2015年CRI 中国同时降准降息刺激经济增长

This is the third RRR reduction in nearly five months, and the fourth round of interest rate cuts in nearly seven months.

According to the People's Bank of China or PBOC, the latest move aims to further lower borrowing costs and boost the economy through restructuring.

Yao Yudong, director for the PBOC's Finance Research Institute, explains the reasons behind the adjustments.

"First, this is to further support restructuring. The purpose of the RRR reduction is to boost financial institutes' abilities to support farmers, rural and agricultural development as well as small and micro businesses. It also aims to improve the key areas and weak links in the national economy and is conducive¹ for financial institutes to support mass entrepreneurship and innovation."

The central bank has cut the RRR for the second time this year for commercial banks financing the agricultural sector², along with small and micro businesses.

The targeted RRR cut, carried out instead of a general reduction, will help to improve the economic structure and support weak sectors³, while also preventing flush liquidity⁴.

Yao continues to explain that it is unnecessary to lower the RRR in a wider range because of the current adequate liquidity.

"Adequate liquidity is one of the reasons for the targeted RRR cut. The targeted cut will increase liquidity to some extent and this is necessary considering that there will be certain scale of RMB consumption during July and August, for example, the profit sharing by major financial institutions, so the adjustment is proactive and preventive."

Some experts point out that it is not usual to see the "double cuts" at the same time. However, against the backdrop of "new normal" of slower but more sustainable growth, the central bank's move has been expected, with its main target to further stabilize⁵ economic growth.

Moreover, Yao suggests that the cutting of RRR and key interest rates does not mean a change of the country's prudent⁶ monetary⁷ policy.

"It can be regarded as a fine-tuning without affecting the monetary policy's consistency⁸ and steadiness. Its prudent monetary policy remains⁹ unchanged, and still focuses on supporting real economy and structural¹⁰ adjustment. This fine-tuning is an active move to adapt to the new normal of economic development, and sustains a neutral monetary and financial environment."

Experts say the rare easing step of cutting the RRR and the benchmark interest rates will make the monetary policy adjustment more targeted and effective to support the real economy.

For CRI, I'm Wang Wei.

1 conducive   

adj.有益的，有助的

参考例句：

• This is a more conducive atmosphere for studying.这样的氛围更有利于学习。
• Exercise is conducive to good health.体育锻炼有助于增强体质。

2 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

3 sectors   

n.部门( sector的名词复数 )；领域；防御地区；扇形

参考例句：

• Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
• Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》

4 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

5 stabilize   

vt.（使）稳定，使稳固，使稳定平衡；vi.稳定

参考例句：

• They are eager to stabilize currencies.他们急于稳定货币。
• His blood pressure tended to stabilize.他的血压趋向稳定。

6 prudent   

adj.谨慎的，有远见的，精打细算的

参考例句：

• A prudent traveller never disparages his own country.聪明的旅行者从不贬低自己的国家。
• You must school yourself to be modest and prudent.你要学会谦虚谨慎。

7 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

8 consistency   

n.一贯性，前后一致，稳定性；(液体的)浓度

参考例句：

• Your behaviour lacks consistency.你的行为缺乏一贯性。
• We appreciate the consistency and stability in China and in Chinese politics.我们赞赏中国及其政策的连续性和稳定性。

9 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

10 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。