1, RRR reduction is conducive to alleviating the impact of the international market.
The central bank announced that it will continue to implement a prudent and neutral monetary policy, not engage in flood irrigation, pay attention to directional regulation, maintain a reasonable and abundant liquidity, guide a reasonable increase in the scale of monetary credit and social financing, and create a suitable monetary and financial environment for high-quality development and supply-side structural reform. The release of incremental funds by the central bank will undoubtedly stabilize the market and reduce investors' concerns.
2. Generally speaking, it is beneficial to the financial market and has little influence on the commodity market.
RRR interest rate cuts are generally beneficial to the financial market, and in view of the strong policy support of the current bond market, RRR interest rate cuts are more beneficial to the bond market than the stock market. At the same time, however, due to the increasing pressure of RMB depreciation during the holiday season, the decline of domestic interest rates has been suppressed, and the pull of RRR interest rate cuts on asset prices has been partially affected. It is necessary to observe whether the domestic interest rate level can be effectively reduced.
3. Directional regulation will not exert depreciation pressure on RMB exchange rate.
RRR's interest rate cut is still directional regulation, the total amount of liquidity in the banking system is basically stable, the monetary policy is stable and neutral, and the orientation of monetary policy has not changed. RRR interest rate cuts are conducive to promoting economic restructuring and promoting high-quality development, and the economic support of the RMB exchange rate is basically consolidated. As a large developing economy, China's exports are very competitive.
Extended data:
By reducing RRR, the liquidity of the market will be increased at first, and commercial banks will have stronger credit supply capacity. After the reserve is lowered, banks will have relatively more abundant funds, which is conducive to credit supply; Second, the liquidity of funds is relatively loose, which helps to reduce market interest rates. After lowering the deposit reserve ratio this time.
Commercial banks can get about 654.38+0.5 billion yuan in cost reduction, which will also help banks to provide lower financing costs and credit funds in the future. At the same time, it is not ruled out that the next MLF interest rate reduction will affect the traction LPR interest rate reduction to reduce the financing cost of enterprises.
Baidu encyclopedia -RRR restore