NEWS： Directional Reduction and Enlargement of Size by the Central Bank of China
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The People's Bank of China has relaxed the assessment criteria for inclusive financial downgrading, further expanded the coverage of institutions that can enjoy the benefits, and continued to exert structural directional support measures. Industry insiders believe that before the Spring Festival, when the basic currency is facing a huge gap, the central bank once again sent a signal to the market to maintain stability, "warm up" after the Lunar New Year or usher in the reduction measures, thus significantly alleviating the liquidity gap before the Spring Festival.
However, they also pointed out that in view of the previous coverage has basically exceeded 90% and the limited increment of funds brought about by this expansion, the impact of this matter on liquidity itself is not obvious when the capital has been loose.
Liu Dongliang, Director of Capital Market Research Institute of China Merchants Bank Research Institute, said that the relaxation of the benchmarking criteria would release more liquidity from the margin, help to keep the capital stable, which is the continuation of the previous monetary policy of leniency; on the other hand, it would help to consolidate the results of the previous downturn in interest rates, keep the yield of interest rate bonds at a low level and possibly stimulate interest rates. Further lower is conducive to reducing the financing costs of real enterprises.
"Before and after the Spring Festival, deposits will generally fall more severely, the gap will be obvious, the central bank should be doing'warm-up', the signal to maintain stability is obvious... In fact, the funds are not tight, (monetary policy in 2019) should be more inclined to the loose end, but due to the deleveraging, it is estimated that structural (loose) is still the main thing." A fund trader at a bank in Shanghai said.
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