Source: Bloomberg
As investors continue to worry about their growth prospects, China has increased its efforts to stimulate the economy and support the RMB exchange rate.
The central bank announced on Friday that it will reduce the foreign exchange deposit reserve ratio, which is the first time this year.A few hours ago, the government announced new stimulus measures for the real estate industry that was trapped in the real estate industry, and for the care of infants and young children. Parents' support and children's education expenditure increased the special additional deduction standards for personal income tax.
These are the latest measures taken to boost confidence in the world's second largest economy. Under the heavy pressure of the property market crisis, weakening global demand and rising unemployment rate, the Chinese economy is going downhill.So far, the government has taken a series of directional measures to avoid large -scale stimulus measures during the global financial crisis in 2008. At that time, the debt level was worried about rising debt levels.
Xing Zhaopeng, a senior Chinese strategyist of Australia and New Bank, said that a package of policies exceeded market expectations.In the short term, confidence will be boosted.But more evidence is needed to confirm whether this marks whether it comes.
The People's Bank of China stated that it will reduce the foreign exchange deposit reserve ratio by 2 percentage points to 4%on September 15.This has effectively increased the amount of foreign currency in the local market. Relatively speaking, it is more attractive to buy RMB for traders.
The exchange rate of offshore RMB against the US dollar rose 0.5%at one time, and then vomited increased by 0.1%.The index that followed the Chinese real estate developer rose by 2%, and then increased by half.The Shanghai -Shenzhen 300 Index rose 0.5%, and the rise was also due to data showing the accidental expansion of manufacturing activities.The price of metal such as aluminum and copper has risen.The Hong Kong stock market closed the market due to typhoon.
The government announced the real estate -related measures and lowered foreign exchange deposit reserves before the market opened, and Eddie Cheung, a senior emerging market strategist in Dongfang Huili, said that the announcement of the announcement may help support Chinese assets, especially at the purchase manager index indexWhen sending some positive signals.But so far, the response is still quite limited.
In August, the exchange rate of the RMB against the US dollar fell to the lowest level since 2007. Previously, the accident cuts failed to boost investor confidence who was frustrated due to continuous economic weakness.The spread between China and the United States has continued to expand. The RMB exchange rate has fallen by about 5%this year, and has become one of the worst currencies in Asia. It is only better than the yen and Lynch, Malaysia.
The People's Bank of China forced short -term tools through strong intermediate prices, encouraging state -owned banks to sell US dollars, and tightening offshore RMB liquidity, which has increased support for RMB.
"Because the RMB is an anchor of all asset categories, the official is trying to stabilize and extensive financial markets through this move," said Hong Yan, chief economist of Sirui Group.He said that the strong intermediate price and the central bank issued offshore central tickets, and the down reduction of the foreign exchange deposit reserve ratio indicates that the central bank's concerns of 7.3.
Recent economic data shows signs of improvement.According to data on Friday, Caixin China ’s manufacturing procurement manager index rose to 51 in August, the highest reading since February.The official manufacturing procurement manager index announced the day before showing that with the improvement of new orders and production, the shrinkage of manufacturing activities in August has eased.
In order to boost the demand in the real estate industry, the Chinese regulatory authorities allow the down payment of home buyers and encourage commercial banks to reduce the interest rate of stock loans.According to official media reports, the amount of loan involved in adjustment may reach 25 trillion yuan, which helps borrowers to save interest and stimulate family expenditure.
According to the guidelines of the central government, Beijing and Shanghai announced on Friday that they would implement the policy measures for the purchase of the first home loan "recognition of the house without recognition of loans".On the previous day, multiple departments jointly issued a notice that the minimum down payment ratio of the first housing loan will be reduced to 20%, and the two minimum down payment ratio will be reduced to 30%.
Nomura Economist Ting Lu et al. In a report, these measures may provide a brief breathing opportunity for the real estate market, especially in big cities.The potential growth of the report foresee consumption is estimated that the mortgage borrower can save up to 300 billion yuan from cheaper loans each year.
