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The first RRR cut this year officially landed

Date: 2022-04-26
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Xinhua News Agency, Beijing, April 25 (Reporter Wu Yu) On the 25th, the first RRR cut this year officially landed, releasing about 530 billion yuan of long-term funds. This will help strengthen the ability of financial institutions to allocate funds and increase support for the real economy.

The People's Bank of China announced on 15th that it decided to reduce the deposit reserve ratio of financial institutions by 0.25 percentage points on April 25th, 2022 (excluding financial institutions that have already implemented the 5% deposit reserve ratio). On this basis, for city commercial banks that do not operate across provinces and rural commercial banks whose deposit reserve ratio is higher than 5%, an additional 0.25 percentage points will be reduced.

'After the RRR cut, under the guidance of the financial management department, financial institutions will make good use of the low-cost funds released by the RRR cut to increase support and services for the real economy.' Dong Ximiao, a part-time researcher at Fudan University's Institute of Finance, said that on the basis of the overall RRR cut, 'additional RRR cuts' for some financial institutions highlighted the 'precise drip irrigation' for key areas and weak links. It can not only increase the support for transportation, aviation tourism, catering services and other industries greatly affected by the epidemic, but also reflect the precise focus on small and micro enterprises and the 'three rural' fields.

While increasing the long-term stable funding sources of financial institutions, this RRR cut can also reduce the capital cost of financial institutions by about 6.5 billion yuan per year. Experts said that this part of the cost drop can also be transmitted through financial institutions, further reducing the social comprehensive financing cost.

Yi Gang, governor of the People's Bank of China, said recently that the primary goal of monetary policy is to stabilize prices and employment. The People's Bank of China will continue to increase inclusive finance support for small and medium-sized enterprises and effectively help them maintain employment stability.


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