The Purpose Of The Central Bank'S Research On "Mortgage Supplementary Loans" Is To Guide The Medium-Term Interest Rate Steady.

< p > reporter learned that, "a href=" http://sjfzxm.com/news/index_x.asp "," central bank "/a" responsible person in charge of related departments recently said in an internal seminar that the new policy tool was recently launched: mortgage supplementary loan (PSL), which is the abbreviation of Pledged Supplementary Lending, hoping that this new tool can play the role of the medium-term policy interest rate.

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< p > a participant told Caixin reporter that PSL, as a new reserve policy tool, has two meanings. The first level is the new channel for the basic money supply; secondly, the price level, through the commercial bank mortgage assets from the central bank to get the interest rate of financing, to guide the medium term interest rate.

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< p > to explore the background of launching the new monetary policy tool is that since the second half of 2012, the growth of foreign exchange occupying has slowed down and the fluctuation has increased, which has an impact on the pattern of basic currency delivery. The liquidity management of the central bank gradually has the conditions of changing from passive convergence to active management in the past decade or more, and the monetary policy regulation framework also needs to gradually change from quantity to price.

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< p > over the past one or two years, repo and reverse repurchase have become the main tools for the central bank to regulate liquidity. However, the impact of open market operations on short-term interest rates has not been smooth enough for medium and long term interest rates.

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Zhou Xiaochuan, central bank governor, talked about the monetary policy framework after the interest rate marketization in mid May at the "Wudaokou Financial Forum" a href= "http://fz.sjfzxm.com/" speech < /a > P.

He said that considering the experience after the financial crisis, sometimes short-term interest rates may not be effective enough, so a medium-term interest rate can be considered.

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Refinancing plays a more important role in this year's P monetary policy orientation adjustment.

The participants said that the existing refinancing and rediscount tools are more to meet the needs of liquidity management and supplement liquidity, and the guiding role of interest rate is not obvious. Therefore, we hope to pay more attention to the price level of medium-term funds through PSL.

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< p > the above participants said that in the discussion, the central bank has not yet specified what qualifications and requests for collateral for the financial institutions applying for PSL. However, referring to the important infrastructure construction and the project investment in the people's livelihood, it is necessary for the central bank to provide low cost funds to guide the pricing of funds, so the provision of PLS may be directional.

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< p > in addition to studying the establishment of a new tool PSL to guide the medium-term interest rate, the central bank is also exploring the possibility of establishing an interest rate corridor mechanism to stabilize short-term interest rates.

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Zhou Xiaochuan P said at the "Wudaokou Financial Forum" that the international experience that we can draw on is that there is an interval in the short-term interest rate. After the lower limit, financial institutions can raise funds to the central bank, and the central bank will reduce the financing by the upper limit.

This interval is the short-term interest rate of the central bank.

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< p > above participants believe that at present, standing loan convenience (SLF) < a href= "http://sjfzxm.com/pioneer/" > interest rate < /a > can be used as an alternative to the upper limit of the interest rate corridor, and the excess reserve interest rate is suitable for the lower limit of the interest rate corridor.

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