I. Overview of deposit reserve system
Deposit reserve refers to the funds prepared by financial institutions to ensure customers' withdrawal of deposits and settlement of funds. The ratio of the deposit reserve paid by financial institutions to the central bank in accordance with regulations to their total deposits is the deposit reserve ratio. The deposit reserve system is established under the central bank system, and the United States is the first country in the world to legally require commercial banks to deposit deposit deposit reserves with the central bank. The initial function of the deposit reserve system is to ensure the payment and settlement of deposits, and then it gradually evolved into a monetary policy tool. By adjusting the deposit reserve ratio, the central bank affects the supply capacity of credit funds of financial institutions, thus indirectly regulating the money supply.
Deposit reserve and deposit reserve ratio include two parts. The deposit reserve ratio stipulated by the central bank is called the statutory deposit reserve ratio, and the reserve corresponding to the statutory deposit reserve ratio is the statutory reserve. The reserve that exceeds the statutory reserve is called excess reserve (which is commonly called reserve in China), and the ratio of excess reserve to total deposits is excess reserve ratio (which is usually called reserve ratio in China). The scale of excess reserve and the level of excess reserve ratio shall be determined by commercial banks according to specific conditions.
(2) The evolution of the deposit reserve system in China.
The deposit reserve system in China was established in 1984 after the People's Bank of China specially exercised the functions of the central bank. In the past 20 years, the deposit reserve ratio has undergone six adjustments.
1984 the people's bank of China has stipulated the statutory deposit reserve ratio according to the types of deposits, including 20% for corporate deposits, 25% for rural deposits and 40% for savings deposits. The excessive statutory deposit reserve ratio made the professional banks seriously short of funds at that time, and the People's Bank of China had to return the funds to the professional banks in the form of refinancing (that is, loans from the central bank to professional banks).
In order to overcome the adverse effects caused by the excessive statutory deposit reserve ratio, the People's Bank of China adjusted the statutory deposit reserve ratio from 1985 to 10%.
1987 and 1988, the People's Bank of China raised the statutory reserve ratio twice in order to properly concentrate funds to support the capital needs of key industries and projects, and also to tighten monetary policy and curb inflation. 1987 increased from 10% to 12%, and further increased to 13% in September 1988. This proportion has been maintained until March 20 1998.
China's statutory reserve deposits cannot be used for payment and settlement. Financial institutions open general deposit accounts in the People's Bank of China according to regulations, which are collectively referred to as reserve deposit accounts for fund receipt and payment. From 65438 to 0989, the People's Bank of China made specific provisions on the reserve ratio of financial institutions, requiring it to be kept at 5%-7%. From 65438 to 0995, the People's Bank of China re-determined the reserve ratio according to the operating characteristics of various banks, with ICBC and BOC not less than 6%, CCB and BOC not less than 5%, and ABC not less than 7%.
By 1998, with the change of China's economic form and the promotion of banking system reform, there were many defects in the deposit reserve system at that time, so it was necessary to reform it. With the consent of the State Council, the People's Bank of China has carried out a major reform of the deposit reserve system since1June 65438+March 2 1 September 1998. The main contents are as follows: (1) The reserve deposit account and the reserve fund account of financial institutions originally in the People's Bank of China are merged, which is called the reserve deposit account; The statutory deposit reserve ratio is reduced from 13% to 8%, and the excess reserve and excess reserve ratio are determined by financial institutions themselves; The legal deposit reserve of financial institutions shall be uniformly assessed by legal persons; Assess the statutory deposit reserve of financial institutions by ten days; If the reserve deposits uniformly deposited by financial institutions and legal persons in the People's Bank of China are less than 8% of the balance of general deposits at the end of the month, the People's Bank of China will charge a penalty interest at the interest rate of six ten thousandths per day for the insufficient part. If a branch of a financial institution overdraws its reserve deposit account in the People's Bank of China, the People's Bank of China will punish it in accordance with relevant regulations. Financial institutions that fail to submit the ten-day general deposit balance statement and the month-end statement on time shall be punished according to Article 78 of the People's Republic of China (PRC) Commercial Bank Law. The above penalties can be imposed concurrently; Adjust the general deposit scope of financial institutions. Institutional group deposits and extra-budgetary deposits in financial deposits of financial institutions acting as agents for the People's Bank of China are classified as general deposits of financial institutions. Financial institutions will deposit a part of general deposits into the People's Bank as statutory deposit reserve in accordance with the prescribed proportion.
