Some netizens believe that the central bank raised the deposit reserve ratio shows a determination to control liquidity, but also consolidate the results of pre-regulation to prevent the inflation index measures the rebound again.
14 People's Bank of China, announced January 20, 2011 yuan from financial institutions raised the deposit reserve rate of 0 .5 Percentage points. Some netizens said the central bank raised the deposit reserve ratio shows the determination of flow control is an important measure to prevent inflation. There are Internet users believe that raising the deposit reserve ratio at the same time should be limited to the refinancing of banks in the stock market, or their role in recovery of mobility will be greatly reduced.
Signed Yi Xianrong blog post said that the number of central bank monetary policy tools to use tool will no longer use the price? If the December 2010 and C 2011 PI remains high, resident deposits remains a serious negative interest rates, then the central bank will raise interest rates a blade and cut. If the last few months of the C P I started to slow down growth, then the probability of the central bank will lower interest rates.
Signed by the ancient Yi's blog post that raised the reserve ratio, raising interest rates will be the norm in 2011, but the banking, real estate share prices have long been in the doldrums, and the valuation is very low, impact has been small. Although the regulation will continue to suppress the banking, real estate stocks jumped impulse, but the possibility has not dropped. (Reporter Zhang Song order)
Will not raise interest rates
Some netizens believe that raised the deposit reserve ratio reduces the probability of recent interest rate.
Some commentators believe that, again, this time raising the deposit reserve rate for obvious reasons. New loans in December last year still exceeded expectations, while the speed of access to credit in 2011 is still Very fast. Shoubu Zhu credit, liquidity management will further increase the pressure, which directly contributed to the deposit reserve rate raised again.
But there are also Internet users believe that raising the deposit reserve ratio is neutral on the stock market. To raise the deposit reserve ratio, the freezing of funds, is not active in this market funds.
Signed by a Surface contraction of raising the deposit reserve ratio of bank liquidity, and banks turned to high finance in the stock market, and it did not play the role of contraction of liquidity, but the scourge of the capital market for these banks.
Geometric effects on the stock market
Yi Xianrong, blog posts and signature pointed out that the current number of domestic banks has been a listed company, in recent years these banks to raise money from the stock market is very bulky, which will increase the lending capacity of these banks. In this case, the deposit reserve rate hike on the impact of some large commercial banks are not too great. And the current capital market is completely open. Once the listed commercial banks capital adequacy rate of less than the requirements of regulators, will enter the capital market financing. Now we are concerned that such a commercial bank operating mode (that is, a lot of financing from the market - the excessive expansion of credit - the central bank to tighten - commercial banks and public financing) is sustainable.
Signed Cui Xiaoli blog post that the central bank raised the deposit reserve ratio, or bit of a surprise, after all, macroeconomic data not yet available. The data from the central bank before the release of hands-on view, will create a macro-market data are not optimistic expectations. Therefore, the increase may be broken before the market has been established to maintain the horizontal shock situation. Funds from the market side and the policy side, the market broke down the possibility of a great choice.
But there are users that raised the deposit reserve ratio can not explain boots really floor, and the central bank will raise interest rates, but also the liquidity situation and price trend.
Signed by Events, whether imagined without the need to raise interest rates this precursor. Since December last year, less than 20 days ago to raise interest rates, the increase in deposit reserve rate policy additive effect caused by short-term funds on the market side, there will be more psychological impact, but also need to see that in the overlay has been generated effect of the circumstances, the probability of first rate hike has been reduced. If the inflation data next week, as expected, when the reserve ratio hike will be reflected in the positive role.
Should be limited to bank refinancing
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