Chinanews.com March 3rd: Will the central bank consider cutting RRR or interest rates next year?

In this regard, Yi Gang, Governor of the People's Bank of China, said at the press conference on the series of "Authoritative Departments Talking about the Beginning" series of press conferences held by the State Council Information Office on March 3, we believe that the current level of some major variables of our monetary policy is more appropriate Yes, the level of real interest rate is quite appropriate.

　　Regarding RRR cuts, Yi Gang said that since 2018, we have lowered RRR 14 times. These 14 RRR cuts probably lowered the average statutory deposit reserve ratio from nearly 15% to less than 8%, a drop of more than 7 percentage points. Legal reserve ratio.

In the past five years, through 14 RRR cuts, the statutory deposit reserve ratio is not as high as in the past, but it is still a relatively effective way to provide long-term liquidity and support the real economy through RRR cuts. The overall liquidity is at a reasonable and sufficient level.

　　In response to interest rate cuts, Liu Guoqiang, deputy governor of the People's Bank of China, said at the press conference that our corporate loan interest rate was 4.17% last year, a record low. Policy, this is the general orientation of monetary policy, but how to use specific policy tools requires comprehensive consideration and discretion.

　　Specifically, one is to insist on self-centeredness and put domestic goals first.

From the current point of view, the improvement of the domestic economy is certain, but there are still some uncertainties. Therefore, in the next step, we will strengthen research, coordinate growth and prices according to changes in economic development and needs, and adjust monetary policy tools in a timely and appropriate manner. .

The second is to coordinate the short-term and long-term, strengthen inter-cyclical regulation and counter-cyclical regulation, adhere to a normal monetary policy, maintain positive interest rates and an upward yield curve, and avoid excessive irrigation and large-scale expansion.

The third is to coordinate the international and domestic, based on the domestic and moderate regulation, but also pay close attention to international trends, strengthen the management of expectations, and take into account both internal and external balance.

(China New Finance and Economics)

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