of bank liabilities, which also ignites the market's expectations for interest rate cuts.The Bloomberg Asian economist team previously believed that the weak inflation opened up the interest rate reduction window, and the bank's reduction in deposit interest rates also implied that the policy interest rate would be reduced.
However, MLF operations remain unchanged on Monday, or indicate that interest rate cutting is not a top priority.
"The eye decline is still earlier, and the economic data performance in the second quarter should be strong, and the current net interest difference between banks is low and there is not much room for interest rate cuts."It is said that the upper limit of some deposit interest rates in the near future is more passively cope with the narrowing of net interest margins, rather than preparing for the interest rate of the policy.
