Adjustment Parameters, Policy Lock Ratio, Deposit Rate

On the following day, when the central bank announced that the direction of the RSR was again sluice, the central bank responsible person accepted the 10 day's interview with Xinhua news agency. The central bank will use various monetary policy tools flexibly in the next stage, give full play to the positive incentive effect of the differential deposit reserve ratio policy, increase the intensity and frequency of the adjustment of the relevant policy parameters, increase the intensity of re lending and rediscount, and support the development of small and micro enterprises and the "three rural" development.

The central bank's responsible person said that the next phase of the central bank will flexibly apply a variety of monetary policy tools to provide liquidity support for financial institutions to increase loans to small and micro enterprises, and give full play to the positive incentive effect of the differential deposit reserve ratio policy. Increase correlation Policy parameters The intensity and frequency of adjustment will guide financial institutions to increase credit support for small and micro enterprises. We should increase the intensity of loans to support agriculture and increase loans, and guide the expansion of credit related to agriculture and county small and micro enterprises, and increase the support for rediscount.

At the same time, we must strengthen credit policy Guiding effect evaluation is pertinence, accuracy and guidance, and guides and urges financial institutions to increase credit for small and micro enterprises. We should give full play to the financing function of interbank bond market and expand diversified financing channels for small and micro enterprises. We should strengthen the credit system construction of small and micro enterprises and improve the availability of financing for small and micro enterprises.

Among them, "increase the relevant policy parameters." Adjustment intensity "And frequency" is quite noticeable. The policy mentioned here refers to the "differential deposit reserve ratio".

In recent years, the central bank has been adjusting the relevant parameters of the dynamic adjustment mechanism of differential reserves in accordance with the changes in the domestic and international economic and financial situation, the conservatism of financial institutions and the implementation of credit policies.

In the third quarter of last year, the implementation of China's monetary policy report clearly mentioned that in the third quarter, the central bank appropriately increased the adjustment of relevant policy parameters for the dynamic adjustment mechanism of differential deposit reserve, in order to further encourage and guide financial institutions to increase the credit input of small and micro enterprises, "three rural" and the underdeveloped areas of the central and western regions.

This year, on the basis of last year, we proposed to increase the frequency of policy parameters adjustment. We can see that the dynamic adjustment of differences will be more flexible, timeliness and pertinence.

And the specific parameters and formulas have always been a mystery. Prior to that, Hu Xiaolian, deputy governor of the central bank, introduced the dynamic adjustment of differential reserves based on the extent of the total social financing, the degree of deviation between the credit development of banks and the major socio-economic development goals and the impact of specific financial institutions on the whole deviation.

It is generally expected that policy parameters include bank capital adequacy ratio, liquidity status, leverage, provision, credit rating, internal control level, and implementation of credit policies.

In fact, in addition to the differential deposit reserve ratio, the "directional" tools in the central bank's policy toolbox are quite abundant. If refinancing, we can increase the basic money supply and lock the loan object and capital use at the same time, and guide the optimization of credit structure. Directional purchase, the central bank through the purchase of government bonds, financial bonds, railway debt, housing finance bonds and other government support bonds, urban infrastructure construction of local debt and small and micro enterprises corporate bonds, provide directional liquidity support. Directional relaxation of loan to deposit ratio restrictions can enhance credit support in specific areas. Direct interest rate reduction, directly oriented to enterprises, can effectively reduce the financing cost of enterprises and increase the support for the real economy.