The central bank's designated guidance of the actual loan interest rate is stable and reduced

Original title: The central bank's designated guidance of actual loan interest rates are stable and the industry is expected to reduce the possibility of LPR asymmetry in the later stage

Reporter Liu Qi

A few days ago, the People's Bank of China (hereinafter referred to as the "central bank") held a work conference in the second half of the 2022, and deployed the seven major work in the second half of the year. Among them, "maintaining the smooth and moderate growth of currency credit" was ranked first.

From the perspective of specific work arrangements, there are several points worth paying attention to. First of all, the central bank continued the statement of the 2022 work conference- "comprehensively use a variety of monetary policy tools to maintain reasonable liquidity."

Since the beginning of this year, my country's stable monetary policy implementation has been further increased, and liquidity has remained at a reasonable and abundant level. The chief economist of CITIC Securities clearly believes that in an interview with the Securities Daily reporter, as the monetary policy toolbox continues to be enriched and improved, the total amount and structural policy are combined, and the number of quantities is the same as the price tools. Operation, create a good monetary and financial environment, form a policy joint force, and maintain economic operation in a reasonable range.

At the same time, the central bank also proposed "one increase and one reduction": guide financial institutions to increase loans to the real economy, maintain continuously growing loans; guide the actual loan interest rates steadily.

According to central bank data, at the end of June, the growth rate of broad currencies (M2), social financing, and RMB loan balances exceeded 10%, which increased its support for the real economy. From January to June, the weighted average interest rate of corporate loans fell to 4.32%, a new low since statistics.

For how to guide the actual loan interest rate to continue to decline steadily, Zhou Maohua, a macro researcher at the Financial Market Department of Everbright Bank, told the Securities Daily reporter that it is expected that the relevant departments will continue to maintain the normal competitive order of the deposit market, guide financial institutions to optimize the liabilities, stabilize bank liabilities overall costs. At the same time, encourage small and medium -sized banks to replenish capital and broaden financing channels. In addition, the potential for the reform of the loan market quotation interest rate (LPR) continuously tapped the potential of the loan market, and guided financial institutions to reasonably reduce the cost of comprehensive financing of the real economy.

"It is expected that follow -up central banks will guide substantial interest rate cuts by deepening market interest rate reforms, and achieve cost reduction targets in the direction with the least resistance. The possibility of LPR asymmetry is high, which will help banks to make more interests to medium and long -term loans and release them to release and release them. The demand for medium- and long -term loans. "Obviously said.

Compared with the 2022 working conference, the central bank added "policy development financial instruments to support the construction of infrastructure in the second half of the 2022 work conference.

Obviously, policy banks have added 800 billion yuan in credit lines, which helps to play a role of wide credit and stable growth at the stage where credit performance is relatively weak. 300 billion yuan of financial instruments point to the project capital, and through infrastructure construction investment funds, the project capital raising channels have been expanded. In addition to directly injection in the project, as project capital, it can leverage market funds to a greater extent.

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