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The central bank opens the annual quota reduction expert package experts: this year or two targeted reductions will be implemented

来源:证券日报 January 9, 2020 07:48 Source: Securities Daily

Our reporter Liu Qi

On January 1, 2020, the central bank sent more than 800 billion yuan in "reward packages" for RRR cuts, becoming the first "heavy release" of the central bank in the new year. The central bank announced that it will implement a full-scale reduction of 0.5 percentage points on January 6 and release more than 800 billion yuan of long-term funds. The RRR cut this time reduces the bank's capital cost by about 15 billion yuan a year. Through bank transmission, it can reduce social financing costs, especially for small, micro, and private enterprises.

In an interview with the Securities Daily, Wang Qing, chief macro analyst of Dongfang Jincheng, believes that in addition to the overall reduction on January 6, the central bank is expected to implement another one to two times this year, totaling 1.0% to 1.5 A full percentage reduction operation. During this period, in order to increase support for small and micro enterprises, the central bank may also implement a targeted reduction of about 2 times. In addition, in order to reflect the intensified counter-cyclical adjustment of monetary policy, in addition to the quantitative tool of 2020, the central bank may continue to use the MLF interest rate reduction process that began in November 2019. This will be an important feature of the implementation of monetary policy this year.

(Responsible editor: Sun Dan)