1999165438+1October 18 The People's Bank of China decided to change the statutory deposit reserve ratio of financial institutions from165438+1October 2 1 from 8.
On September 2, 2003, the People's Bank of China raised the deposit reserve ratio by 1 percentage point, that is, the deposit reserve ratio was raised from the current 6% to 7%.
Since April 25th, 2004, the People's Bank of China has implemented the differential deposit reserve ratio system. The main content of the differential deposit reserve ratio system is that the deposit reserve ratio applicable to financial institutions is linked to its capital adequacy ratio, asset quality and other indicators. The lower the capital adequacy ratio of financial institutions and the higher the non-performing loan ratio, the higher the applicable deposit reserve ratio; Conversely, the higher the capital adequacy ratio of financial institutions, the lower the non-performing loan ratio, and the lower the applicable deposit reserve ratio. The implementation of the differential deposit reserve ratio system can limit the loan expansion of financial institutions with insufficient capital adequacy ratio and low asset quality. This policy adjustment will not affect the economic life of enterprises and residents. Considering the differences in the reform process of various financial institutions in China, wholly state-owned commercial banks, urban credit cooperatives and rural credit cooperatives that have not yet carried out joint-stock reform have suspended the implementation of the differential deposit reserve ratio system.
According to the current macroeconomic situation, since April 25th, 2004, the People's Bank of China has raised the deposit reserve ratio of financial institutions with capital adequacy ratio below a certain level by 0.5 percentage point, and implemented the deposit reserve ratio of 7.5%. Other financial institutions still implement the current deposit reserve ratio.
Pay attention to the number of previous adjustments to the deposit reserve ratio and the adjustment range before and after the adjustment.
31200865438+February 25th 14% 13.5% ↓0.5%
30 June 5438+February 5, 2008 16% 14%↓2% (reducing the deposit reserve ratio of small and medium-sized financial institutions by 2 percentage points; Reduce the deposit reserve ratio of large financial institutions such as Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications and Postal Savings Bank 1 percentage point. )
June 29, 20081June 0/June 5 16.5%↓0.5%
September 25, 2008 1 7.5%16.5 ↓1%(except ICBC, Agricultural Bank, Bank of China, China Construction Bank, Bank of Communications and Postal Savings Bank, the deposit reserve ratio of other deposit-taking financial institutions was lowered1percentage point, and the local corporate finance in the hardest-hit areas of Wenchuan earthquake. )
June 25, 2008: 17% 17.5% = 0.5% (corporate financial institutions in Wenzhou earthquake-stricken areas will not raise funds for the time being. )
June 26, 20081516.5%17% = 0.5% (corporate financial institutions in Wenzhou earthquake-stricken areas will not raise funds for the time being. )
20 May 2008 16%
25 April 2008 15.5%
25 March 2008 15%
22 2008065438+1October 25th 14.5% 15% = 0.5%.
2 1 2007 65438+February 25th13.5%14.5% =1%
20 2007165438+1October10/3%13.5% = 0.5%
19 20071October 25th 10
September 25(th), 2007
17 August 200715 June 1 1.5%
June 5, 2007 1 1%
May 5(th), 2007
April 4(th), 2007
February 25, 2007 9.5%
12 2007065438+1October 65438+May 9% 9.5% = 0.5%
112006165438+1October 15 8.5% 9% = 0.5%.
10August 2006
July 5, 2006 7.5% 8% = 0.5%
On April 25th, 2004, 7%, 7.5% ↑ 0.5% (and the differential deposit reserve ratio was implemented for some city commercial banks and city credit cooperatives. )
September 7, 2003 2 1 6% 7% = 1%
61999165438+1October 2 1 8% 6% ↓2%
51998 March 21June 13% 8% ↓5%
4 65438+September 098812%13% =1%
3 1987 10% 12% = 2%
2 1985 the central bank uniformly adjusted the statutory deposit reserve ratio to 10%.
