CCTV News: This cut is the second cut by the central bank since this year. In the current situation, what signals does the RRR cut release? What impact will it have on the market? Let's look at expert interpretation.
People in the industry said that the targeted RRR cut was expected, affected by the epidemic and sudden changes in the international market. The downward pressure on the economy is relatively large, and it is more difficult for small and medium-sized enterprises and private enterprises. The RRR cut can accurately rescue and release long-term liquidity. It has played a positive role in maintaining a reasonable and sufficient market liquidity. At the same time, the signal released by the RRR cut will also play a positive role in the operation of the market, the expected improvement in the future, and the stable operation of the capital market.
Lian Ping, Chairman of the China Chief Economist Forum: On the one hand, structurally speaking, to support inclusive finance through targeted reductions, in fact, it mainly supports some small and micro enterprises and private enterprises under the current pressure. Well supported. In addition, through such a directional action, it also gave a very clear policy signal to the entire market to support the economy, ensure the economy, and maintain a good operating state.
In addition, the central bank has also increased the RRR cut for joint-stock banks. Experts said that banks that have made greater contributions to inclusive financial services or small and medium banks that have been affected by the epidemic will implement targeted RRR cuts, increase reloans, Rediscounting the amount can reduce the cost of bank liabilities, release long-term low-cost liquidity in a targeted manner, and enhance the enforcement and implementation of policies.
Dong Ximiao, Special Researcher of National Finance and Development Lab: Joint-stock banks have a high degree of marketization and flexible systems and mechanisms. The additional reduction of these joint-stock banks will help them exert their advantages, increase lending in the field of inclusive finance, and better serve the real economy. , Especially the small and medium-sized enterprises that are relatively affected by the epidemic.
People in the industry believe that under the current situation of greater external pressure, monetary policy will continue to move in a more flexible direction in the future, and it will continue to be adhered to for a period of time in the future.