Then, after the earthquake so why do we have to substantially raise deposit reserve ratio this »
Transmission signal: post-earthquake will continue to implement tight monetary policy
"The central bank raised deposit reserve rate of one percentage point, may wish to take this send a signal: the direction of monetary policy has not changed, post-earthquake will continue to implement tight monetary policy." Financial Research Institute of Chinese Academy of Social Sciences Peng Xing Yun , Said.
Earlier, the central bank Monetary Institute has published a research report that the earthquake will not change the basic trend of macro-economy, the overall operation of the current macro-economic characteristics have not changed, the future policy should maintain overall stability.
The report said that the earthquake on the overall economic impact of a lesser extent. From the general operation of the current macroeconomic situation, the domestic and international economic uncertainty in the operation of a series of factors, economic growth has slowed down, but it is mild and there were no concerns about the sharp drop at the same time, The first four months of this year, consumer prices rose an average 8.2 percent, producer prices rose an average of 7.2 percent. Overall, the current macroeconomic the biggest risk is still the overall upward pressure on prices.
To prevent inflation: the current price increase still more pressure
Some experts said that the deposit reserve ratio increase one percentage point, the central bank also note that the current inflation pressure is still greater.
For example, cost-push pressures. International commodity prices may continue to rise, the price of crude oil has been 130 U.S. dollars on the basic points of the new level. From the domestic environment, the domestic crude oil and coal prices of basic liberalized, but the finished oil products and electricity prices are still the implementation of national pricing, future prices of finished oil products and electricity increased the pressure further increase.
Another example of monetary credit rebound pressure. The first four months of this year, despite the trade surplus decreased, but the foreign exchange reserves and the corresponding yuan, accounting for more than the same period last year is still increasing mobility of outside input on the basis of monetary expansion is still greater pressure.
Analysts believe that China's early snow in the southern disaster has exacerbated the short-term price fluctuations, the earthquake in disaster areas of industry, agriculture of the destruction, and the people of the demand for food and daily necessities, no doubt on the current price rise will have a new Pressure.
"Raise deposit reserve ratio by one percentage point, intended to prevent excessive growth of monetary credit, so as to prevent inflation to provide a comprehensive tight constraints of the total demand environment, and promote price stability." Peng Xing Yun said.
Change: not to increase the disaster areas, a two contributions
The increase deposit reserve ratio, in adjusting the scope and time limits on contributions rather "nothing new."
The central bank announced that the earthquake disaster area corporate financial institutions not to raise deposit reserve ratio. "This shows that the central bank's attitude: it is necessary to do a good job in earthquake relief and reconstruction of all the work to implement the macro-control measures." Experts said.
The increase deposit reserve rate, the deposit financial institutions will be on June 15 and 25 respectively by 0.5 percentage point contribution. "Deposit reserve ratio of the frequently raised, so that the funds of commercial banks hard. 3 to the end of this year, financial institutions, the excess reserve rate of 2.02 percent. Suddenly raised one percentage point, some banks will bring greater The mobility of pressure. Likely to flow to the bank's management must have a buffer period, the increase has taken contributions in two ways. "Peng Xing Yun said
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