Carried out 3 years to slant tight monetary policy, the Central Bank is changing direction delicately nowadays.
Controlled at 5 o'clock on June 24 afternoon, chinese people bank decides, since July 5, 2018, reduce reserve of deposit of RMB of bank of commercial bank of country of region of county of commercial bank of state-owned and large commercial bank, share-holding system commercial bank, postal savings bank, city, blame, foreign capital to lead 0.5 percent.
This second directional fall accurate concrete step included the following field:
1, encourage 5 state-owned and large commercial banks and commercial bank of 12 share-holding system to apply directional fall to allow and go up from the market the capital of collect, according to commercialize price principle to carry out " debt turns " project. Support " debt turns " executive main body is true exercise partner right, participate in company processing, promote mixture ownership reform.
2, directional fall accurate capital does not support " a solid debt " and " corpse enterprise " project.
3, the postal savings bank and urban commercial bank, region that be not a county farming commercial firm in small bank should will fall accurate capital basically uses Yu Xiaowei enterprise to borrow money, exert oneself alleviates expensive issue of difficult financing of financing of small small company.
Why directional fall accurate?
In recent years, leverage of our country company is high look forward to, debt dimensions growth is too rapid, debt load accentuates ceaselessly. In international economy environment more the setting with greater still pressure of be issued to lower levels of economy of complex, our country issues hasten, a few enterprises manage difficult aggravate, debt risk is brought about to rise on certain level, exist edge debt catenary, assure the risk hidden danger that catenary and industrial catenary spread.
Came 21 days on December 18, 2015, conference of central economy job is held in Beijing. The conference puts forward, economic society developed 2016 basically is to had been caught go producing can, go inventory, go lever, fall cost, fill short board 5 big jobs. Supply side reform basically is involved produce reserve of city of can superfluous, building tall look forward to of big, debt these 3 respects, good to solve this one problem, be about to carry out " 3 go falling to fill " (go producing can, go inventory, go lever, fall cost, fill short board) policy. "3 go falling to fill " become the key job content that the conference emphasizes in the center of all previous.
Where is the opportunity of investor?
Grind from certificate business in light of the viewpoint of the newspaper, directional fall the market opportunity after allowing still basically is in bond market, the risk of stock market still needs vigilance.
Couplet dispatch negotiable securities thinks, stock market was reformed because of supply side 2017, stock is small exceed with terminal demand tenacity anticipate, overlay finance prevents a risk, fund is general run to is blue chip hold a group in the arms to warm oneself. But breach of supply and demand closes this year narrow period of the Later Zhou Dynasty kind industry profit is added fast had put limit of delay, hypostatic total demand to put delay, plus credit risk anxious and perforative from beginning to end, and uncertainty of trade war height, stock impawn goes below the influence of a lot of element such as the pressure of lever, predicting annual scope is limited.
The sea connects negotiable securities to study the report thinks, economy of second half of the year grows bear pressure, capital is restrained and the financing below financial superintendency setting increases fast fall after a rise, capital supply and demand is improved, and the adds breath and Chinese economy decelerate as the United States, sino-US interest rate also will part company. Because shadow bank is superintended, firm add is broken gradually and frequency of credit break a contact is sent, interest rate debt and credit debt walk along situation become divided, configure interest rate debt and debt of advanced course credit sturdily.
The expert unscrambles: Fall what to effect have to building city definitely?
Since this year, the Central Bank had been carried out 3 times directional fall accurate. From the point of estate market, observation all previous falls estate market all appeared after exact cycle one clinchs a deal turn warm evidence.
According to the analysis of Ke Errui research center, long-term since, estate market is the main export of fund of credit of bank a huge sum from beginning to end, fall the increment fund that after allowing, releases is very big one part or market of estate of meeting flow direction.
Liu Xiaobo of writer of finance and economics expresses, apparently look, "Directional fall accurate " basically be aimed at hypostatic economy, city following a building has nothing to do. In fact, bank financing always flows into building city with all sorts of means, because building city return rate is high, falling this so also is bigger profit to building city definitely good. I had reminded everybody in column before this, a the estate in had begun strong. Will the stock market rebound considerably tomorrow? Can leave high probably, but can live firmly very it's hard to say. Fall to be in definitely anticipate in, lane is bad that the stock market can treat as profit is good go out, continue sound foundation. At present A market bottom still does not have ascertain, everybody should take care discreet.
Chief economist Guan Qingyou also is in financial academy group of small letter friend shows, this second falling basically is to fulfil the State Council definitely standing meeting requirement, directional fall accurate, key support debt turns, reliable push lever. Go up objectively released fluidity, alleviated capital pressure, be helpful for improving market sentiment. In the light of a few do not amount to anticipate fall exact expression of one's political views, guan Qingyou expresses, "This is to fall accurate, not be to lower interest. This is pair of strong fine tuning, not be flood flooding. Not be flood flooding..
