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Re-lending helps rural revitalization.
Shaxi town, Zhongshan City, surrounded by rivers and lakes, people are immersed in the charming scenery of the land of fish and rice in the south of the Yangtze River. Not far away, the fish pond of Deshun Farm is surging with water waves and splashing waves. A big fish jumped out of the water from time to time, which caused the farmers to jump for joy.

Mr. Li, the person in charge of the farm, said that once the crispy fish cultured in the farm is listed, it will be in short supply. With the increase of sales, the number of fry and feed that farms need to buy is also increasing, and the liquidity of funds is under pressure.

The growth rate of agriculture-related loans ranks first in the Bay Area.

Under the guidance of Zhongshan Central Sub-branch of the People's Bank of China (hereinafter referred to as "Zhongshan Sub-branch"), Zhongshan Rural Commercial Bank tailored its exclusive credit service plan, and made full use of the relevant policies of the People's Bank of China to support agriculture and re-loan, and successfully issued loans with an interest rate of only 3.95%, which was lower than the weighted average interest rate of other new loans in the same period. Efficient and preferential financial support helps enterprises solve the problem of capital turnover in time and reduce the financing cost of enterprises. "Thanks to this good policy, the temporary cash flow problem of our enterprise has been solved." Mr. Li, director of Deshun Farm in shaxi town, Zhongshan City, praised it again and again.

On May 30th, Zhongshan Central Sub-branch of China People's Bank issued a loan of 20 million yuan to Zhongshan Rural Commercial Bank, benefiting 9 households, all of which were invested in agriculture, forestry, animal husbandry and fishery. Re-lending to support agriculture is another breakthrough in Zhongshan in recent ten years. Provide low-cost policy funds for nine local agriculture-related entities, and guide banking institutions to increase their support for rural revitalization. By the end of April, the balance of agricultural loans within the jurisdiction was 48.94 billion yuan, up by 19.26% year-on-year, and the growth rate was 7.3 percentage points higher than that of the whole province, ranking fifth in the province and 1 in nine cities in the Pearl River Delta.

Guide credit funds to accurately invest in drip irrigation agriculture-related subjects.

Since the beginning of this year, Zhongshan Branch of the People's Bank of China has earnestly implemented the deployment of rural revitalization, strengthened the assessment and evaluation of rural revitalization, formulated targeted policies, made good use of small tools for supporting agriculture, guided credit funds to drip irrigation accurately to agriculture-related subjects, and guided banking institutions within its jurisdiction to innovate agriculture-related financial products and services according to the idea of "one line, one policy". At the same time, we launched a special campaign to publicize the financial policy "Town Bank", jointly held the Zhongshan Rural Revitalization Lecture Hall with the Municipal Bureau of Agriculture, held a special lecture on financial support for comprehensive rural revitalization, and publicized the adoption of a three-level linkage mechanism between towns and villages, covering 222 rural revitalization task villages (communities) in the city and getting through the "last mile" of policy propaganda.

The relevant person in charge of Zhongshan Branch of the People's Bank of China said that in the next step, Zhongshan Branch will continue to increase monetary policy support, strengthen the management of micro-loans and rediscount for agriculture, and strengthen the precise drip irrigation and positive incentive function of financial support for rural revitalization.

[Writing] Wu Jie

Related Q&A: Five-year leek actually made a profit in April this year. Is it a bull market? Yesterday afternoon, the central bank announced that it would lower the refinancing and rediscount rates from July 1 2020. Among them, the interest rates of agricultural re-loans and small re-loans were lowered by 0.25 percentage points. After adjustment, the interest rates of three-month, six-month, 1 year and small-amount re-loans are 1.95%, 2. 15% and 2.25% respectively. The rediscount rate was lowered by 0.25 percentage points to 2%. The interest rate of financial stability refinancing was lowered by 0.5 percentage points. After adjustment, the financial stability refinancing rate is 65,438+0.75%, and the financial stability refinancing rate (during the extension period) is 3.77%.

As mentioned above, today's market is stimulated by this news. After opening higher in early trading, it oscillated all the way up. At the close, the Shanghai Composite Index rose by 4 1.3 1 point, breaking through 3,000 points and closing at 3,025.98 points, with an increase of 1.38%. Shenzhen Component Index rose 120.62 points, or1.05438+0%; The small and medium-sized board index rose by 80.23 points, or1%; Growth enterprise market index fell 18.57 points, or 0.76%. Judging from the performance of today's four major indexes, the market has been divided to some extent after hitting recent highs simultaneously. Today, the rising power is mainly concentrated in the Shanghai stock market, and the Growth Enterprise Market refers to a decline rather than a rise. At present, there are some discordant notes in the position. So, how do you view the current market situation?

The K-line performance of the four major indexes is as follows:

Source: Li Hong Software

First, let's discuss the impact of policies on the market. This policy is one of the downward adjustments to the refinancing and rediscount rates.

What are refinancing and rediscounting?

Re-loan refers to the loan issued by the central bank to financial institutions to achieve the monetary policy objectives.

By adjusting the refinancing rate, the central bank affects the cost and availability of credit funds obtained by commercial banks from the central bank, thus changing the money supply and market interest rate. The adjustment of refinancing interest rate is an effective way for the central bank to publicize the changes of monetary policy to commercial banks and the society, which can have a forecasting effect and thus affect people's expectations to a certain extent. At present, the main functions of the central bank's refinancing include: first, guiding the flow of credit and supporting the intentional fields such as agriculture and small and micro enterprises; The second is to put in the base currency and give play to the function of liquidity supply; A separate credit policy supporting refinancing can strengthen the credit-oriented role of "supporting agriculture and supporting small enterprises".

Rediscount is a transaction between banks and central banks. Commercial banks can apply for rediscount with the bills provided by customers when they borrow money, or apply for loans with other collateral agreed by the central bank as security.

What can be used as collateral is usually government bonds and commercial papers that have passed the examination. For the central bank, rediscounting means buying bills held by commercial banks, flowing out real money and expanding the money supply.

Wen Bin, chief researcher of Minsheng Bank, said: "Reducing the interest rate and rediscount rate of small loans for supporting agriculture will help reduce the cost for banks to obtain funds from the central bank, thus driving the financing cost of groups such as agriculture, rural areas and small and micro enterprises to decrease and improving the accuracy and effectiveness of monetary policy."

In addition, affected by the epidemic, in order to keep the risk bottom line of the financial system, the financial stability refinancing rate has also been lowered this time.

The introduction of this policy is actually a continuation of the previous financial and monetary policies. After repeated financial and monetary easing, according to the reasons of previous bull markets, it now has the characteristics of a bull market. If the standard of bull market is estimated according to the rising range, it is at least above 30%, then it is estimated according to the starting point of this round of market in mid-March at around 2646 points, about 3400 points, combined with the K-line trend pattern. Before reaching this goal, there are three levels, as shown below, which are historical transaction intensive areas near 3050,3/kloc-0,20,3280.

As the short-term rising target is close to the 3050 area (the area is at the bottom near 20 17 and at the top near 20 19, and the 250-point moving average this week is 3046.97 points), the area stays for a long time. Combined with today's market differentiation, it is expected that the area will continue to rise after a certain degree of shock washing.