NEWS： The Central Bank of China Creates TMLF and "Directional Interest Rate Reduction"
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Analysts also pointed out that the central bank's choice to "cut interest rates" on TMLF was mainly concerned that the impact of reducing interest rates such as deposit and loan and MLF was too severe, and the impact on financial markets was greater than that of entities. The actual effect of the policy was limited. By directing funds to small and private enterprises and reducing interest rates accordingly, the policy direction would be more precise.
They also believe that although monetary policy still adheres to the main tone of directional easing, there is still room for a reasonable and sufficient monetary environment for stable growth, and that the next time point may be early next year. Moreover, if the pace of future interest rate increases by the Federal Reserve continues to slow down and domestic pressure for stable growth further increases, the possibility of the central bank lowering the benchmark interest rate remains.
"In theory, you can also think of it as a rate cut, because it actually adjusts an interest rate in the open market. I think this includes two aspects: one is to be relaxed, the other is not to be too relaxed. Zhou Hao, chief economist of German Commercial Bank in China, said.
The People's Bank of China announced Wednesday night that it would create a medium-term lending facility (TMLF) to increase financial support for small and micro enterprises and private enterprises. Large commercial banks, joint-stock commercial banks and large city commercial banks with strong support for the real economy and meets the requirements of macro-prudence can submit applications; directed medium-term lending facility funds can be used for three years, and the operating interest rate is 15 basis points lower than the medium-term lending facility (MLF) interest rate, which is currently 3.15%.
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