The Central Bank Once Again Raised The Reserve Requirement Ratio &Nbsp, And Curbing Inflation Is The Main Reason.

Roughly estimated, the 0.5 percentage point increase in the deposit reserve ratio can freeze the liquidity of the banking system by more than 350 billion yuan.

Analysts believe that the central bank's reserve requirement ratio is intended to effectively control market liquidity and ease market inflation expectations.

Curbing inflation is the main reason not to exclude the possibility of raising interest rates.

Since the beginning of this year, the central bank has raised the deposit rate for the three time. What information does it convey to the national monetary policy and how will it affect the market?

Curb excessive hot money flow

Li Fuyou, a professor at the school of economics and finance of Xi'an Jiao Tong University, thinks that the deposit reserve ratio has risen to 20%. This is the new high in this century. The main reason is to curb the excessive inflow of hot money, because in the context of the continued appreciation of the RMB, the international hot money flows into the country very fast. These hot money can not only benefit from interest difference, but also benefit from the exchange rate difference, and raising the deposit reserve rate can better inhibit the inflow of hot money.

"It is worth noting that in the context of peripheral interest rate increases, coupled with the domestic high price index, the central bank can only effectively curb inflation by recycling liquidity.

It is regrettable that the central bank has not adopted such an obvious way of raising interest rates to curb inflation, and has adopted a more moderate way to raise the deposit reserve ratio, although such measures will play a role in recovering liquidity, but the effect is not obvious.

Pi Haizhou, a well-known financial commentator, thinks so.

Housing loans will be more difficult

What will be the impact on the property market?

Lv Suiqi, deputy director of the Department of finance, School of economics, Peking University believes that since the Spring Festival, the national real estate market has been depressed. Now many real estate enterprises have very tight capital chains. After the central bank raises the deposit reserve ratio, it will surely freeze part of the working capital, and the credit of commercial banks will also be affected. The negative impact of tightening money on the real estate industry is obvious. Housing enterprises loans will be more difficult.

Do not rule out the possibility of raising interest rates.

Li Fuyou said: "the third increase in the reserve ratio of the central bank during the year is the further return of monetary policy to normality.

On the one hand, it shows that the central bank is worried about the current excess liquidity, and on the other hand is to curb inflation.

As long as inflation does not end in the world, the liquidity policy will become normal.

Although the increase in the deposit reserve ratio has an alternative effect on raising interest rates, the current deposit reserve rate has risen to a record high, and the possibility of raising interest rates will not be ruled out in the future.