The report analyzes the current macroeconomic situation and introduces the implementation direction of monetary policy in the next stage. The report also explains the key work such as the market-oriented reform of deposit interest rate and the supervision of financial holding companies.
The uncertainty of the economic environment is rising.
According to the report, in order to cope with the uncertain influence of the domestic and international situation, during the reporting period, the People's Bank of China took the initiative to guide financial institutions to put in loans reasonably, and the loans in the first quarter increased year-on-year, which provided strong support for stabilizing the macroeconomic market.
Data show that at the end of March, the balance of local and foreign currency loans of financial institutions was 207.0 trillion yuan, up by 1 1.0% year-on-year, down by 8.5 trillion yuan and 466.3 billion yuan year-on-year. In terms of loan interest rate, in March, the LPR of 1 year and over 5 years was 3.70% and 4.60%, respectively, which was 0. 10 and 0.05 percentage points lower than the previous year. In March, the weighted average interest rate of loans was 4.65%, a year-on-year decrease of 0.45 percentage points. The financing cost of the real economy has been further reduced.
Looking ahead, the report believes that the recent COVID-19 epidemic and the Russian-Ukrainian conflict have increased the risk challenges, and the complexity, severity and uncertainty of China's economic development environment have increased. Externally and internationally, the tense geopolitical situation has led to large fluctuations in commodity prices, and the supply chain and international trade have been blocked; Inflation in major developed economies has hit record highs and is accelerating the tightening of monetary policy, which may bring new disturbances and spillover effects; The global epidemic is still spreading, bringing twists and turns and challenges to the recovery of the world economy.
Domestically, economic development faces triple pressures of shrinking demand, supply shock and weakening expectations. Recently, there are many epidemic spots, wide areas and frequent outbreaks, which have increased the impact on economic operation. Contact consumption such as catering, retail and tourism has weakened, and investment in some areas is still bottoming out. Some enterprises stopped production and reduced production, and the difficulties of market players increased significantly. There is friction between freight logistics and supply chain operation of industrial chain, which restricts the smooth economic cycle.
The report believes that in the next stage, a prudent monetary policy will increase its support for the real economy, take the lead in setting an example, take the initiative to respond, boost confidence, do a good job of cross-cycle adjustment, insist on not engaging in "flood irrigation", give full play to the dual functions of the total amount and structure of monetary policy tools, implement various financial policy measures to stabilize enterprises and ensure employment, and focus on supporting small and micro enterprises, difficult industries and vulnerable groups affected by the epidemic.
Market-oriented adjustment mechanism pushes down interest rates.
In late April this year, six major state-owned banks and most joint-stock banks successively lowered the interest rates of time deposits and certificates of deposit with a term of 1 year or more, and some local legal entities also lowered them accordingly, which aroused widespread concern in the market.
In this report, the People's Bank of China introduced the reasons and profound meaning behind the changes.
According to the report, in June of 20021year, the People's Bank of China guided the interest rate self-discipline mechanism to optimize the formation method of the deposit interest rate self-discipline ceiling, which was formed by multiplying the deposit benchmark interest rate by a certain multiple and determined by increasing a certain basis point. This not only maintains the independent pricing power of bank deposit interest rates, but also helps to guide the reduction of medium and long-term time deposit interest rates, optimize the term structure of time deposits and promote orderly market competition.
However, due to the fierce competition in the deposit market, in practice, the interest rates of time deposits and large deposit certificates of many banks are close to the self-regulatory upper limit. This hinders the effective transmission of market interest rates to a certain extent, and it is difficult for deposit interest rates to follow the changes of market interest rates. Therefore, in April this year, the People's Bank of China guided the interest rate self-discipline mechanism to establish a market-oriented adjustment mechanism for deposit interest rates, and the member banks of the self-discipline mechanism made reference to the bond market interest rate represented by the yield of 10-year treasury bonds and the loan market interest rate represented by 1 year LPR to adjust the deposit interest rate level reasonably.
