On April 15th, the central bank announced that the People's Bank of China decided to reduce the deposit reserve ratio of financial institutions by .25 percentage points on April 25th, 222 in order to support the development of the real economy and promote the steady decline of comprehensive financing costs. In order to increase support for small and micro enterprises and "agriculture, rural areas and farmers", for city commercial banks that do not operate across provinces and rural commercial banks whose deposit reserve ratio is higher than 5%, the deposit reserve ratio will be lowered by .25 percentage point, and an additional .25 percentage point will be lowered. After this reduction, the weighted average deposit reserve ratio of financial institutions is 8.1%.
this RRR cut is a comprehensive RRR cut, with a long-term capital of about 53 billion yuan released.
From the point of view of time, this is the first RRR cut this year. The last time the central bank announced the RRR cut was December 6, 221. At that time, the central bank announced that it would reduce the deposit reserve ratio of financial institutions by .5 percentage points on December 15, 221.
RRR cut is one of the expansionary monetary policies of the central bank. The central bank reduces the statutory deposit reserve ratio, which affects the number of banks' loanable funds, thus increasing the credit scale, increasing the money supply, releasing liquidity and stimulating economic growth.
on April 13th this year, Li Keqiang, Premier of the State Council of the People's Republic of China presided over the the State Council executive meeting. The meeting decided to encourage large banks with high provision levels to reduce the provision ratio in an orderly manner in view of the changes in the current situation, and timely use monetary policy tools such as RRR reduction to further increase financial support for the real economy, especially industries seriously affected by the epidemic, small and medium-sized enterprises and individual industrial and commercial households, make reasonable profits to the real economy and reduce comprehensive financing costs.
China Central Index Research Institute pointed out that in the face of the new downward pressure on the current economy, macro-policies should further exert their efforts to hedge the impact of uncertain factors in a timely manner. The RRR cut will help increase the credit supply capacity of commercial banks and supplement the liquidity of individual enterprises. The increase in the supply of funds will help reduce the financing costs of enterprises and help stabilize the basic economy.
For the real estate market, Ma Hong, a senior researcher at Zhixin Investment Research Institute, said that housing finance will generally pick up this year, and the RRR cut can directly increase the liquidity of banks, alleviate the future liquidity problems of banks, and promote the growth of new loans. Personal mortgage loans and housing development loans will also benefit. History shows that the gradual recovery of housing financial policies is conducive to the expected development of the real estate market in a good direction. It usually takes two to four quarters from the "policy bottom" to the "market bottom". It is expected that the prosperity of the current real estate market will stabilize in the second quarter and gradually pick up in the second half of the year.
Zhang Bo, dean of the branch of p>58 Anjuke Real Estate Research Institute, pointed out that the RRR cut is the embodiment of the implementation of monetary policy. Through the RRR cut, liquidity will be further released to the market, cross-cycle adjustment will be strengthened, the capital structure of financial institutions will be optimized, the financial service capacity will be improved, the real economy will be better supported, and the steady operation of the economy will be promoted. In the fourth quarter of last year, the central bank stressed that financial institutions should give support to the reasonable demand for real estate funds. Coupled with the RRR reduction measures, the cash flow pressure of housing enterprises is expected to be significantly improved. In addition, the simultaneous implementation of M&A loans will help boost market confidence, actively guard against real estate market risks, and promote the stable and healthy development of the real estate market.
Jiang Han, a senior researcher at Pangu think tank, said that RRR reduction is a big monetary policy and monetary tool, and its overall impact on the real estate market is relatively optimistic and positive. The impact of the current RRR cut on the real estate market is multifaceted. The RRR cut represents more abundant funds in the overall market and contributes to the better development of the real estate market; From the perspective of housing enterprises, the RRR cut will enable housing enterprises to obtain more credit support, and the financial pressure will be alleviated; For individual lenders, the pressure on bank loans will be reduced after the RRR cut, and the phenomenon of long-term non-lending last year will be effectively improved.
Editor: Liu Xiuhao Photo Editor: Jiang Lidong