BEIJING, Sept. 20 (Xinhua)-The official WeChat account of the central bank published an article entitled "Deepening the interest rate marketization reform" on the 20th, in which it was mentioned that with the gradual improvement of the deposit interest rate marketization mechanism, in mid-September 2022, state-owned commercial banks took the initiative to lower the deposit interest rate, which led other banks to follow suit, and many of them also adjusted the deposit listing interest rate for the first time since June 20 15. This is an active behavior of banks to strengthen asset-liability management and stabilize the cost of liabilities, indicating that the marketization reform of deposit interest rates has taken an important step forward.

The central bank mentioned that in June, 20021,the People's Bank of China guided the self-discipline mechanism of market interest rate pricing to optimize the formation of the self-discipline upper limit of deposit interest rate, which eliminated the leverage effect of the upper limit of deposit interest rate and optimized the term structure of time deposit interest rate. In April, 2022, member banks of the self-regulatory mechanism were promoted to adjust the deposit interest rate reasonably with reference to the bond market interest rate represented by the yield of 10-year treasury bonds and the loan market interest rate represented by 1 year LPR.

The central bank pointed out that China's monetary policy has always adhered to the principle of "focusing on me" and "static braking", guiding the market interest rate level to stabilize and decline, with good results. At present, China's time deposit interest rate is about 1% to 2%, and the loan interest rate is about 4% to 5%. The real interest rate is slightly lower than the potential real economic growth rate and at a reasonable level, which is the best strategy to leave room. At present, China's economic growth, price level, employment situation, balance of payments and other monetary policy control objectives are running in a reasonable range, which fully verifies that China's current interest rate level is generally in a reasonable range from the actual effect. (Zhongxin Finance)

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