First, in the short term, the announcement of the reduction of the deposit reserve ratio may be a big negative for the weak stock market, which may lead to the agency pulling the boat and causing the stock market to fall sharply after a short rise.

Second, in the medium term, reducing the deposit reserve ratio can only be a psychological benefit to the stock market, because the reduction of the deposit reserve ratio is only a matter between the central bank and commercial banks. The reduction of the deposit reserve ratio can improve the credit capacity of commercial banks and expand the scale of corporate loans, but it is impossible to convert loose funds in banks into stock market funds because bank funds are prohibited from flowing into the stock market and enterprises are restricted from speculating in stocks.

Third, in the long run, reducing the deposit reserve ratio is a major positive for the stock market. Because lowering the deposit reserve ratio will stimulate market demand to a certain extent. It promotes the development of enterprises, thus improving the performance of listed companies and providing a solid foundation for the rise of the stock market. However, due to the role of the deposit reserve ratio, the stimulus to the economy is very strong. When the central bank introduced this policy, it is possible to offset its effect by recovering refinancing. If so, the impact of the deposit reserve ratio on the stock market will be greatly reduced.

Fourth, the impact of the stock market is very limited, the range is lower than expected, and as far as most banks are concerned, it is still relatively abundant, and their loan business ability is quite limited; On the other hand, the market has long expected the tightening policy of the Bank of China, so the stock market has been digested in the early stage, and it was only reflected at the moment when the news came out. Fund: It doesn't matter. Basically follow the stock market and bond market. Futures: Short-term negative impact will have a greater negative impact on some commodity futures. At present, there is no such financial futures in China, so it basically has little impact.