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            The LPR cut is conducive to pushing down the real lending rate

            2019-11-23 11:03:01 xinnet 0

            On November 20th the fourth bid for the "new issue" loan market rate (LPR) was announced.The People's Bank of China authorizes the national inter-bank lending center to announce: the 1-year LPR is 4.15%, and the 5-year LPR is 4.80%.Both were cut by 5 basis points, the first cut since the "new" LPR was announced.

            "This is in line with market expectations and the reduction is in line with the 5 basis points cut in the 1-year medium-term lending facility (MLF) rate by the central bank on November 5, thus clarifying the transmission mechanism of the price tool of the central bank's monetary policy and indicating that the change in the central bank's policy interest rate will have a more direct and effective impact on the change in LPR."China minsheng bank chief researcher wen bin said.

            On August 20, the formation mechanism of the "new version" of LPR came into effect. Since the most prominent change in the improvement of LPR this time is the quotation method, which is changed to form according to the open market operating rate (mainly MLF interest rate), the market pays great attention to the subsequent open market operation.

            This month, the central bank cut the MLF rate and the reverse repo rate in two weeks.On November 19, the Ministry of Finance and the central bank started to deposit 50 billion yuan of Treasury cash for one month. The bid winning rate was reduced to 3.18%, 2 basis points lower than the previous bid winning rate.

            Some insiders believe that although the interest rate of Treasury cash fixed deposit is the result of market-oriented bidding and the role of policy benchmark is not obvious, it reflects that the short-term debt cost of banking institutions has decreased, thus creating conditions for the decline of interest rates such as LPR.

             For one-year LPR, market expectations, but more than 5-year LPR lowered slightly more than expected, some people think that the move will directly affect the real estate market.WenBin think about it, more than 5-year LPR cut five basis points to help lower mortgage costs, just need to purchase group also is advantageous to the real estate market stable development.                 

            "It is worth noting that the LPR cut over the five-year period aims to reduce the financing cost of medium - and long-term credit for enterprises to some extent, which is not the same as the relaxation of mortgage policy."Chen ji, a senior research fellow at the bank of communications' financial research center, said the third-quarter monetary policy report made it clear that 'we will not use real estate as a short-term economic stimulus.'

            Chen Ji said the LPR quotation with MLF synchronization, is the central bank is continuing to strengthen countercyclical regulation, strengthen the credit support to the real economy, "loan market price is interest rate of loan interest rates play a good guide, promote financial institutions change inertia of loan pricing, real reference pricing interest rate loan market, promote the actual loan interest rates downward".

            Wen bin believes that the central bank will strengthen counter-cyclical regulation and play a positive role in effectively reducing financing costs, stabilizing investment and stabilizing growth of the real economy.(Yao Jin)

             


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