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The second RRR reduction in the year landed today, releasing 1.2 trillion yuan

Date: 2021-12-15
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On the 15th, the central bank officially implemented the second comprehensive RRR reduction in the year.

Recently, the central bank announced that it would reduce the deposit reserve ratio of financial institutions by 0.5 percentage points on the 15th (excluding financial institutions that have implemented the 5% deposit reserve ratio).


The RRR reduction is the second comprehensive RRR reduction by the central bank in 2021 after July 15, releasing a total of about 1.2 trillion yuan of long-term funds.


Better support the real economy

On December 6, when answering reporters' questions, the relevant person in charge of the central bank said that the purpose of the RRR reduction is to strengthen cross cycle regulation, optimize the capital structure of financial institutions, improve financial service capacity and better support the real economy.

First, while maintaining a reasonable and sufficient liquidity, effectively increase the long-term stable source of funds for financial institutions to support the real economy and enhance the capital allocation capacity of financial institutions. Second, guide financial institutions to actively use the funds for RRR reduction and increase support for the real economy, especially small, medium and micro enterprises. 


Third, the RRR reduction reduces the capital cost of financial institutions by about 15 billion yuan per year, which can promote the reduction of social comprehensive financing cost through financial institution transmission.


Dong ximiao, chief researcher of Zhaolian finance, believes that from an international perspective, the global economic prosperity fell in the second half of 2021, and the rising energy prices and tight supply chain restricted the economic recovery of various countries. Domestically, China's economic recovery is not stable, consumption recovery is weak, and investment growth is lower than expected. At the same time, there are structural contradictions in economic recovery, and it is still difficult for some fields and small, medium and micro enterprises.


'It is very necessary and timely for the central bank to comprehensively reduce the reserve requirement at this time, which will help stabilize the confidence and expectations of market players, promote the steady and sustainable recovery of the real economy, and help enterprises get out of difficulties and develop healthily.' Dong ximiao said.


Bring benefits to the property market and stock market

In the second half of the year, the property market has been cold, and the new mutant Omicron has brought uncertainty to the capital market. By the end of the year, under the background that the central economic work conference emphasized 'stability', experts analyzed that the market liquidity brought by the 'RRR reduction' would be good for the real estate market and capital market to a certain extent.


Yan Yuejin, research director of the think tank center of E-House Research Institute, said that when subsequent market participants, including real estate, contact banks, they have more space and convenience to obtain loans. RRR reduction makes the capital pressure of real estate enterprises can be relieved faster, which has a positive effect.


In the stock market, since the central bank announced the RRR reduction on December 6, the market has walked out of the continuous upward trend, and the Shanghai index once rushed above the 3700 point mark. Pan Helin, executive director of the Digital Economy Research Institute of Central South University of economics and law, believes that the RRR reduction has brought liquidity to the stock market and confidence to investors.


The central economic work conference proposed to fully implement the stock issuance registration system in 2022. Pan Helin believes that under the current registration system of China's stock market, IPO is gradually normalized. After the launch of the Beijing stock exchange, the number of stock targets in the capital market has increased. Therefore, maintaining a certain amount of liquidity investment is conducive to the stability of the capital market and enable the stock market to smoothly pass the liquidity dry season at the end of the year.


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