1 1984 the central bank has set the statutory deposit reserve ratio according to the types of deposits, including 20% for enterprises, 25% for rural deposits and 40% for savings deposits.
Central Bank's Re-lending and rediscount policy's Reform
(1) refinancing policy
Re-lending means that the central bank, as a "bank of banks", provides loans to commercial banks. By controlling the amount of loans to commercial banks, the central bank can control and adjust the money supply and credit scale.
Since the reform, the central bank's refinancing has been an important monetary policy tool to support the management of credit scale. According to the term of refinancing, the refinancing of the central bank of China can be divided into three types: annual loans, seasonal loans and daily loans. So as to improve the flexibility and effectiveness of the refinancing policy. The central bank has focused its refinancing on seasonal and daily loans. Due to the short term of seasonal and daily loans, it is conducive to the timely adjustment of the central bank according to the economic situation. As the main asset business of the Bank of China, refinancing accounted for about 75% of the total assets in the late 1980s. Although the scale of refinancing has declined after the 1990s, it still accounts for a large proportion. By 1999, refinancing assets accounted for about 43.49% of the bank's total assets. Compared with the situation in the United States, the amount of refinancing only accounts for about 1% of the total assets of the US central bank. The huge re-loan ensures the implementation of the credit plan, which is a major feature of China's direct monetary regulation, but it is also one of the reasons why the currency is out of control. In the process of establishing the socialist market economic system in China, the means of money supply control in China will change from direct control to indirect control, the tools of monetary policy will be greatly updated, and the role of refinancing policy will gradually weaken.
1At the end of 1997, the People's Bank of China issued the Notice on Improving the Management of Loan Scale of State-owned Commercial Banks, and decided to cancel the loan limit control of state-owned commercial banks from 1998 1, and on the basis of asset-liability ratio management and risk management, implement "planning guidance, self-seeking balance, ratio management and indirect regulation". This marks a major reform of the financial macro-control mode of the Bank of China. The People's Bank of China will change from the mandatory plan control relying on the loan scale in the past to the guiding plan, and take the implementation of the guiding plan as the monitoring target of the central bank's macro-control.
This major change in the credit management system also means that the People's Bank of China has to adjust the refinancing policy tools, and in the following years, the function of refinancing has indeed undergone some obvious changes: the main performance is that the scale of refinancing has gradually shrunk and the ability of currency regulation has declined. From 1999, the loan scale of China People's Bank to deposit money banks was1537.39 billion yuan, which decreased to 937.635 billion yuan in 2004. In terms of relative proportion, the decline is more obvious. 1999, the refinancing scale accounted for 43.49% of the total assets of the People's Bank of China, and the proportion decreased to 1 1.92% in 2004. It should be pointed out that in the case of the decline in the overall scale of refinancing, on the one hand, the central bank has greatly increased the refinancing of qualified small and medium-sized financial institutions and played an active role in supporting the development of small and medium-sized enterprises. From 1998 to 200 1, the People's Bank of China increased the re-lending of such financial institutions year by year, with a cumulative increase of more than 80 billion yuan. On the other hand, the people's bank of China's loans to rural credit cooperatives are also increasing year by year. In 2000, 20001year and 2002, 33.3 billion, 20 billion and 26 billion new loans were added respectively to support the development of rural credit cooperatives and rural economic construction.
In 2004, the People's Bank of China issued the Notice on Implementing the Floating Interest Rate System for Re-lending, and decided to implement the floating interest rate system for re-lending from March 25th, 2004. The floating interest rate system of refinancing refers to the system in which the People's Bank of China determines and announces the interest rate increase range of the central bank's loans to financial institutions in a timely manner based on the benchmark interest rate of refinancing (rediscount) according to the macroeconomic and financial situation within the scope authorized by the State Council. Re-lending implements a floating interest rate system, which does not involve enterprises and individual residents. The basic content of the floating interest rate system of refinancing is to raise the benchmark interest rate of refinancing at all levels within 1 year by 0.63 percentage point for the position adjustment and short-term liquidity support of financial institutions. Take refinancing within 20 days as an example. At present, the benchmark interest rate is 2.7%, which is 3.33% after adding floating interest. The rediscount rate is 0.27 percentage points higher than the current benchmark rediscount rate of 2.97%, and the interest rate after floating interest is 3.24%. In order to support rural economic development, the floating interest rate of rural credit cooperatives' refinancing will be gradually put in place in three years, and the floating rate will be halved after it is put in place.
