The central bank’s first deposit reserve ratio this year is the fourth increase in the past three months.
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- Time of issue:2019-11-11 09:46
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(Summary description)Largefinancialinstitutionsraisedtheirquotato19%andhitarecordhigh,thefourthincreaseinthelastthreemonths Inthenewyear,thecentralbankstartedtotighten. Yesterday,thePeople'sBankofChinadecidedtoraisethedepositreserveratioofdeposit-takingfinancialinstitutionsby0.5percentagepointsfromJanuary20,2011,Thisisthefourthtimethecentralbankraisedthedepositreserveratiointhelastthreemonths,anditwasalsothefirstincreaseintheyear. Lockedfundsmorethan350billionyuan Thedepositreservereferstothedepositsmadebythefinancialinstitutionstoensurethecustomerswithdrawthedepositsandtheliquidationneeds.Thedepositreserverequiredbythecentralbankaccountsforthedepositreserveratio. Aftertheincrease,thedepositreserveratiooflargefinancialinstitutionshasreached19%,arecordhigh,andsomefinancialinstitutionsthathaveimplementedthedifferentialdepositreserveratiohavetoimplementthe20%standard. Aftertheincreaseinthedepositreserveratioofsmallandmedium-sizedfinancialinstitutions,itwillalsobeashighas15.5%. The19%depositreserveratiomeansthatbankswillpay19yuantothecentralbankafterabsorbing100yuandeposits,andtheremaining81yuancanbeusedforlending. Byraisingthebank'sdepositreserveratio,thecentralbankreleasedasignaloftightliquidity,whichwashailedasoneofthethreemajoraxesofmacroeconomicregulationandcontrol. Accordingtopreviousdatafromthecentralbank,thebalanceofChina'srenminbidepositsreached71.82trillionattheendof2010.Basedonthiscalculation,theincreaseinthedepositreserveratiocanroughlyoffsetthecommercialbank'sfundsbymorethan350billionyuan. Analysisoftheintentiontotightenliquidity Analystsbelievethatthecurrenttwochannelsofliquidity–creditsupplyandforeignexchangeholdings–areshowingrapidgrowth. Thecentralbank’smoveisintendedtotightenliquidity. Affectedbytheinterestsof“earlyearlybenefits”andmonetarypolicytighteningexpectations,creditblowoutsreappearedatthebeginningoftheyear. Accordingtomediareports,thecreditsupplyoffinancialinstitutionsinthefirstweekofthenewyearhasapproached500billionyuan. Intermsofforeignexchangeholdings,foreignexchangeholdingshavemaintainedahighgrowthtrendsincethesecondhalfoflastyear. Foreignexchangeholdingsincreasedby403.3billionyuaninDecember. ZhaoQingming,aseniorresearcherattheChinaConstructionBank(7.370,-0.12,-1.60%),saidthatthemostdirectimpactofraisingthedepositreserveratioistocontrolthebank'sabilitytolend,makingthebank'sfundstight,affectingthebank'sassetallocation,makingitTheliquidityistight. Forotheraspects,suchasthestockmarket,ithaslittleeffect. Inordertoeffectivelymanageliquidity,thecentralbankwillreformthecreditmanagementsystemthisyearandwillcalculateandimplementthedifferentialdepositreserveratioofcommercialbanksonamonthlybasis. Recently,ZhouXiaochuan,thegovernorofthecentralbank,saidthatinthenextfewyears,financialreformshouldestablishandimprovethecounter-cyclicalmonetarycreditdynamicregulationmechanism,combinetheadjustmentofmonetarycreditandliquiditymanagementwiththeconstructionofamacro-prudentialpolicyframework,andimplementdifferentialpreparation.Golddynamicadjustmentmeasures,enrichandsupplementpolicytools,andguidethemoderategrowthofmoneyandcredit. ■Interpretation 