Poor credit data is the deposit reserve rate cut main reasons

On Saturday night, the central bank announced suddenly, on February 24 on, cut legal deposit reserve rate 0.5%, again shows that the central bank's "surprise". Because just on Friday, the central bank has just through the inverse repurchase between Banks to inject liquidity into the market. From the current entity economy needs, and lending rates to see,nfl hats the deposit reserve rate cut starting point is not just bank funds between price, but more relations in the real economy level credit data. In the recent by the fourth quarter of 2011 monetary policy implementation report, the central bank said, 2012 M2 year-on-year growth target to achieve 14% level, according to the calculations, new loan scale should be in 8 trillion or so, if according to the past 3:3:3:2 season on the ratio, average monthly performance in the first quarter put should reach the level of 800 billion. In January the scale of new less than 740 billion, has been lower than expected, if the Spring Festival factors, then February should bounce, but from the first two in February last credit data to see, than January much worse. Credit data so low, both supply and demand levels of reason level. And the legal deposit reserve rate cut to the recovery needs, ease supply constraints. Day, deposit return rate lower than expected, apart from big sinking outlets do more, deposit growth can maintain, other are not so satisfied. In addition,cheap nfl jerseys although new foreign exchange in January the gap is improving, but recent data, the appreciation of the renminbi speed is slowing, foreign exchange to step into the gap may downlink channel, therefore, DaiCunBi still restricting loans space. Cut the legal deposit reserve rate is not directly improve DaiCunBi index, but bank of ChaoChu rate increase can increase investment in bonds, which indirectly create deposit, reduce DaiCunBi. At the same time, the public of generating capacity, the main industrial production all showed that entity economic downturn, domestic demand fell significantly. In this context, the long-term credit growth since the crisis hit another level of low level, and bill financing also presents the "quantity price fall together", loan demand is also on the decline. In the current fragile that macroeconomic environment, if the loan interest rate level is not continue to fall, the enterprise can't find enough profit space project. This and last year's situation quite different, last year loans nervous, folk lending and borrowing become common practice, capital prices rocketing, fry the money to make money in effect, many big enterprise ACTS as a "two way dealers", and the money from the bank at a higher price lend, profit from. But in wenzhou events since the outbreak of the folk usury has been convergence. Due to the real economy since the last quarter of last year since falling fast, enterprise profitability down, although the financing costs have declined, but as a short-term loan pricing standard 3 months Shibor still in high. Since this mention must since, Shibor interest rates have been easy to go up to fall, more deep-seated reason behind is financial to take off the media. Cut the legal reserve ratio of Banks to increase ChaoChu gold, reduce the currency market interest rates to help reduce loans indirect real interest rates, to increase loan demand. Therefore, poor credit data is the main reason of the reserve fund rate cut on the economic level presetters fine-tuning, the most valid control index should be credit data. In the real economy weak demand and various regulatory index restriction of, how to stimulate the effective credit demand and supply, will test the people's bank of China, the decision of wisdom.

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