This Year, The First "Gate" Fell &Nbsp, And The Deposit Reserve Ratio Rose To A New High Of 19%.

　 In the face of surging liquidity, the central bank frequently uses the deposit reserve ratio to control the total liquidity gate.

In January 14th, the people's Bank of China announced that the deposit financial institutions should be raised from January 20, 2011. RMB The deposit reserve ratio is 0.5 percentage points. The increase in the deposit reserve ratio was the first time in 2011 that the index was raised in 2011 after a six increase in the deposit reserve ratio of 3 percentage points in 2010.

"From the actual impact, this increase is directly frozen about 360 billion yuan of funds. After this increase, the statutory reserve requirement rate calculated by the four largest state-owned banks has reached 19%. Lu Zheng commissar, a senior economist at Xingye Bank, said that the impact is even greater than expected. In the face of the successive launch of the central bank, market expectations will be more affected, especially for the longer term liquidity prospects may gradually become more cautious.

On January 14th, at the ninth annual meeting of China's import and export enterprises, Li Dongrong, assistant governor of the central bank, said that he would continue to co-ordinate and coordinate the use of price and quantitative tools such as interest rates, deposit reserve ratio and open market operations, and improve the macro Prudential policy framework, enrich and improve the currency policy instruments, and enhance the flexibility, pertinence and effectiveness of macroeconomic regulation and control.

[the central bank raised the deposit reserve ratio in order to recover liquidity. It is a comprehensive decision based on the situation of foreign exchange and the medium-term notes.

Xia Bin, a member of the central bank's monetary policy committee, said that the central bank raised the deposit reserve ratio in order to recover liquidity. It is a comprehensive decision based on the situation of foreign exchange and the medium-term notes.

Statistics show that in the four quarter of 2010, China added foreign exchange reserve 199 billion US dollars, after the three quarter, it hit a new high since 1997. Among them, in October, November and December added 112 billion 600 million US dollars, 6 billion 900 million US dollars and 79 billion 500 million US dollars respectively.

From the three quarter of last year, China's foreign exchange holdings showed a rapid growth trend. By December 2010, the amount of foreign exchange increased to 403 billion 300 million yuan, at a relatively high level. The total amount of foreign exchange held by financial institutions reached 22 trillion and 580 billion yuan in 2010.

Lu commissar said that as the yuan appreciated rapidly against the US dollar in the beginning of the year, the market's expectation of 2011's annual appreciation rose to over 5%, which inevitably led to the fact that foreign exchange holdings were still high in January, and the conservative estimate is also likely to be up to 400 billion.

Guo Tianyong, director of China banking research center, also said that the central bank once again raised the deposit reserve ratio, aiming at flexible management of liquidity to prevent banks from re appearing credit blowout at the beginning of the year. At the same time, it is possible to avoid inflation expectations which are easy to occur before the holidays.

According to convention, January is one of the most impulsive months for commercial banks to lend. But the massive credit of banks will challenge the goal of liquidity gates. By raising the deposit reserve ratio and freezing about 360 billion of bank funds, the impulse to bank credit will be restrained to a certain extent.

Lu commissar analysis believes that this increase in the deposit reserve ratio is another contributing factor, because last year Fiscal deposit The outflow is likely to exceed 1 trillion and 500 billion, but because of the late outflow, the rate of money market interest rate rose only once once the reserve ratio was raised, which made it impossible for the central bank to hedge more in the past year, resulting in M2 still more than 19% at the end of the year. This makes it necessary for us to withdraw this year.

Statistics show that at the end of 2010, the broad money supply M2 increased by 19.7%, and the new RMB loans increased by 7 trillion and 950 billion yuan all year round. The above two data broke through the planned target of 17% and 7 trillion and 500 billion yuan set at the beginning of the year.

Lu commissar also predicted that after this increase, the Chinese New Year's Eve should not continue to raise interest rates. For the first quarter, it is possible to raise the reserve requirement per month on average, that is, there may be two more reserve requirements in the future.