1Isthereacaponthedepositreserveratio? Thereisnoupperlimitintheory.Somepeoplethinkthatitshouldnotexceed25%inoperation. SinceNovemberlastyear,thecentralbankhasraisedthedepositreserveratiofourtimes,andthedepositreserveratiostandardsimplementedbycommercialbankshaverepeatedlystoodathistoricalhighs. Whatistheincreaseinthereserverequirementratio? GuoTianyong,aprofessorattheCentralUniversityofFinanceandEconomics,saidthatin1984,whenthePeople’sBankofChinahadjustexercisedthefunctionsofthecentralbank,itsetastatutoryreserveratioaccordingtothenatureofdeposits,40%ofsavingsdeposits,20%ofcorporatedeposits,and25%ofruraldeposits. Thisisbecausethecentralbankcanconcentratemorefundstoadjustthesurplusthroughrefinancing. TheBankofMexicohasalsosetastatutoryreserveratioofmorethan30%. Intheory,thereisnoupperlimittothedepositreserveratio. However,fromthecurrentrealisticregulatoryindicators,theupwardadjustmentofthedepositreserveratiomaybelimited. BarclaysCapitalsaidthatsincetheCBRC’srequirementforbankloan-to-depositratioisnotmorethan75%,thatis,theloanratiocannotbehigherthan75%,thedepositreserveratioislimitedto25%.Otherwise,themedium-sizedjointventurebankwillnothaveenough.Depositspayforloans,whichinturnrestrictsthehealthydevelopmentofcommercialbanks. 2Isthepossibilityofarecentratehikereduced? Recyclingliquidityisaconsensus,andexpertshavedifferentopinionsontheimpactofinterestratehikes. Thedepositreserveratioandinterestratehikearetwomeansofregulatingbyquantityandpricerespectively.Whethertherateofdepositreserveisraisedfrequentlyandthepossibilityofraisinginterestratesintheshorttermisalsoreduced.Expertsinthisindustryhavedifferentopinions. GuoTianyong,aprofessorattheCentralUniversityofFinanceandEconomics,saidthatthecentralbankonceagainraisedthedepositreserveratio,whichisintendedtoflexiblymanageliquidityandpreventbanksfromre-emergingthesituationofcreditblowoutsatthebeginningoftheyea
The central bank’s first deposit reserve ratio this year is the fourth increase in the past three months.
(Summary description)Largefinancialinstitutionsraisedtheirquotato19%andhitarecordhigh,thefourthincreaseinthelastthreemonths Inthenewyear,thecentralbankstartedtotighten. Yesterday,thePeople'sBankofChinadecidedtoraisethedepositreserveratioofdeposit-takingfinancialinstitutionsby0.5percentagepointsfromJanuary20,2011,Thisisthefourthtimethecentralbankraisedthedepositreserveratiointhelastthreemonths,anditwasalsothefirstincreaseintheyear. Lockedfundsmorethan350billionyuan Thedepositreservereferstothedepositsmadebythefinancialinstitutionstoensurethecustomerswithdrawthedepositsandtheliquidationneeds.Thedepositreserverequiredbythecentralbankaccountsforthedepositreserveratio. Aftertheincrease,thedepositreserveratiooflargefinancialinstitutionshasreached19%,arecordhigh,andsomefinancialinstitutionsthathaveimplementedthedifferentialdepositreserveratiohavetoimplementthe20%standard. Aftertheincreaseinthedepositreserveratioofsmallandmedium-sizedfinancialinstitutions,itwillalsobeashighas15.5%. The19%depositreserveratiomeansthatbankswillpay19yuantothecentralbankafterabsorbing100yuandeposits,andtheremaining81yuancanbeusedforlending. Byraisingthebank'sdepositreserveratio,thecentralbankreleasedasignaloftightliquidity,whichwashailedasoneofthethreemajoraxesofmacroeconomicregulationandcontrol. Accordingtopreviousdatafromthecentralbank,thebalanceofChina'srenminbidepositsreached71.82trillionattheendof2010.Basedonthiscalculation,theincreaseinthedepositreserveratiocanroughlyoffsetthecommercialbank'sfundsbymorethan350billionyuan. Analysisoftheintentiontotightenliquidity