10 month: double decline, asset pledge, refinancing.
15 years1On October 23rd, the People's Bank of China announced that it would lower the benchmark interest rates of RMB loans and deposits of financial institutions, further reducing the social financing costs. Among them, the benchmark interest rate for one-year loans of financial institutions was lowered by 0.25 percentage points to 4.35%; The benchmark interest rate for one-year deposits was lowered by 0.25 percentage point to1.5%; The benchmark interest rates of other loans and deposits and the lending rates of the People's Bank of China to financial institutions are adjusted accordingly; The interest rate of individual housing provident fund loans remains unchanged.
At the same time, commercial banks and rural cooperative financial institutions are no longer allowed to set a floating ceiling on deposit interest rates, improve the formation and regulation mechanism of interest rate marketization, strengthen the regulation and supervision of the interest rate system by the central bank, and improve the transmission efficiency of monetary policy.
Starting from that day, the RMB deposit reserve ratio of financial institutions will be lowered by 0.5 percentage point, so as to keep liquidity in the banking system reasonably abundant and guide the steady and moderate growth of money and credit. At the same time, in order to increase the positive incentives for financial support for "agriculture, rural areas and farmers" and small and micro enterprises, the deposit reserve ratio will be reduced by 0.5 percentage points for eligible financial institutions.
September: RRR cut interest rates, supplementary mortgage loan (PSL) and deposit reserve system reform.
On September 6th, the People's Bank of China lowered the RMB deposit reserve ratio of financial institutions by 0.5 percentage point, so as to keep liquidity in the banking system reasonably abundant and guide the steady and moderate growth of money and credit. At the same time, in order to further enhance the ability of financial institutions to support "agriculture, rural areas and farmers" and small and micro enterprises, the reserve ratio of rural financial institutions such as county-level rural commercial banks, rural cooperative banks, rural credit cooperatives and village banks was lowered by 0.5 percentage points. Reduce the reserve ratio of financial leasing companies and auto financing companies by 3 percentage points and encourage them to play a good role in expanding consumption.
August: Interest rate cut and medium-term lending facility (MLF)
On August 26th, the central bank lowered the benchmark interest rates of RMB loans and deposits of financial institutions, further reducing the financing costs of enterprises. Among them, the benchmark interest rate for one-year loans of financial institutions was lowered by 0.25 percentage points to 4.6%; The benchmark interest rate for one-year deposits was lowered by 0.25 percentage point to1.75%; The benchmark interest rates for loans and deposits of other grades and the deposit and loan interest rates for individual housing provident fund shall be adjusted accordingly.
At the same time, the floating upper limit of interest rates for time deposits of more than one year (excluding one year) will be liberalized, while the floating upper limit of interest rates for demand deposits and time deposits of less than one year will remain unchanged.
June: Double decline, mortgage supplementary loan (PSL)
On June 28th, the People's Bank of China implemented the targeted cuts to required reserve ratios for financial institutions, reducing the deposit reserve ratio by 0.5 percentage point for city commercial banks and non-county rural commercial banks whose loans to agriculture, countryside and farmers meet the targeted cuts to required reserve ratios standard, and by 0.5 percentage point for large state-owned commercial banks, joint-stock commercial banks and foreign banks whose loans to small and micro enterprises meet the targeted cuts to required reserve ratios standard, and by 3 percentage points for financial companies.
On June 28th, the People's Bank of China lowered the benchmark interest rates of RMB loans and deposits of financial institutions, further reducing the financing costs of enterprises. Among them, the benchmark interest rate for one-year loans of financial institutions was lowered by 0.25 percentage points to 4.85%; The benchmark interest rate for one-year deposits is lowered by 0.25 percentage points to 2%; The benchmark interest rates for loans and deposits of other grades and the deposit and loan interest rates for individual housing provident fund shall be adjusted accordingly.
May: cut interest rates
On May 1 1, the People's Bank of China lowered the benchmark interest rates for RMB loans and deposits of financial institutions. Among them, the benchmark interest rate for one-year loans of financial institutions was lowered by 0.25 percentage point to 5.1%; The benchmark interest rate for one-year deposits was lowered by 0.25 percentage point to 2.25%. At the same time, combined with the interest rate marketization reform, the upper limit of the floating range of deposit interest rate of financial institutions was adjusted from 1.3 times of the benchmark deposit interest rate to 1.5 times. The benchmark deposit and loan interest rates of other grades and the deposit and loan interest rates of individual housing provident fund are adjusted accordingly.
April: RRR cuts and injects capital into CDB.
On April 20th, the People's Bank of China lowered the RMB deposit reserve ratio of financial institutions by 1 percentage point. At the same time, the targeted reduction of the deposit reserve ratio, the RMB deposit reserve ratio of rural financial institutions such as rural credit cooperatives and rural banks will be lowered by 1 percentage point, the deposit reserve ratio of rural cooperative banks will be lowered to the level of rural credit cooperatives, and the RMB deposit reserve ratio of China Agricultural Development Bank will be lowered by 2 percentage points.
March: cut interest rates
On March 1 day, the People's Bank of China lowered the benchmark interest rates for RMB loans and deposits of financial institutions. Among them, the benchmark interest rate for one-year loans of financial institutions was lowered by 0.25 percentage points to 5.35%; The benchmark interest rate for one-year deposits was lowered by 0.25 percentage point to 2.5%. At the same time, combined with the interest rate marketization reform, the upper limit of the floating range of deposit interest rate of financial institutions was adjusted from 65438 0.2 times of the benchmark deposit interest rate to 65438 0.3 times. The benchmark deposit and loan interest rates of other grades and the deposit and loan interest rates of individual housing provident fund are adjusted accordingly.
February: RRR cutting
On February 5th, the People's Bank of China lowered the RMB deposit reserve ratio of financial institutions by 0.5 percentage points. At the same time, in order to further enhance the ability of financial institutions to support structural adjustment and increase support for small and micro enterprises, "agriculture, rural areas and farmers" and major water conservancy projects, the city commercial banks and non-county rural commercial banks whose loans for small and micro enterprises meet targeted cuts to required reserve ratios standards will be reduced by 0.5 percentage points, and the RMB deposit reserve ratio will be reduced by 4 percentage points for China Agricultural Development Bank.
(The above answers were published on 20 15- 10-26. Please refer to the current actual purchase policy. )
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