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The central bank continued to increase mlf300 billion yuan, and the interest rate remained unchanged

Date: 2022-02-18
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The central bank announced on the 15th that in order to maintain the reasonable and abundant liquidity of the banking system, the central bank carried out the medium-term lending facility (MLF) operation of 300 billion yuan on the same day, and the bid winning interest rate was 2.85%, which was the same as the previous time. This MLF operation includes the continuation of the MLF due on February 18 (200 billion yuan).

 

In this regard, industry experts generally believe that the 'volume increase' is not only conducive to guiding the increase of bank credit, but also pays attention to the timeliness and effectiveness of monetary policy and the smooth operation of the money market, releasing the signal of continuing to promote the process of wide credit. The recently released credit and social finance data have achieved a 'good start', indicating that the previous policy effect has gradually appeared. Considering maintaining a reasonable policy rhythm, 'price level' is also within the market expectation. In the follow-up, there is still room for the policy interest rate to be lowered under the demands of stable growth and wide credit.

 

'Under the specific background of the current macro-economy and financial market, the quantity of this operation is both sufficient and restrained, which is not only conducive to guiding the increase of bank credit, but also pays attention to the timeliness and effectiveness of monetary policy and the smooth operation of money market.' Zhang Xu, chief analyst of Everbright fixed income, said. According to Wang Qing, chief Macro Analyst of Dongfang Jincheng, although the current market interest rate operates below the MLF interest rate, focusing on 'guiding financial institutions to effectively expand loan lending', the continued small increase of MLF is more in line with the current monetary policy orientation.

 

The central bank issued the report on the implementation of China's monetary policy in the fourth quarter of 2021, and the thinking of monetary policy in the next stage has been clear. A prudent monetary policy should be flexible and appropriate, strengthen cross cycle regulation, give full play to the dual functions of the total amount and structure of monetary policy tools, pay attention to full, accurate and forward force, not only do not engage in 'flood irrigation', but also meet the reasonable and effective financing needs of the real economy, and strive to increase financial support for key areas and weak links to achieve total stability Better combination with excellent structure.

 

CITIC solid income said that the downward pressure on the domestic economy is more specific, and the monetary policy implementation report still shows strong demands for wide credit, stable growth and wide monetary space. 'To stabilize growth and broaden credit, we need to focus on policies at both ends of supply and demand. In addition to easing the three constraints of financial institutions, we also need to further guide the decline of enterprise loan interest rates and stimulate credit demand, indicating that there is still room for further decline in the current level of loan interest rates. The foundation for stable growth is not firm, monetary policy is still in a loose channel, and there is still room for reducing reserve requirements and interest rates.' Ming Ming, deputy director of CITIC Securities Research Institute, said.


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