The report pointed out that after the establishment of the new mechanism, the bank's deposit interest rate is more market-oriented. In the context of the current general decline in market interest rates, it is conducive to stabilizing the cost of bank liabilities and promoting the further decline in real loan interest rates. Many banks lowered the interest rate of large deposit certificates, which is the result of the operation of the new mechanism. According to the latest survey data, in the last week of April, the weighted average interest rate of new deposits of financial institutions nationwide was 2.37%, down 10 basis point from the previous week.
It is understood that in the next stage, the People's Bank of China will continue to deepen the interest rate marketization reform, improve the formation and transmission mechanism of market-oriented interest rates, optimize the central bank's policy interest rate system, strengthen the supervision of deposit interest rates, focus on stabilizing the debt cost of banks, give play to the effect of LPR reform, and promote the reduction of comprehensive financing costs of enterprises.
Promote non-financial enterprises to effectively isolate finance from industry.
In March this year, the People's Bank of China approved the establishment of China CITIC Financial Holding Company and Beijing Financial Holding Group Financial Holding Company to promote non-financial enterprises to effectively isolate finance from industry and prevent cross-infection of risks.
In the report, the People's Bank of China clearly stated that it will carry out the examination and approval of accepted enterprises in accordance with laws and regulations, and continue to steadily and orderly promote other qualified enterprises to apply for the establishment of financial holding companies.
The report pointed out that financial holding companies are often large in scale, diversified in business, complex in organizational structure and strong in risk spillover, and need to be supervised from a macro, holistic and systematic perspective, thus becoming an important part of macro-prudential management. To do a good job in relevant supervision, we must do the following four things:
First, adhere to the concept that the financial industry is a franchise industry and do a good job in access management. If a non-financial enterprise substantially controls two or more types of financial institutions, and the type of financial institutions and asset size it controls meet the prescribed circumstances, it shall establish a financial holding company according to law.
Second, adhere to the principle of penetration and supervise shareholders and ownership structure. The ownership structure of a financial holding company should be simple and clear, and it can identify the actual controller and the ultimate beneficiary.
The third is to implement consolidated management and pay attention to group-specific risks such as conflict of interest, risk concentration and risk contagion. Promote the Group as a whole and its affiliated financial institutions to maintain adequate capital levels, improve corporate governance structures at all levels, and standardize the management of related party transactions.
The fourth is to clarify the risk isolation requirements, establish a risk isolation mechanism between the major shareholders of financial holding companies, financial holding companies and their subsidiaries, and strengthen the construction of "firewall".
According to the report, at present, many enterprises with the conditions for establishment are taking the opportunity of applying for the establishment of a financial holding company to find out their financial background, promote the separation of finance and industry, ensure the compliance of shareholders' qualifications of the financial holding company to be established, and ensure that the organizational structure and related systems meet the conditions for establishment.
In the next step, the People's Bank of China will speed up the improvement of the supporting rules for the supervision of financial holding companies, steadily and orderly promote enterprises with the conditions to apply for the establishment of financial holding companies, carry out administrative examination and approval in accordance with laws and regulations, implement continuous supervision of approved financial holding companies, strengthen supervision cooperation and information sharing with relevant departments, and promote the stable operation of financial holding companies.
This article is from China Bank Insurance.
"，" force_purephv":"0 "，" gnid":"9cf 1056ef2cc28aad "，" img_data":[{"flag":2，" img":[]}]，" original":0，" pat":"pdc，mass_leader，piece_72time， Art_src_3, fts0, sts0 ","powerby":"pika ","pub_time": 1652233260000, "pure": ","A prudent monetary policy should be more flexible and moderate; 2. Give full play to the traction and driving role of refinancing rediscount policy; 3. Continue to deepen the reform of LPR, and promote the conversion of pricing benchmark of floating interest rate loans in stock in an orderly manner; 4. Don't treat real estate as a short-term stimulus. ...
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