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Central bank works to stabilize market sentiment

2020-3-16 12:20

 

China will adopt additional financial stability measures on Monday to prevent market volatility and encourage lending to nonfinancial businesses, to help return the epidemic-hit economy to normalcy.

The release of 550 billion yuan ($78 billion) in new funds into the financial sector will be effective before China reports January and February economic indicators, including industrial production and fixed-asset investment. That liquidity injection will stabilize market sentiment and ease tightened financial conditions after global equities markets nose-dived last week, said analysts.

Banks that meet particular criteria can keep less cash in reserve after the authorities announced on Friday a reduction of the reserve requirement ratio by 0.5 to 1 percentage point. Some eligible joint stock banks, in which the government and private sector jointly hold shares, will be allowed to lower the RRR by an additional 1 percentage point.

That was the latest measure by the People's Bank of China, the central bank, to direct more funds into smaller companies struggling to access bank lending and to shore up markets and businesses impacted by the epidemic.

"The timing of the targeted RRR cuts may suggest Beijing wishes to use these cuts to offset possible negative sentiment," said Lu Ting, chief China economist at Nomura Securities.

"Cutting the RRR is the best way in the current situation to reduce actual bank lending rates as it may increase the supply of low-cost funds for banks" and then increase credit especially for small and medium-sized companies, according to Lu.

He expected the central bank to cut the one-year benchmark deposit rate and one-year medium-lending facility rate each by 0.25 percentage point in the coming months.

Chinese monetary authorities will take broader measures to further lower lending rates for the nonfinancial sectors, even if it means sacrificing part of commercial banks' profits, to reduce the impact of the outbreak and accelerate the resumption of production, Sun Guofeng, head of the central bank's monetary policy department, said on Sunday.

The central bank will keep liquidity at a reasonably ample level, which can help reduce financing costs, said Sun.

The central bank official also stressed that the benchmark deposit rate will play a key role in the whole interest rate system as heated discussions had arisen recently on whether the monetary authorities should decrease the one-year deposit rate to ease banks' burden and further boost cheaper loans.

The global spread of novel coronavirus has added uncertainty about the economic outlook and the associated financial stability risks. The large swings in asset prices last week put global markets and institutions under pressure, which came along with tightened financial conditions.

Some other major central banks, such as the US Federal Reserve, have announced aggressive measures last week to flood the market by injecting trillions of dollars after rare sell-off waves.

In comparison, the PBOC's reaction is modest, said analysts.

All eyes will be on the US central bank's policy meeting on Wednesday, to see how much more it will cut interest rates or take extra equity purchases. The Bank of Japan is also expected to act. Other central banks, including in Switzerland, Brazil and Indonesia, will make decisions this week. The leaders of the G7 industrial economies are scheduled to discuss joint action on Monday.

"Central banks can act quickly to help ease the tightening of financial conditions by injecting liquidity and cutting interest rates, thus preventing a possible credit crunch," said Tobias Adrian, an official at the International Monetary Fund. "In fact, markets have been anticipating aggressive easing by central banks, as reflected in the sharp fall in sovereign bond yields in many countries around the world.

"Global cooperation to synchronize monetary policy must be high on the agenda," he said, adding that money authorities can deploy variants of special lending schemes that aim at to lower the costs of borrowing. "If economic and financial conditions were to deteriorate further, policymakers could revert to the broader toolkit that was developed during the 2008 global financial crisis."

 

周一,中国将采取额外的金融稳定措施,防止市场波动,鼓励向非金融企业发放贷款,以帮助受疫情打击的经济恢复正常。


在中国1月和2月公布包括工业生产和固定资产投资在内的经济指标之前,向金融领域注入人民币5,500亿元(合780亿美元)的新资金将生效。分析师表示,在上周全球股市暴跌之后,此次流动性注入将稳定市场情绪,缓解金融环境趋紧的状况。


在中国政府上周五宣布将存款准备金率下调0.5至1个百分点后,符合特定标准的银行可以降低存款准备金率。一些符合条件的股份制银行(政府和私营部门共同持有股份)将被允许将存款准备金率再下调1个百分点。


这是中国央行的最新举措,目的是向难以获得银行贷款的中小企业提供更多资金,提振受疫情影响的市场和企业。


野村证券(Nomura Securities)首席中国经济学家陆挺表示:“下调存款准备金率的时机可能表明,北京方面希望利用这些下调来抵消可能的负面情绪。”


“降低存款准备金率是当前形势下降低银行实际贷款利率的最佳方式,因为它可能增加银行的低成本资金供应”,然后增加信贷,尤其是中小企业的信贷,卢表示。


他预计央行将在未来几个月将一年期存款基准利率和一年期中期贷款工具利率分别下调0.25个百分点。


中国货币当局将采取广泛措施,进一步降低贷款利率的非金融行业,即使这意味着牺牲部分商业银行的利润,以减少疫情的影响,加快恢复生产,太阳国峰,中央银行的货币政策部门主管周日表示。


孙表示,央行将保持流动性在合理充裕的水平,这有助于降低融资成本。


这位央行官员还强调,基准存款利率将在整个利率体系中发挥关键作用。最近,围绕货币当局是否应下调一年期存款利率以减轻银行负担、进一步提振较低利率的贷款,出现了激烈的讨论。


新型冠状病毒的全球传播增加了经济前景和相关金融稳定风险的不确定性。上周资产价格的大幅波动给全球市场和金融机构带来了压力,同时金融环境也出现了收紧。


其它一些主要央行,如美联储(fed),已于上周宣布了激进措施,在罕见的抛售潮之后向市场注入数万亿美元。


分析师表示,相比之下,中国央行的反应较为温和。


所有人的目光都将聚焦在美联储周三的政策会议上,看看它还将降息多少,或额外购买多少股票。预计日本央行(Bank of Japan)也将采取行动。包括瑞士、巴西和印度尼西亚在内的其他央行本周将做出决定。七国集团(G7)领导人定于周一讨论联合行动。


国际货币基金组织(imf)官员托拜厄斯•阿德里安(Tobias Adrian)表示:“各国央行可以迅速采取行动,通过注入流动性和降息,帮助缓解金融环境的收紧,从而防止可能出现的信贷紧缩。”事实上,市场一直预期各国央行将大举放松货币政策,这反映在全球许多国家主权债券收益率的大幅下跌上。


他表示:“全球货币政策协调合作必须放在重要议程上。”他补充称,货币当局可以部署旨在降低借贷成本的各种特殊贷款计划。“如果经济和金融状况进一步恶化,政策制定者可能会重新使用2008年全球金融危机期间开发的更广泛的工具。”

 

原作者: CHEN JIA 来自: china daily