One: RRR cut is one of the central bank's monetary policies. 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.
Second, by reducing RRR, first, increase the liquidity of the market, so that commercial banks can have stronger credit supply capacity. After the reserve is lowered, the bank funds are relatively more abundant, which is conducive to credit supply; Second, the liquidity of funds is relatively loose, which helps to reduce market interest rates.
Third, after the deposit reserve ratio is lowered, commercial banks can get about 654.38+0.5 billion yuan, and the cost reduction will also help banks to provide lower financing costs and credit funds in the future. At the same time, it is not ruled out that the next MLF interest rate reduction will affect the traction LPR interest rate reduction to reduce the financing cost of enterprises.
Fourth, the central bank said that it will continue to implement a prudent monetary policy, not engage in flood irrigation, pay attention to directional regulation, give consideration to internal and external balance, increase countercyclical adjustment, maintain reasonable and abundant liquidity, and keep the growth rate of broad money M2 and social financing scale basically matching the nominal GDP growth rate, so as to create a suitable monetary and financial environment for high-quality development and supply-side structural reform.
5.2065438+July 2009 data show that financial institutions increased RMB loans by 1.06 trillion yuan, a decrease of 36. 14% from the previous month, exceeding market expectations. The scale of social financing only increased by 1.0 1 trillion yuan, up by 10.7% year-on-year, down by 0.22 percentage points from the previous value, and credit became the main reason for dragging down the scale of social financing. Correspondingly, in July, the added value of industrial enterprises above designated size only increased by 4.8%, and the demand in the credit market went down simultaneously. Although the central bank announced the new LPR quotation on August 20th, the financing cost of the real economy did not drop significantly.
Six: the prudent monetary policy orientation has not changed. In response to the epidemic in 2020, the People's Bank of China will adhere to the normal monetary policy. After May, the intensity gradually turned to normal, and basically returned to the normal state before the epidemic in the first half of this year.
Seven: The RRR cut is a routine operation after the monetary policy returns to normal. Part of the released funds will be used by financial institutions to repay the medium-term loan facility (MLF) due, and part of the funds will be used by financial institutions to make up for the liquidity gap caused by the tax peak in the middle and late July, so as to increase the proportion of long-term funds of financial institutions, and the total amount of liquidity in the banking system will remain basically stable. At present, China's economy is improving steadily. The People's Bank of China adheres to the stability and effectiveness of monetary policy, adheres to the normal monetary policy, and does not engage in flood irrigation.