Structural monetary policy is to treat the unbalanced development of different industries and regions differently, formulate different strategies and use the corresponding combination of monetary policy tools. In the second half of this year, we should do a good job in six stabilities and implement the six guarantees in monetary policy. In particular, we should make good use of and optimize the combination of structural monetary policy tools.
Three tier refers to the current deposit reserve ratio of 11.0% for large banks, 9.0% for medium-sized banks and 6.0% for small banks. Two advantages is a structural policy, which means that the large and medium-sized banks that meet the requirements can enjoy the preferential policy of Inclusive Finance and targeted reduction of reserve requirements, and the small banks that meet the conditions can enjoy a certain proportion of new deposits for the local loan assessment policy. Three grades is the deposit reserve ratio after the implementation of preferential policies.
From the beginning of this year to may, the central bank reduced the reserve requirements three times and released 1.75 trillion yuan of funds, meeting the liquidity needs of the banking system at a special time point. After 10 times of RRR reduction since 2018, the average legal deposit reserve ratio of financial institutions has decreased from 14.9% to 9.4%, the money creation ability has been significantly improved, and the power to support the real economy has become stronger. After the continuous reduction of RRR, it is necessary for the central bank to further optimize the relevant policies.
The third is to push down the interest rate and reduce the financing cost of enterprises.
These interest rates have been reduced by varying degrees this year. Although the benchmark interest rate has not been adjusted, the power of the combination fist of interest rate reduction is not small. The funds released by the RRR reduction and the start-up of the two direct tools have improved the supply of funds to a certain extent, and the increase in volume will naturally bring about price adjustment. In a period of time after the intensive introduction of these policies, digesting and optimizing them will become one of the key tasks of the central bank and other departments.
Source of this article: Yang Qian, editor in charge of Securities Daily_ NF4425