The central bank said that in order to maintain a stable operation of the money market, the central bank has recently provided liquidity support to some financial institutions that meet macro-prudential requirements. Some banks with sufficient liquidity have also begun to play a stabilizing role to market funds to the market. Has stabilized. On June 25, the overnight pledged repo rate had fallen back to 5.83%, down 592 basis points from June 20. With the elimination of time and emotional factors, interest rate fluctuations and liquidity tensions are expected to gradually ease.
The People's Bank of China once again voiced its liquidity management issue yesterday, reiterating the current lack of liquidity judgment, but acknowledged that in order to maintain market stability, it has recently provided liquidity support to some financial institutions, and also required commercial banks to further regulate market transactions. Serious trade discipline.
The central bank pointed out that at present, China's economic and financial operations are generally stable, and the price situation is basically stable. The total amount of money and credit and social financing increased rapidly in the first five months. At the end of May, the financial institution's reserve ratio was 1.7%. As of June 21, all financial institutions had a reserve of about 1.5 trillion yuan. Under normal circumstances, all financial institutions' reserve funds will remain at around 670 billion yuan to meet normal payment and liquidation needs. If they remain at around 1 trillion yuan, they will be sufficient. Therefore, the current total liquidity is not shortage.
Due to the rapid growth of loans, the concentration of corporate income tax, the cash demand for the Dragon Boat Festival holiday, the changes in the foreign exchange market, and the payment of statutory reserves, the recent money market interest rates still rise and fluctuate.
The central bank said that in order to maintain a stable operation of the money market, the central bank has recently provided liquidity support to some financial institutions that meet macro-prudential requirements. Some banks with sufficient liquidity have also begun to play a stabilizing role to market funds to the market. Has stabilized. On June 25, the overnight pledged repo rate had fallen back to 5.83%, down 592 basis points from June 20. With the elimination of time and emotional factors, interest rate fluctuations and liquidity tensions are expected to gradually ease.
In the next stage, the central bank will conscientiously implement the spirit of the State Council executive meeting, continue to implement a prudent monetary policy, and adhere to a sound monetary policy. At the same time, according to the actual situation of market liquidity, we should actively use the combination of innovative tools such as open market operations, re-lending, rediscounting and short-term liquidity adjustment tools (SLO) and standing loan facility (SLF) to adjust the liquidity of the banking system in a timely manner. To stabilize short-term abnormal fluctuations, stabilize market expectations, maintain a stable currency market, and create good monetary conditions for the smooth operation of the financial market, economic restructuring, and transformation and upgrading.
The central bank once again requires commercial banks to continue to strengthen liquidity and asset and liability management. First, we must strengthen the study and judgment of the factors affecting liquidity, correctly estimate the liquidity situation, calmly deal with liquidity fluctuations, avoid irrational behavior, and maintain a reasonable level of daily liquidity. Large banks should further play the role of market stabilizers. Major unexpected problems should be reported to the central bank in a timely manner. For financial institutions whose loans are in line with national industrial policies and macro-prudential requirements and are conducive to supporting the real economy, the total amount and progress are relatively stable, if the funding arrangement has a temporary position gap, the central bank will provide liquidity support; problems with liquidity management The organization will also take corresponding measures as appropriate to maintain the overall stability of the money market.
Second, we must take into account the business objectives of liquidity and profitability, rationally arrange the total amount of assets and liabilities and maturity structure according to macro-prudential requirements, reasonably grasp the allocation structure and progress of general loans and bill financing, and carefully control the expansion of assets such as credit. The liquidity risk that may be caused by the quicker ones, and the prevention of mismatch risk in the inter-bank business period. At the same time, in accordance with the requirements of “useful increments and revitalize stocksâ€, while maintaining a steady and moderate growth of credit, we will adjust and optimize the credit structure and increase the number of small and micro enterprises, “agriculture, rural areas and farmersâ€, advanced manufacturing industries, and strategic emerging industries. Support for labor-intensive industries and service industries, upgrading and upgrading of traditional industries, upgrading of consumption, and “going out†of enterprises; strictly controlling loans for industries with severe excess capacity, but not “one size fits allâ€.
The third is to further standardize market trading behavior, serious trading discipline, and maintain a good market order. The Shanghai Interbank Offered Rate (Shibor) quotation line must be rationally quoted in strict accordance with the quotation criteria, and earnestly fulfill the quotation transaction obligation. The primary market traders and money market members of the open market business should consciously maintain the order of market transactions, real quotes and transactions, and strictly prohibit false quotes to mislead the market. The institutions that have such problems will be dealt with seriously.
