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RRR cut highlights flexibility of Chinese monetary policy

2020-1-6 16:58

 

The Chinese central bank has decided to cut the reserve requirement ratio (RRR) of financial institutions by half a percentage point, which will release long-term and systemic dividends into the market, and highlights the flexibility of Chinese monetary policy.

The People's Bank of China, the central bank, decided to cut the cash amount that financial institutions must hold as reserves as of Jan. 6, so as to support the development of the real economy and reduce the real cost of social financing.

This reduction will release 800 billion yuan (about $115 billion) of funds, which will play a counter-cyclical adjustment role.

This is the fourth cut since last year - the first three cuts were all based on grim internal and external situations.

This year’s fiscal policy has changed from last year's policy of strengthening and improving efficiency to one of improving quality and increasing efficiency, highlighting the fact that fiscal policy has begun to shift from quantitative to qualitative adjustment.

The macro economy is still expected to encounter many changes and even challenges in the internal and external markets in 2020. The New Year's first 800 billion yuan RRR cut is just the beginning, with the central bank making flexible and appropriate adjustments based on changing circumstances. 

 

中国央行决定将金融机构存款准备金率下调0.5个百分点,这将向市场释放长期和系统性的红利,并凸显了中国货币政策的灵活性。


为了支持实体经济的发展,降低社会融资的实际成本,央行中国人民银行决定从1月6日起,下调金融机构的存款准备金率。


这一削减将释放8000亿元(约1150亿美元)的资金,这些资金将起到反周期调整的作用。


这是自去年以来的第四次降息——前三次降息都是基于严峻的内外形势。


今年的财政政策由去年的强效增效转变为提质增效,财政政策开始由量变向质变转变。


预计到2020年,宏观经济仍将在内外部市场面临诸多变化甚至挑战。今年第一次降准8000亿元只是个开始,央行根据形势变化,灵活适度调整。

来自: people's daily