Special Topic: "Directional Reduction" Is Good For Non Silver.

< p > following the previous reduction in the deposit reserve ratio of the county agricultural firms and the agricultural cooperative banks, the central bank's second "targeted reduction" benefits financial companies, auto financing companies and leasing companies.

Financial companies interviewed by reporters said that this may be a positive signal of the central bank's release, which is very good for financial companies, but there is still a long way to go.

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P has been using monetary policy tools to support economic restructuring.

Wang Zengye, director of the Institute of Finance and accounting of CNPC finance company, told reporters that the targeted reduction of the reserve ratio means that financial institutions such as financial institutions will better allocate funds to areas that need support, so as to ensure that funds are pmitted to the real economy.

"This is obvious and positive for financial companies.

In particular, the impact of manufacturing companies on the background of the financial industry is more obvious.

Wang Zengye said that at the end of 2013, the finance company would deposit about 266 billion 800 million yuan in accordance with the deposit reserve ratio of 15%, and it would release about 9 billion yuan of liquidity after dropping to 14.5%, although it was a drop in the bucket for 184 financial companies, but the signal disclosed was deeply excited by financial companies.

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Liu Wei, general manager of the finance company of P, also said that the reduction is a great benefit to financial companies, because financial companies take root in the real economy and play an active role in promoting the development of the real economy for their enterprise groups.

Financial companies have a smaller scope to absorb deposits and provide financial services, but contribute more directly to the real economy.

This decline is not big, but it can alleviate the pressure of large amount of freezing of monetary funds of enterprise groups to a certain extent, and support the recovery and development of the real industry.

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< p > it is understood that in the current economic situation, enterprise groups play the role of financial companies as group a href= "http://www.91se91.com/news/index_cj.asp" > internal funds < /a > reservoir, and continuously strengthen centralized management of funds. The revised "enterprise group financial company management measures" also regard capital concentration as an important measure to support financial companies to expand their businesses.

"If it is in accordance with the original deposit rate, it will affect the enthusiasm of enterprise group capital collection to a certain extent, and it will also cause harm to the real industry."

A finance company official said.

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< p > in fact, reducing the < a href= "http://www.91se91.com/news/index_cj.asp" > the deposit reserve ratio < /a > is a topic that the finance company has called for many years.

During the two sessions this year, the CPPCC members and the NPC deputies of the industry group and finance company also submitted joint proposals and suggestions to reduce the deposit reserve ratio of financial companies.

According to the industry's expectation, we hope to reduce the deposit reserve ratio of financial companies from 15% to 5% to 8%.

Zhang Hua, President of the China Association of financial companies, believes that if the deposit rate falls to more than half, it will release nearly 300 billion yuan of funds, which can drive hundreds of billions of dollars to better serve the real economy.

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< p > Sun Yunfei, deputy general manager of China Shipping Group, has some representativeness. He thinks that from the point of view of the theory of monetary banks, the financial companies' payment risks are relatively internalized and controllable, and their credit creation ability is significantly lower than that of commercial banks. The policy of reserve ratio for financial companies should be given greater difference.

The two reasons for his reduction are: first, there is a conflict between the high proportion of deposit and the position of financial companies.

Financial companies' deposits and loans and other businesses are limited by policy to the members of the group. At the same time, financial companies do not absorb deposits from the public. The source of funds is group internal funds, which mainly funds and adjusts the funds within the group, and the risk is borne by the enterprise group.

Two, the deposit reserve ratio of financial companies is obviously higher than its credit creation ability, and its policy cost and burden are too high.

"Internal positioning of financial company group determines that its business and commercial banks have significant differences in terms of service objects and information symmetry, so it is far lower than commercial banks in terms of credit creation ability and social risk intensity.

Research shows that the deposit multiplier of large commercial banks, rural credit cooperatives and financial companies is about 4.32, 4.50 and 1.72 respectively, while the current deposit reserve ratio is 20%, 14% and 15% respectively.

Sun Yunfei analysis said.

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Compared with the ardent expectations of the financial industry, the P has a more cautious attitude towards the central bank, which may be related to the off balance sheet business booming in the financial sector.

Data show that the scale of assets within and outside the 4 trillion and 320 billion yuan of financial companies and over 1 trillion yuan of off balance sheet assets have surpassed that of the table. "The rapid expansion of off balance sheet business is considered to be a requirement to avoid loan to deposit ratio and deposit reserve supervision" to some extent.

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< p > for the future whether or not to reorient "downright", the financial companies are optimistic that there is room for further reduction.

Theoretically, financial companies can not directly participate in inter bank liquidation. Under this framework, both the solvency risk and the credit expansion capability (money multiplier) will be restricted accordingly. Only from the financial company's own perspective, there is room for further adjustment of the reserve ratio.

On the other hand, differential deposit also highlights the flexible and steady monetary policy of the central bank.

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< p > but there are also analysts who say that if one of the financial institutions is significantly lower than the same industry, and the loan scale is not limited, it can also carry out credit asset repurchase business. Banks and other depository financial institutions may use financial companies to circumvent the control to achieve credit expansion.

That is to say, there exist theoretically the "policy depression" of depository institutions such as commercial banks and so on, forming the possibility of credit expansion.

This reason is not enough to support further reduction.

Sun Yunfei said that considering that the assets of all financial companies in China are not very large, the total assets of the two largest shipbuilding companies are only tens of billions of dollars, and the credit scale and credit asset repurchase business are in a controlled state. Therefore, the further reduction of the deposit rate of financial companies has limited direct impact on the credit expansion of the whole society, and the indirect effects on the credit expansion of the whole society are also limited.

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