Implementing the floating interest rate system of refinancing is another important step to steadily promote the marketization of interest rates, which is conducive to improving the interest rate formation mechanism of the central bank and gradually improving the ability of the central bank to guide market interest rates; It is beneficial to straighten out the interest rate relationship between the central bank and borrowers and improve the scientific, effective and transparent management of refinancing; It is conducive to the gradual transition of the refinancing interest rate system to the international practice.
(2) rediscount policy
Re-discount refers to the bill behavior of financial institutions to transfer unexpired discounted commercial bills to the central bank in order to obtain funds. It is the monetary policy tool of the central bank. The adjustment of rediscount policy can not only affect the amount of money in the market, but more importantly, the adjustment of rediscount interest rate will affect the interest rate level in the market, thus having a significant impact on the economy.
The development of China rediscount policy is based on the development of bill market. 1980 at the request of the Central Committee of the Communist Party of China, the Shanghai branch of the People's Bank of China began to study the issue of bill discount and decided to pilot it in two district offices first. 198 1 China People's Bank Shanghai Yangpu and Huangpu cooperated to pilot the first discount of commercial acceptance bills in the same city, and then Shanghai Xuhui District Office and Anhui Tianchang County Sub-branch cooperated to pilot the first discount of bank acceptance bills in different places. Afterwards, Shanghai Branch submitted the Request Report on Resuming Bill Acceptance and Discounting Business to the Head Office, which gave a reply, affirmed its pilot, and decided to carry out bill acceptance and discount business in some areas such as Chongqing, Shenyang and Hebei. After several years of exploration and summing up experience, the People's Bank of China promulgated the Interim Measures for Acceptance and Discounting of Commercial Bills on 1984, and decided to start this business nationwide from 1985.
With the development of bill business, the People's Bank of China has also begun to carry out rediscount business, which has further played the macro-control role of the central bank.
1986, the people's bank of China promulgated the "pilot measures for rediscounting" and began to handle rediscount business for specialized banks. 1988, in view of the large-scale loan default in China, as a measure to clean up the default, the bank settlement system reform was put forward, and it was required to vigorously promote commercial bills and bill the commercial credit relationship between enterprises. 198865438+February, with the approval of the State Council, the head office of the People's Bank of China promulgated the Bank Settlement Measures and the Bank Settlement Accounting Measures, which clearly stipulated the procedures and accounting methods for settlement, acceptance, discount and rediscount of commercial bills. 199 1 year, the state organizes the work of clearing triangular debts. In September of the same year, the People's Bank of China issued the Notice on Strengthening the Management of Commercial Bills, which further regulated the use of commercial bills and the acceptance and discount of bank bills in order to obtain bank funds.
After the 14th National Congress of the Communist Party of China proposed the establishment of a market economy system, according to the requirements of the socialist market economy for the reform of the economic system, the People's Bank of China successively issued the Interim Measures for the Management of Credit Funds, the Rediscouting Measures and the Commercial Paper Measures, proposing to strengthen the People's Bank's financial macro-control and gradually shift the control of the total amount of money and credit from directly controlling the credit scale in the past to using social credit plans, re-loans and re-loans. At the same time, the People's Bank of China began to use rediscount policy as a monetary policy tool to implement financial macro-control. 1994 10, the People's Bank of China specially arranged the rediscount fund for the first time10 billion yuan, which was specially used for the bill discount of five industries including coal, electric power, metallurgy, chemical industry and railway, and four agricultural and sideline products including cotton, pigs, tobacco leaves and sugar. After a period of practice, rediscount policy, as a monetary policy tool to control the money supply and adjust the industrial structure, really began to play an active role. 1995 the promulgation of Bill Law provided a strong legal guarantee for the promotion and use of bills and discounts.
