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Double rate reduces body to show monetary policy agile but not imply becomes loo

From;  Author:Stand originally

Chinese people bank announces 15 days to reduce a RMB to borrow money standard interest rate and in reserve of deposit of RMB of small finance orgnaization is led. This was 2004 since Chinese Central Bank reduces loan first standard interest rate, deposit reserve is led also was 2003 since reduce first. The expert expresses to this stage reporter at this point, this is economy of according to of Chinese Central Bank the structural sex that moving state has is adjusted, the pattern that shows its use policy of monetary adjusting control is more agile, but do not mean monetary policy to become loose somewhat.

Chinese Central Bank announces to rise from 16 days, reduce a year period RMB loan is standard interest rate 0.27 percent, deposit is fiducial interest rate keeps changeless. Finance of Chinese people university and professor of negotiable securities institute Mr Zhao Xijun express, this makes clear Chinese Central Bank according to " distinction is treated " and " the structure is optimized " principle, begin to solve current share enterprise the problem of short-term financing difficulty.

"It is this (monetary policy) structural sex is adjusted give priority to, do not have tone e.g. saving interest rate, loan interest rate is reduced moderately, and reduced situation is different, long-term (loan) of tone little, short-term (loan) many of tone, be aimed at the situation of the short-term fund insecurity that at present a few industries appear namely. (Main) reduce interest rate of short term loan, can make the financial cost of these enterprises drops somewhat. Can make the financial cost of these enterprises drops somewhat..

Put forward in the light of the reporter " lower interest to whether can stimulate investment to rebound " doubt, zhao Xijun expresses, because the Central Bank lowers interest,executed " short-term move less much air, for a long time " principle, not big to the stimulative effect of investment, because this won't be brought about,invest kind of loan to grow considerably.

The Central Bank announces to rise from September 25 at the same time, outside waiting for large commercial bank except bank of industrial and commercial bank, agriculture bank, Bank of China, construction, transportation bank, postal deposit, other bank savings kind reserve of deposit of financial orgnaization RMB is led reduce a percent. When unscrambling this action intention, zhao Xijun says, such adjustment hint is little in support financial orgnaization develops, widen further thereby the financing channel of the enterprise.

"The policy that this also is structural sex (adjust) , big bank and in between small bank (capital) liquidity is ample degree is different, big bank has many savings bank (site) , can draw deposit in great quantities. Small bank site is compared in little, the function that draws deposit is strong without big bank. Be in (money) when policy is tighter, the pressure of going from place to place that small bank faces in is a few greater. So, the adjustment of deposit reserve, it is to solve in the problem with small bank insufficient fluidity. " (reporter old? 1? 7? 1? 7)
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