The Central Bank Raised The Reloan Rate &Nbsp For Two Years, And The Credit Regulation Intention Was Obvious.

After frequent increases in the deposit reserve ratio and the two increase in interest rates during the year, Central Bank Again, we should sacrifice the long term unused control measures. Reporters learned yesterday from the central bank website that the central bank has raised the issue on the 26 th. Loans from financial institutions (refinancing) and Rediscount rate This is the first time the central bank has adjusted in two years. Last time was adjusted to December 2008.

The central bank website showed that the 20 day reloan rate rose from 2.79% to 3.25%, the three month reloan rate rose from 3.55% to 3.55%, and the six month reloan rate rose from 3.24% to 3.75%, with a 0.52 percentage point increase to 3.85% in one year. The one-year rediscount rate rose from 1.80% to 2.25%.

Rediscount and refinancing are a form of lending to commercial banks by the central bank. The rate of reloan refers to the interest rate that the central bank reclaims to the financial institutions, and the discount rate refers to the interest rate that the financial institutions will use to dispose of the discount notes held by the financial institutions to the central bank. The central bank adjusts the reloan and rediscount rate to control the scale of commercial banks' lending so as to regulate the money supply.

Bankers said that the increase of rediscount rate would theoretically reduce the gap between discount rate and short-term liquidity loan interest rate, and reduce excessive use of short-term funds by financial institutions. The adjustment of reloan interest rate will affect the cost of capital of commercial banks, indicating that the intention of central bank to regulate bank credit is more obvious. In the first 11 months, the scale of financial institutions' credit has been as high as 7 trillion and 450 billion yuan, and regulators have repeatedly warned banks to control lending impulse.

Xu Biao, a macroeconomic analyst at China Merchants Bank, said that the central bank announced that it would increase the refinancing and rediscount rates for financial institutions, which is the first time to use refinancing and rediscount interest rates tools in two years. After this adjustment, the flow of capital in the financial system will further cool down, and the central bank is firmly tightening its monetary policy. At this point, the central bank's comprehensive use of capital price tools has been formed, reflecting the monetary authorities optimistic about the growth of next year's economy. We can guess that the monetary authorities have reached a consensus on "ensuring growth without worry". He said that in order to fight inflation and control asset prices, the central bank will continue to use all kinds of capital price tools in the short term.

7 day lending rate over 1 years loan interest rate

Capital mobility tightened, and major banks joined in the ranks of "money grabbing".

Washington (reporter Su Manli Intern Liu Lanlan) after the central bank's combined attack, the funds face a comprehensive emergency, the market interest rate is rising steadily. The 7 day lending rate and repo rate across the year continued to rise sharply, much higher than the one-year lending rate. Traders say the shortfall may extend to early next year and are expected to ease after the Spring Festival.

Yesterday, the 1 week lending rate rose 29.42 basis points to 6.0563%, and the 7 day repurchase rate rose to 6.0700%, both of which were higher than the 1 year benchmark lending rate 5.81%. The other lending rates of different maturities also rose without exception. The 14 day lending rate with the largest increase rose by 63.62 basis points to 6.0067%.

Behind the sharp rise in interest rates and repo rates, there is a shortage of funds and tightened liquidity. Major banks have joined the ranks of "money grabbing". "Tired every day, busy borrowing money everywhere. Phone calls, MSN and other means are used. A large state-owned bank trader reluctantly said.

Merchants bank analysts said the 7 day lending rate and repo rate rose sharply by supply and demand. The 26 increase in interest rates exacerbated the tension of the funds at the end of the year, and the interval was too short, and interest rates were steadily pushed up. Plus new year before and after the issuance of new shares intensive, diverted funds. Various factors superimposed together, resulting in a tight financial situation. However, he believes that the shortage of funds is a phased event, which will ease in January, but it will still be very tight in the first quarter of next year. When it can be alleviated, it depends on the two quarter.

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Noun explanation:

Refinancing

Refinancing refers to the loans issued by the central bank to financial institutions, which is an important part of the assets business of the central bank.

The reissued loans issued by the people's Bank of China can be divided into three categories: one is loans to solve the problem of insufficient liquidity; the two is loans for the disposal of financial risks; the three is loans for specific purposes.

Rediscount

Rediscount is one of the three major monetary policy tools of the central bank. It refers to the behavior of a financial institution to spanfer notes to a central bank in the form of discounting in order to obtain funds. One is to adjust the rediscount rate; the two is to stipulate the types of rediscount bills.

The central bank will increase the rediscount rate, raise the cost of commercial banks' financing to the central bank, reduce the willingness of commercial banks to borrow money from central banks, and reduce loans or discounts to central banks.