NEWS： China's Interest Rate Market-Oriented Interest Rate Reduction Enters Practical S
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China's domestic securities firm, Huatai Securities Macroscopic Research Group Li Chao, issued a commentary report on Thursday. Yesterday, the executive meeting of the State Council emphasized deepening the reform of interest rate marketization and further reducing the actual financing cost of small and micro enterprises, which means that China's interest rate marketization has entered a practical stage.
The team believes that if the Federal Reserve (FED) starts cutting interest rates at the end of July, China may follow the Fed's interest rate cuts when the downward pressure on China's GDP increases in the second quarter and inflation risks are controlled.
The team judges that in the future, it will accelerate the marketization of interest rates, gradually cancel the benchmark interest rates on deposits and loans, and possibly reduce the interest rates of the central bank's open market operation policy. The logic is to alleviate the current financing difficulties and high cost of small and micro enterprises.
"The essence of the interest rate market-oriented two-track interest rate reduction is to reduce both the policy interest rate and the benchmark interest rate," the report said. "If this interest rate reduction falls, it may be different from previous interest rate cuts." They believe that this possible operation is a two-step combination. The first step is to cancel the benchmark lending interest rate and introduce LPR as a new loan pricing benchmark. The second step is to guide the LPR to reduce by lowering the policy interest rate.
However, they also pointed out that the central bank's promotion of interest rate liberalization is a gradual process, this year only to promote the loan interest rate liberalization.
Yesterday, China's State Council held a standing meeting, saying that the next step is to adhere to a sound monetary policy, maintain moderate tightening, and adjust in time according to changes in the international and domestic situation, maintain reasonable and abundant liquidity, and ensure that the real interest rate of loans for small and micro enterprises is further reduced. We should deepen the reform of interest rate marketization, improve the quotation rate mechanism of commercial bank loan market, better play the guiding role of quotation rate of loan market in the formation of real interest rate, promote banks to reduce the additional cost of loans, and ensure that the financing cost of small and micro enterprises decreases.
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