(Beijing Comprehensive News) Chinese official media reported that the People's Bank of China may continue to take measures in the fourth quarter to ensure abundant liquidity and consider reducing the deposit reserve ratio (reduction) of financial institutions.
Comprehensive China Securities Daily Securities Daily analysis reported that in order to maintain the health and stability of the banking system, the Bank of China has continued to carry out large -scale reverse repurchase operations recently.At the same time, the Central Finance Plan will be issued in the fourth quarter of this year's 2023 Treasury bonds (RMB, S $ 186.7 billion), coupled with the large -scale expiration of medium -term borrowing facilities (MLF), as well as the demand for cash during the New Year and the Spring Festival during the New Year and the Spring Festival.Increased, these factors may put some pressure on liquidity.
Experts believe that the central bank may adjust its strategy to deal with future liquidity challenges.
On the other hand, the current monetary policy space is still sufficient, and the deposit reserve ratio and actual interest rate have downside space.A number of financial experts expect that the central bank may have been reduced again in the fourth quarter.
Pang Yan, chief economist and director of the research department of Greater China, believes that while the central bank may increase its public market operations, it will timely reduce the standards at a timely promotion of capital interest rates to policy interest rates.
Zhang Xu, chief analyst of the fixed income of Everbright Securities, added that the net interest difference between Chinese commercial banks has continued to narrow, and the year -on -year growth rate of profits has also decreased.The role of profit growth pressure.
The chief economist of CITIC Securities obviously perspective that when the supply of government bonds is increasing, the central bank usually uses an open market operation or reduction to release liquidity.cost.
The People's Bank of China has reduced 0.25 percentage points in March and September this year.
