Just after New Year's Day, the central bank issued a “big red envelope” for the opening year.
Some insiders expect that this will release 5,000 to 700 billion liquidity. Small and micro enterprises have gained a lot of positive benefits.
“Directed reduction” to expand coverage
The People's Bank of China released a message on the evening of January 2, and since 2019, it has decided to adjust the assessment criteria for Pratt & Whitney Finance for small and micro-enterprise loans from “single household credit less than 5 million yuan” to “single household credit less than 10 million. yuan”.
The People's Bank of China said that this will help expand the coverage of inclusive preferential policies for inclusive finance, and guide financial institutions to better meet the loan needs of small and micro enterprises, so that more small and micro enterprises benefit.
Liao Zhiming, chief analyst of Tianfeng Securities Banking, said that the central bank's intention to expand the scope of the targeted reduction and to protect liquidity is obvious. Liao Zhiming expects that the inward financial assessment of the Pratt & Whitney will be completed in late January and will release liquidity before the beginning of February. It is expected to significantly ease the liquidity gap before the Spring Festival, reflecting the intention of the central bank to protect funds. Liao Zhiming expects that the liquidity of the central bank's expansion of the targeted RRR will be about 700 billion yuan.
Zhongtai Securities believes that according to the current bank statutory deposit reserve ratio and the inclusive standard, the liquidity released by the central bank is about 500 billion yuan.
Small and micro enterprises welcome good
Pratt & Whitney's targeted directional reduction policy was first introduced by the central bank in September 2017. It focuses on single-micro enterprise loans of less than 5 million yuan, individual industrial and commercial households and small and micro-enterprise main operating loans, as well as farmers' production and operation. Guarantee, file the poverty-stricken population of the card, and help students.
The policy is implemented in two standards:
In the previous year, the above-mentioned loan balance or increment accounted for 1.5% of commercial banks, and the deposit reserve was adjusted by 0.5 percentage points on the basis of the benchmark file;
In the previous year, the above loan balance or increment accounted for more than 10%, and the commercial bank deposit reserve could be further reduced by 1 percentage point on the basis of the aforementioned downward adjustment.
Dong Xiwei, a senior researcher at the Chongyang Financial Research Institute of Renmin University of China, said that according to the original assessment method, it is easier for banks to reach the first standard, but it is more difficult to reach the second standard. Now the assessment standard is adjusted from “single household credit less than 5 million yuan” to “single household credit less than 10 million yuan”, which is equivalent to lowering the threshold of directional RRR reduction, which will not be within the scope of the preferential policy of 5 million to 10 million. The inclusion of Yuan’s small and micro enterprises will enable more banks to obtain targeted RRR cuts. At the same time, the credit scale of the original credit-granting enterprises can be upgraded from a maximum of 5 million yuan to a maximum of 10 million yuan, which enhances the single-family small and micro enterprises. The credit line increases the liquidity of the market.
“This move is actually to expand the coverage of small and micro enterprises for targeted RRR reduction, to enhance the willingness and ability of banks to serve small and micro enterprises, and to further alleviate the problem of financing difficulties for small and micro enterprises. It is a reflection of policies that further tilt small and micro enterprises. Dong Xiwei said that the implementation of such assessment measures around the Spring Festival will help maintain a reasonable and sufficient liquidity in the market at the end of the year and keep the financial market running smoothly.
He Fei, a senior researcher at the Bank of Communications Financial Research Center, believes that this standard adjustment is beneficial to commercial banks to better carry out inclusive finance. Mainly manifested in:
First, it can reduce the small cost of banking services, including capital costs, operating costs, etc.
Second, it is conducive to banks to expand the scope of small and micro services, without fear of rising costs;
Third, it is conducive to the bank's policy, the credit model is expected to be further optimized, and the small and micro risk management and control capabilities will be improved.
How will the central bank's New Year's red envelope affect the stock market, the bond market, and the money bag?
On the first working day after New Year's Day, the central bank announced a targeted RRR cut, and the assessment criteria for small and micro enterprise loans were relaxed again. How will this really affect the stock market, the bond market, and the money bag? CCTV Finance invited Dean of the Institute of Investment and Finance, Zhang Cuixia, to interpret it.
This time, the benefits of expanding the coverage of preferential policies for inclusive finance are improved. The author believes that it is beneficial to guide financial institutions to better meet the loan needs of small and micro enterprises, so that more small and micro enterprises can obtain liquidity support and stabilize the real economy. Positive initiatives for improvement.
The central bank's targeted RRR cuts release 700 billion liquidity, more to solve the problem of financing difficult financing for small and micro enterprises. From a guiding point of view, this continuation of the monetary policy and industrial policy in the second half of 2018 will help small and micro enterprises to obtain more financial support and achieve better development of operational stability.
The relaxation of the targeted assessment criteria and the release of more liquidity will help the funds to remain reasonably abundant at the beginning of the year. This is a continuation of the broad monetary policy advocated by the Central Economic Work Conference in the second half of 2018.
On the other hand, the relaxation of the targeted assessment criteria will help consolidate the results of the previous interest rate downturn, keeping interest rate bond yields at a lower level, further reducing the financing costs of entities (especially small and micro enterprises), and is a hedge economy. The growth rate is expected to decline.
Considering that the main tone throughout the year of 2019 is steady growth, restructuring, wide currency, large-scale tax reduction and fee reduction, it is expected that a more relaxed policy environment will benefit the consolidation and stability of the mid-term stock market, especially the small market capital led by small and medium-sized enterprises. Growth stocks are expected to usher in more flexible trading opportunities.
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