1996 rediscount business has developed rapidly, and the "five industries and four products" supported by the state have spread all over all walks of life, which has become the main way for grassroots people's banks to solve the temporary financial difficulties of commercial banks. However, 1997 Asian financial crisis has impacted the development of rediscount business. Because commercial banks put the prevention of credit risks and the preservation of financial assets on the focus of business development. While controlling the total amount, banks strictly examine the issuance of bills, thus greatly reducing the acceptance and discount of commercial bills.
After 1998, the rediscount business really ushered in the development and deepening of the previous stage. 1March, 1998, the method of determining the rediscount rate was reformed, decoupled from the refinancing rate, and the rediscount rate was released separately, which made it the benchmark interest rate for the first time and strengthened the monetary policy signal function of the rediscount rate.
1 In July, 1999, the People's Bank of China further improved and perfected the management of rediscount business, including:1.Further improved the rediscount operation system and accelerated the development of regional bill market relying on central cities. The People's Bank of China will moderately centralize the management of rediscount business, expand the rediscount authorization for provincial capital city central sub-branches and sub-provincial city central sub-branches, and effectively strengthen and give play to the role of rediscount window of provincial capital city central sub-branches and sub-provincial city central sub-branches; Two, according to the needs of national economic development, appropriately expand the object and scope of rediscount. Commercial bills issued by enterprises of various ownership in accordance with national industrial policies on the basis of real transactions in goods and services can be rediscounted according to the prescribed conditions after being discounted by financial institutions. At the same time, some urban and rural credit cooperatives and enterprise group finance companies with good credit status and corresponding bill business foundation will be rediscounted, and rediscounted as a policy measure to alleviate the liquidity shortage of some small and medium-sized financial institutions. Third, improve the rediscount operation mode and improve business efficiency. Simplify the operation procedures of rediscount business appropriately, and buy back the discounted and rediscovered bills held by provincial branches of commercial banks. At the same time, it is pointed out that the People's Bank of China will further improve and perfect the current rediscount business information management system, and gradually establish a nationwide unified online bill business information inquiry and monitoring system.
With the standardization of system construction, the scale of rediscount business has also developed rapidly. In 2000, the accumulated amount of commercial bills in China was 744.5 billion yuan, with commercial banks discounting 644.7 billion yuan and central bank discounting 266.7 billion yuan, increasing by 47%, 158% and 132% respectively. By 2003, China had issued a total of 2.77 trillion yuan of commercial paper, up by 1. 1.6 trillion yuan, an increase of 72.2%. The accumulated discounted and rediscounted bills were 4.44 trillion yuan, up by 2. 1.2 trillion yuan or 9 1%. 65438+At the end of February, the balance of issued commercial paper was 1.28 trillion yuan, up by 0.54 trillion yuan or 73.5% year-on-year; The balance of discounted and rediscounted bills was 893.4 billion yuan, up 366.9 billion yuan or 69.7% year-on-year. This reflects that rediscount is playing an increasingly important role as an important policy tool.
Open market operation
(A), the meaning of open market business
In most developed countries, open market operation is the main monetary policy tool for the central bank to control the base currency and regulate market liquidity. The central bank conducts securities and foreign exchange transactions with designated dealers to achieve the purpose of monetary policy regulation.
(2) The evolution of China's open market business.
China's open market operation includes RMB operation and foreign exchange operation. At the beginning of 1994, with the implementation of China's foreign exchange management system reform and the official networking operation of foreign exchange trading centers, the open foreign exchange market operation was officially launched in March 1994. By participating in the inter-bank foreign exchange market, the People's Bank of China timely adjusted the domestic foreign exchange supply and demand and stabilized the RMB exchange rate, which played an important role in ensuring the smooth implementation of the foreign exchange system reform characterized by the settlement and sale of foreign exchange.
The People's Bank of China officially launched the RMB open market operation on April 9th, 1996, initially established the technical network system for the operation, and formulated relevant trading rules and measures. China's open market operation is a primary dealer system. 1In 1996, the financial institutions that participated in the open market operations were the four major state-owned commercial banks and the head offices of ten joint-stock commercial banks in China, totaling 14. At the end of February, with the participation of Shanghai Urban Cooperative Bank, Beijing Urban Cooperative Bank and Nanjing Urban Cooperative Bank, the number of open market operations reached 17. In terms of transaction mode, the open market business adopts repurchase transaction mode. 1April 9, 1996 to the end of 1996, the People's Bank of China * * conducted 5 1 times of "reverse repurchase" of short-term government bonds, with a total repurchase of 4.3 billion yuan.
