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LPR has been \

时间:2020-08-05 18:41作者:admin打印字号:

[0} China new Jing Wei client, July 20 (LPR) was not adjusted in July. So far, LPR has not stopped for three months.

did not adjust

for three months On the 20th, the performance of the loan market quotation rate (LPR) announced by the Central Bank of China's interbank lending authorized by the people's Bank of China showed that the one-year LPR was 3.85%; the five-year LPR was 4.65%, unchanged from the June quotation.

Screenshot of

CCTV website

Last week (July 13 - July 19), the central bank launched four reverse repurchase operations, totaling 330 billion yuan. In this table, on July 15, the central bank launched the RMB 400 billion medium-term loan facility (MLF) operation, 3-minute-fast-3-website with a term of 1 year, and the bid winning rate was 2.95%. According to the central bank, the MLF operation is a continuation of two MLF maturities and one targeted medium-term loan facility (tmlf) due this month. Among them, the continued operation of tmlf can fluctuate continuously with a total term of 3 years.

What is necessary is that the interest rate of this MLF operation by the central bank is the same as that in June, which is also the interest rate of the MLF bid that will remain unchanged for three months.

Wang Qing, an analyst at the beginning of Dongfang Jincheng, believes that in recent years, the process of economic recovery of hongdishui is fast, which provides an opportunity for the central bank to adjust the pace of monetary policy appropriately, including the interest rate of MLF kept unchanged for three months, and the center of market capital interest rate moved up to the policy rate, which can also reserve more policy space for answering all kinds of uncertainties in the second half of the year 。

was originally linked to the MLF interest rate by the LPR quotation, so the market not only pays attention to the central bank's MLF operating interest rate, but also includes the prediction of LPR quotation. In the near future, both the open market operation (Omo) and MLF operating interest rates have \ How will LPR go in the second half of the year?

New latitude and longitude photography in

raw material map According to Wang Qing, in order to implement the annual profit yield target of 1.5 trillion yuan, the LPR quotation will go down faster in the second half of the year, which means that the light corporate loan interest rate will be more negative in the same period.

According to the analysis of Soochow securities research paper, it is the general trend that the reform should be strengthened forever and the trend of interest rate should go down. In the second half of this year, we will continue to strengthen LPR reform and push down the real interest rate of loans. The stance of monetary policy is still solemn, and the monetary policy will be more flexible and moderate. In addition, we should grasp the key of reasonable profit transfer, protect market players, pay more attention to the turning point of loan interest rate, constantly strengthen LPR reform, and promote the real interest rate of loans to go down in line with the comprehensive development of enterprises, and the financing cost is clear and negative.

Can

reduce interest rate and reserve rate? CITIC Securities clearly believes that the total amount of excess reserves between banks and banks is relatively good, but the pressure of fluctuating gap in July is greater, and the central bank can restart the operation of reducing reserve requirements to support the future credit supply; at the same time, the policy of \ Wang Qing said that this year, while the financial establishment has increased to yield profits to the real economy, the promotion of broad reputation with broad currency is still the main transmission path of monetary policy. In the second half of the year, the policy-based interest rate reduction and reserve rate reduction process will continue to see progress. Among them, MLF and Omo interest rates still have room to be reduced by about 40 basis points during the year; accompanied by the subsequent detailed RRR reduction, it can be seen that the monetary marginal tightening process since the middle and late May will be clearly eased. (Zhongxin Jingwei APP)

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