Monetary Tightening Has Become A Norm. Smes Are "Very Hurt".

On the same day that the macro data was released in May, the people's Bank of China decided to increase the deposit reserve ratio of deposit financial institutions by 0.5 percentage points from June 20th.

This is the sixth time the central bank has raised this year.

Continue to recycle liquidity

After the central bank raised the deposit reserve rate for the sixth time this year, the deposit reserve ratio of large and medium-sized financial institutions reached a high level of 21.5%.

Cui Yong, a macroeconomic analyst with GF Securities, said: "raising the reserve rate is mainly for hedging foreign exchange. According to the analysis, the new foreign exchange account in May should reach 350 billion yuan or even 400 billion yuan. At the same time, it also needs to hedge the Maturity Fund of about 610 billion yuan in the open market."

Zhao Lihang, a professor at Guangdong University of Business, said: "the central bank raises the reserve ratio and controls the inflation by using monetary instruments to reduce liquidity and control prices and reduce demand, indicating the firm determination of the central government."

"In May, CPI reached a new high and is expected to remain at a high level in June.

On the one hand, although the inhibition of inflation is indirect, it will definitely play a role in restraining inflation.

On the other hand, it is proposed to restrain the lending ability of commercial banks and reduce the availability of credit.

SMEs are "very hurt".

According to the insiders,

Xie Hong, Secretary General of Guangdong SME Development Promotion Association, said, "the effect of raising funds is that the pool size of social capital has been reduced again, but the total demand of society has not decreased, and the demand for financing is very strong.

At present, the quota of many Guarantee Corporation in Guangdong has been used up, which shows that the demand for small business financing is very large.

Although many banks have focused on small business loans in recent years, they are still the ones with good credit background, good Guarantee Corporation and collateral.

The shrinking credit scale makes banks pick and choose when lending.

"Although not long ago, the CBRC issued a notice on supporting commercial banks to further improve the financial services of small enterprises to help SMEs finance, but in fact, the financing cost of SMEs is still very high. All fees from fees to guarantee fees are estimated to reach 13%-15%, if private lending is 40%-60%."

Xie Hong said.

Guangdong University of Business professor Zhao Lihang believes that if inflation continues to be high, monetary policy will continue to tighten in the future.

For small and medium-sized enterprises, financing is becoming more and more difficult, and it is really "very hurt".

Widening financing channels through multiple channels

At present, the survival of small and medium-sized enterprises is more difficult. First, the demand for foreign goods is less than the order. Two is the contraction of money, which increases the cost of financing. Lu Lei, vice president of Guangdong University of Finance, told reporters.

Lu Lei said that the banking regulatory authorities could make structural adjustments in terms of money and credit to ensure that new loans were tilted to SMEs. At the same time, supervision efforts were intensified to ensure that all the financing provided by SMEs was applied to the development of the real economy instead of investment in the capital market.

Also, such as innovative financial instruments, a small group of small and medium-sized enterprises should be co financing at the county level to issue medium-term notes to reduce financing costs.

Xie Hong suggested that we should further promote the marketization of interest rates.

From the current situation, many banks have long been lending high prices, in a fully competitive market environment, certainly better than just mention.

In addition, we need to implement the spirit of the CBRC's notice on supporting commercial banks to further improve the financial services of small enterprises. We should tolerate a certain degree of financing guarantee for SMEs. We should increase policy guidance, improve the financial system, and provide a convenient platform for direct financing of SMEs.

"Equity financing is a good way to promote pformation financing, and encourage funds to flow into small and medium-sized enterprises. By introducing strategic capital to promote technological progress in industrial pformation, it helps SMEs achieve the two development."

Xie Hong said.