The central bank will adjust the liquidity of the banking system in a timely manner
Liquidity support has been provided to financial institutions that meet macroprudential requirements
The People's Bank of China said on the 25th that in the next stage, the central bank will adjust the liquidity of the banking system in a timely manner, stabilize short-term abnormal fluctuations, stabilize market expectations, and maintain the stability of the money market. With the elimination of time and emotional factors, interest rate fluctuations and liquidity tensions are expected to gradually ease.
The central bank said that at present, China's economic and financial operations are generally stable, and the price situation is basically stable. The total amount of money and credit and social financing increased rapidly in the first five months. At the end of May, the financial institution's reserve ratio was 1.7%. As of June 21, all financial institutions had a reserve of about 1.5 trillion yuan. Under normal circumstances, all financial institutions' reserve funds will remain at around 670 million yuan to meet normal payment and liquidation requirements. If they remain at around 1 trillion yuan, they will be sufficient. Therefore, the current total liquidity is There is no shortage.
Due to the rapid growth of loans, the concentration of corporate income tax, the cash demand for the Dragon Boat Festival holiday, the changes in the foreign exchange market, and the payment of statutory reserves, the recent money market interest rates still rise and fluctuate.
In order to keep the money market running smoothly, the central bank has recently provided liquidity support to some financial institutions that meet macro-prudential requirements. Some banks with sufficient liquidity have also begun to play a stabilizing role to market funds, and the money market interest rates have stabilized. . On June 25, the overnight pledged repo rate had fallen back to 5.83%, down 592 basis points from June 20.
In the next stage, the central bank will continue to implement a prudent monetary policy and adhere to a sound monetary policy. At the same time, according to the actual situation of market liquidity, we should actively use the combination of innovative tools such as open market operations, re-lending, rediscounting and short-term liquidity adjustment tools (SLO) and standing loan facility (SLF) to adjust the liquidity of the banking system in a timely manner. To stabilize short-term abnormal fluctuations, stabilize market expectations, maintain a stable currency market, and create good monetary conditions for the smooth operation of the financial market, economic restructuring, and transformation and upgrading.
The central bank requires commercial banks to continue to strengthen liquidity and asset and liability management. First, we must strengthen the study and judgment of the factors affecting liquidity, correctly estimate the liquidity situation, calmly deal with liquidity fluctuations, avoid irrational behavior, and maintain a reasonable level of daily liquidity. Large banks should further play the role of market stabilizers. Major unexpected problems should be reported to the central bank in a timely manner.
For financial institutions whose loans are in line with national industrial policies and macro-prudential requirements and are conducive to supporting the real economy, the total amount and progress are relatively stable, if the funding arrangement has a temporary position gap, the central bank will provide liquidity support; problems with liquidity management The organization will also take corresponding measures as appropriate to maintain the overall stability of the money market. Second, we must take into account the business objectives of liquidity and profitability, rationally arrange the total amount of assets and liabilities and maturity structure according to macro-prudential requirements, reasonably grasp the allocation structure and progress of general loans and bill financing, and carefully control the expansion of assets such as credit. The liquidity risk that may be caused by the quicker ones, and the prevention of mismatch risk in the inter-bank business period. At the same time, in accordance with the requirements of “useful increments and revitalize stocksâ€, while maintaining a steady and moderate growth of credit, we will adjust and optimize the credit structure and increase the number of small and micro enterprises, “agriculture, rural areas and farmersâ€, advanced manufacturing industries, and strategic emerging industries. Support for labor-intensive industries and service industries, upgrading and upgrading of traditional industries, upgrading of consumption, and “going out†of enterprises; strictly controlling loans for industries with severe excess capacity, but not “one size fits allâ€. The third is to further standardize market trading behavior, serious trading discipline, and maintain a good market order. The Shanghai Interbank Offered Rate (Shibor) quotation line must be rationally quoted in strict accordance with the quotation criteria, and earnestly fulfill the quotation transaction obligation. The primary market traders and money market members of the open market business should consciously maintain the order of market transactions, real quotes and transactions, and strictly prohibit false quotes to mislead the market. The institutions that have such problems will be dealt with seriously.
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