Analystsbelievethatthecurrenttwochannelsofliquidity–creditsupplyandforeignexchangeholdings–areshowingrapidgrowth. Thecentralbank’smoveisintendedtotightenliquidity. Affectedbytheinterestsof“earlyearlybenefits”andmonetarypolicytighteningexpectations,creditblowoutsreappearedatthebeginningoftheyear. Accordingtomediareports,thecreditsupplyoffinancialinstitutionsinthefirstweekofthenewyearhasapproached500billionyuan. Intermsofforeignexchangeholdings,foreignexchangeholdingshavemaintainedahighgrowthtrendsincethesecondhalfoflastyear. Foreignexchangeholdingsincreasedby403.3billionyuaninDecember. ZhaoQingming,aseniorresearcherattheChinaConstructionBank(7.370,-0.12,-1.60%),saidthatthemostdirectimpactofraisingthedepositreserveratioistocontrolthebank'sabilitytolend,makingthebank'sfundstight,affectingthebank'sassetallocation,makingitTheliquidityistight. Forotheraspects,suchasthestockmarket,ithaslittleeffect. Inordertoeffectivelymanageliquidity,thecentralbankwillreformthecreditmanagementsystemthisyearandwillcalculateandimplementthedifferentialdepositreserveratioofcommercialbanksonamonthlybasis. Recently,ZhouXiaochuan,thegovernorofthecentralbank,saidthatinthenextfewyears,financialreformshouldestablishandimprovethecounter-cyclicalmonetarycreditdynamicregulationmechanism,combinetheadjustmentofmonetarycreditandliquiditymanagementwiththeconstructionofamacro-prudentialpolicyframework,andimplementdifferentialpreparation.Golddynamicadjustmentmeasures,enrichandsupplementpolicytools,andguidethemoderategrowthofmoneyandcredit. ■Interpretation 1Isthereacaponthedepositreserveratio? Thereisnoupperlimitintheory.Somepeoplethinkthatitshouldnotexceed25%inoperation. SinceNovemberlastyear,thecentralbankhasraisedthedepositreserveratiofourtimes,andthedepositreserveratiostandardsimplementedbycommercialbankshaverepeatedlystoodathistoricalhighs. Whatistheincreaseinthereserverequirementratio? GuoTianyong,aprofessorattheCentralUniversityofFinanceandEconomics,saidthatin1984,whenthePeople’sBankofChinahadjustexercisedthefunctionsofthecentralbank,itsetastatutoryreserveratioaccordingtothenatureofdeposits,40%ofsavingsdeposits,20%ofcorporatedeposits,and25%ofruraldeposits. Thisisbecausethecentralbankcanconcentratemorefundstoadjustthesurplusthroughrefinancing. TheBankofMexicohasalsosetastatutoryreserveratioofmorethan30%. Intheory,thereisnoupperlimittothedepositreserveratio. However,fromthecurrentrealisticregulatoryindicators,theupwardadjustmentofthedepositreserveratiomaybelimited. BarclaysCapitalsaidthatsincetheCBRC’srequirementforbankloan-to-depositratioisnotmorethan75%,thatis,theloanratiocannotbehigherthan75%,thedepositreserveratioislimitedto25%.Otherwise,themedium-sizedjointventurebankwillnothaveenough.Depositspayforloans,whichinturnrestrictsthehealthydevelopmentofcommercialbanks. 2Isthepossibilityofarecentratehikereduced? Recyclingliquidityisaconsensus,andexpertshavedifferentopinionsontheimpactofinterestratehikes. Thedepositreserveratioandinterestratehikearetwomeansofregulatingbyquantityandpricerespectively.Whethertherateofdepositreserveisraisedfrequentlyandthepossibilityofraisinginterestratesintheshorttermisalsoreduced.Expertsinthisindustryhavedifferentopinions. GuoTianyong,aprofessorattheCentralUniversityofFinanceandEconomics,saidthatthecentralbankonceagainraisedthedepositreserveratio,whichisintendedtoflexiblymanageliquidityandpreventbanksfromre-emergingthesituationofcreditblowoutsatthebeginningoftheyea
- Categories:Company News
- Author:
- Origin:
- Time of issue:2019-11-11 09:46
- Views:
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