Severe leap forward of chief inspector of research of wisdom warehouse center expresses easy house academy, this Central Bank is directional fall accurate, accord with the market to anticipate, also become the biggest characteristic with medium this year monetary policy, do not add namely breath and fall accurate, it is current capital cost, improvement is reduced in monetary policy a of fluidity very important reflect. From now on second fall to look definitely, reduce deposit reserve to lead 0.5 percent, conduce to release more fluidity, also conduce to form more capital to supply, to the commercial bank the meeting such as loan produces relatively positive effect.
Add the Central Bank to answer the reporter asks
1, this directional fall does accurate support commercialize law to change " does debt turn " what is the specific content of financing of He Xiaowei industry?
Answer: This directional fall to basically have two respects content definitely:
It is rise from July 5, 2018, reduce labour travel, Agriculture Bank, medium travel, Construction Bank, hand in row 5 state-owned and large commercial banks and in letter bank, Guang Dayin RMB deposit reserve leads the commercial bank of 12 share-holding system such as travel 0.5 percent, can release capital to make an appointment with 500 billion yuan, use at support to commercialize law to change " debt turns " project, at the same time the social capital of same scale shares prize. Relevant bank should build stage Zhang, chase a detailed notes to commercialize law to change " debt turns " executive circumstance, send people the relevant section such as the bank by quarterly reports.
2 it is to reduce reserve of deposit of RMB of bank of commercial bank of country of the commercial bank of postal savings bank, city, region that be not a county, foreign capital to lead 0.5 percent at the same time, can release capital to make an appointment with 200 billion yuan, basically use at supporting relevant bank to develop market of small small company, extend small small company borrows money, alleviate further expensive issue of difficult financing of financing of small small company. Financial orgnaization is used fall accurate capital supports " debt turns " the circumstance of financing of He Xiaowei industry will bring into people bank macroscopical and careful evaluate.
2, this directional fall does accurate support commercialize law to change " does debt turn " what is the main consideration of financing of He Xiaowei industry?
Answer: This directional falling is to fulfil definitely the State Council is standing on June 20 the concerned deploy of the conference.
Since this year, commercialize law to change " debt turns " the autograph makes an appointment with amount and capital to reach the designated position progress is slower, considering state-owned and large commercial bank and share-holding system commercial bank is to commercialize law to change " debt turns " main force, can pass directional fall to be released definitely a certain quantity of the long-term financing with suitable cost, form to drive, rise to be applied actually " debt turns " ability, accelerate already signed about " debt turns " project be born.
In the meantime, current our country is small expensive issue of difficult financing of small company financing still relatively outstanding. The postal savings bank and urban commercial bank, region that be not a county farming commercial firm is supporting side of small small company to producing main effect, directional to be being applied actually fall accurate, be helpful for enhancing ability of supply of little small credit, add a bank loan of small small company puts in, reduce cost of financing of small small company, improvement serves to the finance of small small company.
Taking one with another, this directional fall to be helpful for advancing structural sex to go steadily definitely lever, be helpful for increasing the supportive strength that waits for weak point to small small company, belong to directional adjusting control and essence to allow adjusting control. People bank will continue to had implemented the monetary policy of dovish neutral, for high quality reform of development and sex of supply side structure builds appropriate monetary banking environment.
3, directional fall accurate capital supports " does debt turn " what requirement should the project satisfy?
Answer: People bank encourages seventeen large and medium-sized the commercial bank is used directional fall accurate capital, support fills fission to show those who change a fundamental to commercialize and rule by law " debt turns " project, the following need an attention:
It is to carry out main body to be in " debt turns " real equity property ought to come true to throw in the project, is not still be a purpose in order to get fixed income " debt turns debt " , that is to say, do not support " a solid debt " project;
2 it is to encourage relevant bank and solid almsgiver form according to not under 1:1capital of scale prize society is participated in " debt turns " project;
3 be " debt turns " concerned share and relevant debt decrease summary to be abided by strictly commercialize a price, according to legal laws and regulations, by participate in related the project just talk things over affirmatory;
4 it is to support business of of all kinds ownership to begin commercialize law to change " debt turns " , relevant executive main body should be participated in truly " debt turns " hind the company processing of the enterprise, promote what its company governs a level to rise, push mixture ownership reform at the same time;
5 it is to carry out " debt turns " the project ought to be helpful for improving company assets indebted structure, restore an enterprise to develop kinetic energy, do not support " corpse enterprise " debt turns.
