People's Bank of China, from January 20, 2011, the raised deposit-taking financial institutions of RMB deposit reserve ratio by 0.5 percentage points.
Securities Market Weekly (reporter Liao Zongkui) macro in the latest SWS report that raised the deposit reserve ratio aims to return the funds directly to control credit, indirectly aimed at tightening liquidity and control inflation. Although since January 2010, the central bank has 7 times the deposit reserve ratio increase, but the SW is expected in the future will raise the deposit reserve ratio.
recent media reports in early January 2400 the four lines of credit billion, the first week credit in 5000 billion yuan, showing signs of blowout. SW that, in this case, raising the deposit reserve ratio by 0.5 percentage points, so you can freeze 350 billion yuan of funds, to a certain extent, played for the purpose of cooling the overheated credit.
SW is expected in 2011 will increase interest rates by 75 percentage points in the first half, especially around the Spring Festival is the interest rate sensitive point in time.
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policy for the future, SW judge, The current negative interest rate is rising inflation expectations, an important reason for the prevalence of speculation, raised the deposit reserve ratio to control credit though, recovery of mobility, but allows residents have personal experience, or interest rates. Only by constantly raising interest rates, the formation of only the expected rate hike cycle may inhibit or reverse the rising inflation expectations. Therefore, the statutory deposit reserve ratio increase after the rate hikes are still necessary and possible.
the face of future inflation situation is still not optimistic about the SW that is expected to fall short in December 2010, after the first quarter of 2011, would Bank of natural selection.
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