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Central Bank Promotes Monetary Policy Tool Reform

2011/1/5 9:56:00 30

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Monetary Policy Reform Of Central Bank

According to the China Securities Journal,

Central Bank

We are pushing forward a series of efforts.

monetary policy

Tool reform.

According to sources, the central bank has formulated a set of standard differential deposit reserve ratio calculation methods. From 2011, the central bank will calculate and implement differential deposit reserve measures for banks, taking into account that commercial banks need to adjust their business structure for a certain period of time. The first three quarters will give commercial banks a gradual tolerance.

In addition, the central bank intends to reduce excess.

deposit reserve rate

To reduce the cost of expenditure.

Reported that the central bank will implement more pparent and standardized differential reserve dynamic adjustment, credit individual regulation and total control combined.

According to the analysis of the industry, 2011 is the year of 12th Five-Year, and the impulse of investment is strong everywhere.

At present, liquidity is abundant, and monetary credit control has great pressure.

People who are close to the central bank have reported that the dynamic adjustment of the central bank differential reserve is based on the total amount of social financing, especially the deviation between bank credit and economic growth and price index.

After determining the orientation of dynamic adjustment, the focus of dynamic adjustment of differential reserve is based on the impact of specific financial institutions on the overall economy.

The dynamic payment of differential reserves should take into account the systemic importance, capital adequacy ratio and prudent operation of financial institutions.

The formula set by the central bank is that the differential deposit reserve ratio paid by banks is equal to the difference between the capital adequacy ratio and the actual capital adequacy ratio calculated according to the macro prudent Prudential requirement, and then the robust adjustment parameters of the bank are taken.

In terms of specific operation, sources said that the initial implementation scope was considered in a nationwide financial institution.

Considering that commercial banks need to adjust their business structure for a certain period of time, the first three quarters will give commercial banks a gradual tolerance.

For example, a bank should pay 3.5% of the differential deposit reserve in accordance with the estimate, giving a tolerance of 2% in the first quarter, and actually pay 1.5% of the differential reserve.

In terms of interest rates, the differential reserve will normally be paid in accordance with the statutory reserve requirement rate of 1.62%. However, if a bank's credit growth is too fast and is repeatedly required to pay differential reserves, the central bank will consider paying interest or excluding interest in excess of the Reserve interest rate (0.72%).

This year, the Central Bank of China has raised the deposit reserve ratio for the 6 time, and the reserve requirement ratio of large banks is as high as 18.5%, becoming the highest point in history.

There is a market analysis, the reserve requirement rate has been limited.

The interest rate of another monetary policy instrument is too wide because the central bank has been more cautious.

In December 27, 2010, Hu Xiaolian, deputy governor of the central bank, pointed out on the central bank website that the next stage will enhance the pertinence, flexibility and effectiveness of financial regulation, and continue to use the conventional price and quantity tools such as interest rate, deposit reserve ratio, open market operation and so on, so as to enhance the effective combination of tool use.