In order to hedge the impact of factors such as the peak of the tax period and maintain the reasonable and sufficient liquidity of the banking system, on August 8, People's Bank of China launched the 15 billion yuan open market reverse repurchase operation and the 2040 billion yuan medium-term lending facility (MLF) operation, which fully met the needs of financial institutions. Among them, the winning bid rate of reverse repurchase operation and MLF operation decreased by 4010 basis points and 10 basis points, respectively, from the previous period.
According to the announcement, the MLF operation period is 1 year, and the winning interest rate is 2.5%; The reverse repurchase operation period is 7 days, and the winning interest rate is 1.8%.
The reporter of Beijing Youth Daily learned that the winning interest rate of the reverse repurchase operation and the MLF operation was lowered for the second time this year. On June 6 and 13, the winning bid rate for reverse repo operations and the winning bid rate for MLF both decreased by 15 basis points from the previous period. Subsequently, the market quoted rate (LPR) for loans with 10 year and more than 6 years also fell by 1 basis points in June.
Dong Ximiao, chief researcher of CMF Finance, believes that as the basis for LPR quotation, the winning interest rate of MLF this month is lower than before, which may drive LPR further downward. China's monetary policy adjustment space is large, and policy tools and policy reserves are relatively rich. The decline in policy interest rates has released a policy signal to increase counter-cyclical adjustment and stabilize market expectations, which will effectively drive down the real loan interest rates of enterprises and residents, support the recovery of credit demand, enhance the growth momentum of consumption and investment, and help the macroeconomy maintain the recovery and recovery trend.
Experts believe that the MLF interest rate cut has released a positive policy signal, which will help stabilize expectations and boost confidence, and will continue to reduce the financing cost of the real economy and promote the economic recovery.
Recently, Zou Lan, director of the monetary policy department of the central bank, said that it is necessary to scientifically and reasonably grasp the level of interest rates. It is necessary to make counter-cyclical adjustments in a timely and appropriate manner according to the economic and financial situation and the needs of macro-control, and also take into account the balance between growth and risk, internal and external, prevent capital arbitrage and idling, improve the efficiency of policy transmission, and enhance the soundness of bank operations. In recent years, the decline in corporate loan interest rates has achieved remarkable results, and in the future, we will continue to give full play to the effectiveness and guiding role of the reform of the loan market quotation interest rate, and guide banks to adjust the interest rate of existing personal housing loans in an orderly manner in accordance with the law.
Text/Beijing Youth Daily reporter Cheng Jie