"Lowering Interest Rates And Raising Financing Costs" Is Hard To Justify. Textile Enterprises Are Optimistic.

From the point of view of policy intention, the rate cut can be said to be a burden reduction for enterprises.

Since November 22nd, the benchmark lending rate for financial institutions has decreased by 0.4 percentage points to 5.6%, and the one-year deposit rate has dropped by 0.25 percentage points to 2.75%.

The rate of loan interest rate cut is greater than that of deposit interest rate.

Moreover, on the same day, the central bank also said that at the same time, in combination with advancing the marketization of interest rates, the upper limit of the floating rate of interest rates of financial institutions should be adjusted to 1.2 times the 1.1 times of the deposit interest rate.

So far, about three weeks have passed, and commercial banks, including five state-owned banks, have raised interest rates to the top, before they cut interest rates.

Therefore, the interest rate cut can basically be interpreted as "laying the foundation for the reduction of the pure lending rate", laying the groundwork for reducing the financing cost of the real economy in the future.

From the point of view of reducing interest rates, it is also true to reduce the burden on the real economy.

In the "half hour" program, which was broadcast on CCTV in December 10th, the president of a logistics company said, "at present, the bank loans of enterprises are about thirty million yuan. According to the stipulation of the central bank's annual interest rate cut of 0.4%, it is estimated that the enterprises will be able to save interest of $10000 in 14th Five-Year". The fourteen fifty thousand yuan may not be anything in the "dinosaur enterprise", but for a small enterprise, it can employ more two people and do more business.

There is also a textile enterprise said, "this cut interest rate can save about 140 thousand yuan for enterprises, equivalent to an increase of 7% profit."

It is obvious that interest rate cuts really reduce the financing cost of the real economy and directly complement the enterprises.

So, do we think that the basis for cutting interest rates and raising the financing cost of enterprises is valid? From some phenomena, it is true that financial market interest rates have risen slightly before the rate cut.

The sharp rise has stimulated demand for funds, pushing up multiple asset interest rates outside the stock market.

However, although these phenomena are related to interest rate cuts, they are not equivalent causality.

The rate of interest in the financial market rose slightly before the rate cut, which still revealed the time mismatch of bank liquidity, especially at the end of the year.

At the same time, the asymmetrical interest rate reduction, the narrowing of the loan to deposit ratio and the increase in the cost constraint of loans and the increase in the risk of economic downside, the banks are even less motivated to reduce the cost of financing, especially unwilling to lower the lending rate and lend money to those high-risk ones.

And weak industries, risk is still the first consideration for banks.

As for

The interest rate cut out of a rising market, but we can not blame the stock market for the difficulty of financing some unlisted companies.

From the rise of plate banking stocks and brokerage stocks, the more important reason for the rise is the valuation factor. Interest rate cuts play a catalytic role rather than a decisive role.

However, under the background of interest rate cut, the high cost of financing in the market is precisely a deep problem, that is, the attraction of the real economy to capital is insufficient at present.

In the new normal state of China's economy from factor driven, investment driven to innovation driven, how to stimulate the inner life through mechanism innovation, technological innovation, management innovation and enhance the attraction to peripheral funds rather than "drip irrigation", which is a problem that needs to be recognized and solved.