2. The purpose of 2.SLF is to establish a ceiling "interest rate corridor", which is mandatory. In other words, if the market interest rate is greater than a certain value, it may trigger the mother to use this tool forcibly, prevent interbank lending and turn to central bank loans. Because it is used to stabilize the fluctuation of market interest rate, the term is generally within 3 months, because the fluctuation of market interest rate is not a day or two, and it is impossible to be abnormal for several months (several months is the normal market interest rate). . )。 It is of little use and basically has no initiative. Although the interest rate of commercial banks is not much different from interbank lending, if they don't want to apply for a mother, they can only ask. It is because we are too annoying to deal with us (= _ = |). . .
Personally, the most likely function of this tool is to wait for the day when interest rates are completely liberalized and deposit insurance is announced, so that it will shine, because empirically, interest rates will be chaotic and unstable in the market at these two time points, and monetary policy often needs to be coordinated with financial stability. SLF can intervene in the market to a certain extent, because the central bank may not be able to control it through market channels, the plate is a bit big, and the market has irrational behavior. . .
3.MLF and PSL, does anyone know about refinancing? At present, a basic requirement of microfinance is pledge, that is, investing in small and micro loans. The two "new tools" only differ in details. The term is longer, because after all, it is used for actual lending, unlike the above two for capital operation. Because of the extension, the deadline can actually be longer. For example, the current refinancing can reach two years in theory, but personally, MLF and PSL still take the road of inducement, because if you really invest in agriculture, forestry, animal husbandry and fishery, the cycle is 3-5 years, and the quota allocation of refinancing (including MLF and PSL) is closely related to the regional economy, and maybe a certain period will end. . . Of course, we internally call it "window guidance". . I'm kidding, but the deadline problem does exist, and to put it bluntly, local governments often say that they want to support our industry, and the funds of your rural credit cooperatives are all local, so they should support local development and so on. . . Therefore, the characteristic is that you still have great initiative. Those that do not meet the requirements may not meet the requirements. You can control the total amount of loans in a certain area. Loans can basically be invested in small, micro, agriculture, rural areas and farmers, but the loan interest rate may not be controlled, because loans are ultimately issued by commercial banks. What do you mean, give you 8% and put 20%?
Why should we pay special attention to mortgage? Because you don't want me to be a mother's hard work, you just want to do it outside by yourself, so go ahead. I'll draw a line with you. If something happens to you, I'll just lend you money to collect interest, so that you can bear not to starve to death. . .
A friend said that MLF is not a refinancing tool. Personally, I think it is hard to say that it is not a refinancing tool, including SLF, until it is listed as an independent monetary policy tool. If the head office does not list it separately, it is just a refinancing with an interest rate ceiling, and many details are similar to supporting agriculture and supporting small businesses. .
In fact, these four tools are not brand-new, they are just upgrades or supplements to the existing monetary policy tools. The feeling is a little change to get closer to the western countries. In the end, people on both sides can understand that what I said for a long time is the same thing with you.