1. Raising the deposit reserve ratio actually increases the cost of capital. Compared with fixed-income securities, the market price should drop, so as to improve the real rate of return and make it match the market interest rate. Therefore, raising the reserve ratio, like raising interest rates, will lead to a decline in bond prices and a reduction in bond allocation.
On the other hand, the stock price not only reflects the current data, but also reflects the expectations of investors. Due to the optimistic macroeconomic data in the early stage, the market has always expected to shrink monetary policy, which is also reflected in the market. The increase in the reserve ratio did not exceed market expectations, which eased the pressure of raising interest rates in the short term, and the prices of fixed-income securities should stabilize in the short term.
Therefore, whether the fund company adjusts its allocation depends on its expectation of the direction of monetary policy after this adjustment. This adjustment is more or less reflected in the previous operation or configuration.
2. As mentioned above, expectations affect prices, and the allocation ratio of bonds, stocks and cash has a great relationship with the expectations and opportunity costs of various investors, which is not absolutely reasonable. There will also be differences between institutions.
We can't decide the investment behavior of fund companies, so we can only vote with our feet. Personally, due to the new real estate policy, there is great uncertainty about the duration of this interest rate hike cycle, but there is great pressure to raise interest rates in the short term, so it is suggested to reduce the proportion of fixed-income securities; Because of the pressure of inflation, it is not cost-effective to hold more cash; Or increase investment in equity securities, or other assets with hedging function and little increase in the previous period.
How to allocate assets reasonably is actually a matter of different opinions, so it mainly depends on how you look at this problem. Now this market, in fact, everyone is more confused. So listen to what others say, it is better to follow your own ideas. I don't think it's necessary to listen to others' long speeches. That kind of person has rich theoretical knowledge and zero actual combat experience.
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