央行降準(zhǔn)釋放超萬(wàn)億元資金

Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, September 28, 2018. [Photo/VCG]

The People's Bank of China (PBOC) decided on Sunday to cut the requirement reserve ratio (RRR) for RMB deposits by one percentage point starting from Oct 15. The RRR cut will cover the yuan deposits of large commercial banks, share-holding commercial banks, city commercial banks, non-county rural commercial banks and foreign banks.

中國(guó)人民銀行7日決定，自10月15日起，下調(diào)大型商業(yè)銀行、股份制商業(yè)銀行、城市商業(yè)銀行、非縣域農(nóng)村商業(yè)銀行、外資銀行人民幣存款準(zhǔn)備金率1個(gè)百分點(diǎn)。

Some of the liquidity unleashed will be used to pay back the 450 billion yuan of the medium-term lending facility that will mature on Oct. 15.

降準(zhǔn)所釋放的部分資金用于償還10月15日到期的4500億元中期借貸便利。

央行負(fù)責(zé)人表示，本次降準(zhǔn)的目的是優(yōu)化流動(dòng)性結(jié)構(gòu)，增強(qiáng)金融服務(wù)實(shí)體經(jīng)濟(jì)(real economy)能力。釋放約7500億元增量資金(incremental capital)，可以增加金融機(jī)構(gòu)支持小微企業(yè)(small and micro enterprises)、民營(yíng)企業(yè)(private enterprises)和創(chuàng)新型企業(yè)(innovative enterprises)的資金來(lái)源，促進(jìn)提高我國(guó)經(jīng)濟(jì)的創(chuàng)新活力和韌性(enhance the vitality and resilience of the Chinese economy)，增強(qiáng)內(nèi)生經(jīng)濟(jì)增長(zhǎng)動(dòng)力(strengthen endogenous growth momentum)，推動(dòng)實(shí)體經(jīng)濟(jì)健康發(fā)展(promote the healthy development of the real economy)。以此推算，此次降準(zhǔn)釋放的資金總量大約為1.2萬(wàn)億元。

此前1月、4月、7月央行已經(jīng)執(zhí)行了三次降準(zhǔn)，此次將是年內(nèi)第四次降準(zhǔn)(the fourth RRR cut of the year)，也是年內(nèi)第二次定向降準(zhǔn)(targeted RRR cuts)置換中期借貸便利。加上此次降準(zhǔn)，今年4次降準(zhǔn)共釋放流動(dòng)性3.65萬(wàn)億元，除去歸還的中期借貸便利，凈釋放資金2.3萬(wàn)億元。

該負(fù)責(zé)人表示，本次降準(zhǔn)仍屬于定向調(diào)控，銀行體系流動(dòng)性總量基本穩(wěn)定，銀根是穩(wěn)健中性的(prudent and neutral)，貨幣政策(monetary policy)取向沒(méi)有改變。央行將繼續(xù)實(shí)施穩(wěn)健中性的貨幣政策，不搞大水漫灌(refrain from using a deluge of stimulus)，注重定向調(diào)控(focus on targeted adjustment)，保持流動(dòng)性合理充裕(maintain sound and sufficient liquidity)，引導(dǎo)貨幣信貸(monetary credit)和社會(huì)融資規(guī)模合理增長(zhǎng)，為高質(zhì)量發(fā)展和供給側(cè)結(jié)構(gòu)性改革(supply-side structural reform)營(yíng)造適宜的貨幣金融環(huán)境(create a proper monetary and financial environment)。

央行的公告稱，本次降準(zhǔn)將彌補(bǔ)銀行體系流動(dòng)性缺口(fill in the liquidity gap of banks)，由于我國(guó)的貨幣政策并沒(méi)有放松，不會(huì)對(duì)人民幣形成貶值壓力(put no downward pressure on the yuan)。

[金融常識(shí)補(bǔ)充]

央行注入流動(dòng)性主要通過(guò)三大"貨幣政策工具(monetary policy tools)"：公開(kāi)市場(chǎng)業(yè)務(wù)(open market operation, OMO)、貼現(xiàn)率(discount rate)、存款準(zhǔn)備金率(reserve requirement ratio, RRR)。其中，公開(kāi)市場(chǎng)業(yè)務(wù)主要是指央行在市場(chǎng)上買賣債券，最近央行展開(kāi)的"逆回購(gòu)(reverse repurchase agreement/reverse repo)"就屬于公開(kāi)市場(chǎng)業(yè)務(wù)的一種，指的是央行向商業(yè)銀行"購(gòu)買有價(jià)證券(to purchase securities)"，這樣一來(lái)市場(chǎng)上流通的債券就少了，而央行支付給債券賣方的現(xiàn)金多了，這就注入了流動(dòng)性。