1997 RMB open market operation was suspended, mainly because the central bank had to withdraw the base currency according to the needs of 1996 monetary policy. However, at that time, the People's Bank of China did not hold government bonds, so it could only conduct "reverse repurchase" transactions, because the effect of this operation was to put in the base currency, which was different from the policy objectives at that time.
On May 26th 1998, RMB open market operations resumed trading, and great progress was made: the trading varieties included government bonds, central bank financing bills and policy financial bonds. Trading objects have been expanded to 29 commercial banks; The transaction scale gradually expanded, and the accumulated transaction volume in that year was 282.7 billion yuan.
Since 1999, open market operation has become an important tool for the daily operation of monetary policy of the People's Bank of China, which has played an active role in regulating the money supply, regulating the liquidity level of commercial banks and guiding the interest rate trend in the money market. By 200 1, the open market operation scale will reach 1678 1 100 million yuan. Compared with 1998, the transaction volume has increased by 4.9 times, and the transaction mode has also been significantly improved. In the past, repurchase transactions were mainly used, and the trading volume of 200 1 period spot bonds increased rapidly.
In 2003, the People's Bank of China began to issue central bank bills in the second quarter of 2003 to regulate the base currency, regulate the liquidity of commercial banks and guide the interest rate in the money market. During the issue date of 10 from April 22 to June 30, the People's Bank of China discounted the issue of 17 central bank bills by way of price bidding, with a total issue of 654.38+09.5 billion yuan, including 90 billion yuan for three months, 75 billion yuan for six months and 30 billion yuan for 65.438+0 years. Issuing central bank bills is the innovation of China People's Bank's open market business, and it is also a realistic choice for monetary policy operation.
2004 is an important year in the development of China People's Bank's open market business. In view of the new situation of liquidity changes such as rapid growth of foreign exchange holdings and large fluctuations in fiscal reserves, we will strengthen the construction of liquidity management system, further improve the open market business system, and actively promote the innovation of open market operations, so that the management situation in liquidity in the banking system will be more active. According to the general requirements of monetary policy regulation and control, we adopted a moderately tight and relatively neutral operation orientation at different stages throughout the year, flexibly carried out the issuance and repurchase of central bank bills, effectively hedged foreign exchange holdings, and achieved the goal of moderate total liquidity in the banking system, reasonable structure, stable changes and basically stable money market interest rates. The forward-looking operation of the open market has been enhanced and the transparency has been further improved. The central bank's bill issuance system has gradually matured, playing an increasingly prominent role in macro-control and market development.
Innovations in open market operations specifically include:
The first is to improve the operating frequency. In order to further improve the efficiency of open market operations, short-term repurchase operations will be added on Tuesday morning from July 27; From August 5th, the issuance of central bank bills will be increased regularly every Thursday morning. In this way, the weekly operation frequency is adjusted from one operation on Tuesday to two operations, namely, one operation of issuing central bank bills and one operation of repurchase; Central bank bills will be issued regularly on Thursday, and repurchase operations will be carried out in due course according to the needs of monetary policy regulation.
The second is to adjust the trading time of central bank bills. In order to further improve the liquidity of central bank bills, the trading time of central bank bills will be adjusted from the day after the issuance date (T+2) to the day after (t+1) from August 5. The trading suspension time of central bank bills before payment is adjusted from the day before payment 10 (i.e. T+ 10) to the first three days (i.e. T+3).
The third is to develop new business varieties in a timely manner. According to the needs of monetary policy regulation, a three-year central bank bill was issued in June 5438+February 2004, and a 1 year forward central bank bill was issued at the end of the year.
The fourth is to improve the technical support system. In June 2004, 1 1, the open market business system was successfully docked with the payment system, the open market business system was upgraded, and the bonds and capital settlement were started in DVP mode, which greatly improved the security and timeliness of liquidation.