China may need additional monetary easing measures such as cutting interest rates or the reserve requirement ratio soon to facilitate the upcoming issuance of special treasury bonds, experts said on Monday.
專家周一表示,中國可能需要額外的貨幣寬松措施,如降息或存款準備金率,以促進即將發(fā)行的特別國債。
Other factors to be taken into consideration include lukewarm financing demand in April and persistent low price growth — situations that have attracted close attention from policymakers, they said.
他們表示,其他需要考慮的因素包括4月份融資需求不溫不火和持續(xù)的低價格增長,這些情況引起了政策制定者的密切關(guān)注。
"If interest rates or the RRR are not cut this week amid the weak inflationary environment, then (I think) interest rates will be cut in June. That is, a cut in interest rates is on its way, sooner or later," said Hong Hao, chief economist at GROW Investment Group. The RRR refers to the proportion of deposits that banks must keep in cash as a reserve.
GROW Investment Group首席經(jīng)濟學家洪浩表示:“如果在通脹環(huán)境疲軟的情況下,本周不降息或降準,那么(我認為)6月份就會降息。也就是說,降息遲早會到來。”。RRR指的是銀行必須以現(xiàn)金作為準備金的存款比例。
The People's Bank of China, the country's central bank, is due to unveil the medium-term lending facility rate — the policy benchmark for interest rates — on Wednesday, after the Ministry of Finance released on Monday the issuance schedule of ultra-long-term special treasury bonds worth 1 trillion yuan ($138 billion).
財政部周一公布了價值1萬億元人民幣(1380億美元)的超長期特別國債的發(fā)行時間表后,中國央行中國人民銀行將于周三公布中期借貸便利利率——利率的政策基準。
The issuance schedule spans from this month to November and begins with the issuance of 30-year bonds on Friday. Bonds with 20-year and 50-year tenors will be offered from May 24 and June 14, respectively, the ministry said.
發(fā)行時間表從本月到11月,從周五發(fā)行30年期債券開始。財政部表示,20年期和50年期債券將分別于5月24日和6月14日發(fā)行。
Hong said the ultra-long-term special treasury bond issuance represents a meaningful expansion in the fiscal deficit that the market is looking for, which will help rejuvenate the credit cycle and help achieve the annual economic growth objective of around 5 percent.
洪說,發(fā)行超長期特別國債是市場預期的財政赤字的一次有意義的擴大,這將有助于振興信貸周期,并有助于實現(xiàn)5%左右的年度經(jīng)濟增長目標。
Shao Yu, a board member of the Shanghai Institution for Finance & Development, a think tank, said policy coordination from the PBOC is needed to ensure the efficacy of the bonds in bolstering the economy.
智庫上海金融發(fā)展研究所董事會成員邵宇表示,需要中國人民銀行的政策協(xié)調(diào),以確保債券在提振經(jīng)濟方面的效力。
With the issuance of ultra-long-term government bonds to generate more demand for liquidity, the PBOC needs to take more easing measures to maintain low financing costs for the government bonds and the real economy, Shao said.
邵表示,隨著超長期政府債券的發(fā)行,以產(chǎn)生更多的流動性需求,中國人民銀行需要采取更多的寬松措施,以保持政府債券和實體經(jīng)濟的低融資成本。