Economic Policy: What Is The Consequence Of Regulatory Governance + Money Market Interest Rate Fall?

We have finally seen the falling interest rate in the money market, which should be the most substantial and good news for the stock market.

There is also a bigger piece of good news: the IMF is coming through the "unprecedented harsh" liquidity stress test.

At the same time, the CSRC, a new regulation on Monetary Fund, "Regulations on the liquidity risk management of publicly offered open-ended securities investment funds" (Draft for comment) is also being consulted for the following provisions.

The fund has made special requests, in addition to requiring the size of the IMF to be linked to the risk reserve, limiting the optional new IMF, and also making investment restrictions on investment flow restricted assets, sub high class credit bonds, interbank deposit certificates and credit bonds.

That's great.

To rush this point, we have to "shoot Liu Shiyu's apple again".

Because this is the most fundamental structural problem in China's economic, financial and securities markets.

If currency arbitrage is too excessive and capital market ischemia is not solved, China's real economy and equity capital market will not have a healthy tomorrow.

Perhaps some narrow-minded people will regard my comments as "who has hatred with them", strengthen monetary fund management and compress money.

This is an important move to relocate China's financial sector. It is Liu Shiyu's important move to guide financial resources to flow through the capital market to the real economy. Is this not something worth celebrating for investors in the stock market?

Yesterday, the central leading group of the comprehensive deepening reform held the thirty-sixth meeting. The final announcement of the meeting stressed in particular: "the effectiveness of reform depends on practical inspection, not only on the effectiveness of individual reforms, but also on the comprehensive effectiveness of reform.

All parties concerned should always look back on the reform programmes that have been published. We should not only see the relevant reform plans being introduced and implemented, but also assess the overall effectiveness of the reform, drag on the dragging of their legs and pull back from the target.

The Central Committee gave me such a way of inspiring me.

First, this is a typical system theory view, emphasizing matching, emphasizing the comprehensive and overall effectiveness; second, we must always "look back" and review success or failure, especially "dragging up the dragging of the rear legs and pulling back from the target".

Liu Shiyu is doing this.

I can tell investors clearly that if Liu Shiyu considered "how to pull the capital out of the capital market and reduce corporate leverage and financial leverage", is that something about stock market IPO?

The meritorious ministers?

Therefore, the stock market experts are in a higher position.

Now many experts are trying to be "net red" to cater to the market's "vulgar" taste, to catch the eye and win the click rate, so that they can not even see the common stock market. This is also a big problem in China's stock market.

In fact, in terms of the function of financial market, only the capital market, the stock market, the bond market and the medium and long term credit, can be used as a real channel for the real economy, while other financial markets should be supplementary.

However, since the birth of the balance treasure, under the state of being ignorant, the IMF has been expanding rapidly under the banner of "high-yield Inclusive Finance". Almost all monetary fund managers are misleading the common people, and wrongly interpreted the cash management channel as an investment channel.

Of course, there is also the problem of excessive risk free arbitrage and the unrestricted interbank deposit rate. This has led to the IMF's "lying down to make money", which has led to the ultimate cost of the arbitrage of the monetary fund by the real economy and the whole nation, resulting in the continuous outflow of capital market funds for the real economy. How can such a financial market be sustainable? What is the consequence of the continuous effect? Now, we hope that regulators will take control of them and expect the fall in the interest rate of money market.

Will these two additions make more capital flow to the capital market and the real economy, and make China's seriously distorted financial structure gradually change? I do not think such expectation will come across "empty promises".

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