The central bank will not always use tools or in the short term double 12 quarter turn of the – Sohu-申威1600

  • hanson
  • June 4, 2018
  • Home Products & Services
  • Comments Off on The central bank will not always use tools or in the short term double 12 quarter turn of the – Sohu-申威1600

The central bank will not always use short-term instruments or double down in the one or two quarter turn of the Sohu, the central bank will not always use short-term financial tools to replace RRR analysts said the RRR cuts point may choose a quarter, the two quarter of the time – reporter Yan Liliang " China for quite a long time in the process of economic transformation the ‘three superimposed’ will continue, therefore not always use tools to replace short-term and long-term instruments, the central bank’s monetary policy independence is necessary to strengthen. " Morgan Stanley Huaxin Securities chief economist Zhang Jun told the "Securities Daily" said. Since December last year, the market for the central bank to cut interest rates expected to gradually rise, but the market has not yet wait until the policy landing. Instead, from the middle of January this year, the central bank increased the open market operations and launched an innovative monetary policy tool. Reverse repurchase operations cover 7 days, 14 days and 28 days, and since January 29th, the central bank has entered the daily reverse repurchase model in the open market operation. Standing loan facilities (SLF), middle (MLF), to facilitate lending mortgage Supplemental Loan (PSL) has become a major tool for the central bank to inject long-term liquidity, short-term liquidity adjustment tool (SLO) and supporting government bonds and commercial bank bonds in the open market operations and SLO the scope of collateral is well compensated the lack of short-term liquidity. Can short and medium term liquidity tools replace long-term tools, which means lowering interest rates? Feedback from all walks of life is the same, and that is not. CRE Securities believes that when the Spring Festival disappears, there will be at least 1 trillion and 100 billion yuan plus 10 million yuan SLF reverse repurchase expires, if the central bank is not a sequel, so funds may not appear obvious loose. Therefore, the liquidity management operation of the central bank will bring greater disturbance to the liquidity after the Spring Festival, and the face of the festival funds face greater uncertainty. Zhang Jun believes that the central bank has not cut interest rates and cut prices, instead of more use of open market operations and innovative monetary policy tools to provide liquidity for the market. Although the effect is largely different, it reflects the central bank’s fear of lowering interest rates and lowering the level of release, which will cause greater pressure on the exchange rate. But the central bank can not always use short-term tools to replace long-term tools, the independence of the central bank monetary policy is necessary to strengthen. At present, various market institutions have period of time the central bank will cut interest rates drop quasi time until the first quarter of this year, the turn of the two quarter.

央行不会一直用短期工具 双降或在一二季度交替之时-搜狐财经   央行不会一直用短期工具来替代降准   分析人士称,降准降息的时点有可能会选择一季度、二季度之交的时段   ■本报记者 闫立良   "中国经济转型过程中的‘三期叠加’将延续相当长时间,因此不能一直使用短期工具来替代长期工具,央行货币政策的独立性有必要加强。"摩根士丹利华鑫证券首席经济学家章俊对《证券日报》表示。   从去年12月份以来,市场对于央行降准降息的预期就逐步攀升,但市场到现在也没有等到政策落地。反倒是从今年1月中旬开始,央行加大了公开市场操作力度以及全面启动创新型货币政策工具。逆回购操作覆盖至7天期、14天期和28天期,并且从1月29日起,央行在公开市场操作中就进入了天天逆回购模式。   常备借贷便利(SLF)、中期借贷便利(MLF)、抵押补充贷款(PSL)成为央行注入中长期流动性的主要工具,短期流动性调节工具(SLO)以及将政府支持机构债券和商业银行债券纳入公开市场操作和SLO质押品范围则很好的弥补了短期流动性的不足。   短中期流动性工具能否替代长期工具也就是降准降息呢?各界的反馈是一致的,那就是不能。   华创证券认为,当春节因素消失后,将有至少1.1万亿元逆回购加0.1亿元SLF到期,如果央行不续作,那么资金面可能并不会出现明显宽松。因此,央行现在的流动性管理操作将会给春节后的流动性带来较大扰动,节后资金面面临较大不确定性。   章俊认为,央行迟迟没有降息降准,取而代之的是更多的运用公开市场操作和创新货币政策工具为市场提供流动性。虽然效果在很大程度上没有差别,但反映了央行担心降息降准释放的宽松信号会对汇率造成更大的压力。但央行不能一直使用短期工具来替代长期工具,央行货币政策的独立性有必要加强。   目前各路市场机构已经将央行降准降息的时间延至今年一季度、二季度之交的时间段里。相关的主题文章: