2015年CRI 央行双降支持实体经济

 

Reporter:

The People's Bank of China says the economy is still facing downward pressure. Meanwhile, the global financial market has shown major fluctuations¹ recently. Therefore, the central bank has concluded that it's necessary to apply flexible monetary² policies to foster a stronger financial environment and to grow the economy.

Lu Lei, Head of the Central Bank's Research Bureau, says there are mainly two targets for this round of monetary policy.

"Interest rates for one-year lending and deposits have been cut by 25 basis points. This will definitely help to reduce corporate³ borrowing costs. The central bank also takes adequate liquidity⁴ in financial areas into consideration, which is necessary for the development of real economy. "

On Tuesday, the central bank cut interest rates for one-year lending and deposits by 25 bps to 4.6 percent and 1.75 percent respectively.

The central bank also cut the reserve requirement ratio by 50 basis points, starting from September 6th.

The reserve ratio for county-level rural financial institutions has been further cut by an additional half a percentage point and the ratio for financial leasing and auto⁵ financing firms by an additional 3 points.

He Weiwen, senior fellow at the Chongyang Institute for Financial Studies at Renmin University, says this round of cuts is stronger than the previous one.

"Last time, it was only targeted to the rural banks and small and micro business. But this time, it's overall across the board, plus additional half a percent cut for rural business and micro small business, that's more stronger. The second point is there is no limit of upward potation after bank deposit rate for long term deposit one year and over. That means a further step towards market privatization. "

China's last adjustment of the reserve requirement ratio was at the end of June.

The latest move comes after the Shanghai Composite Index dropped 8 percent for two consecutive⁶ days. Following the moves announced by China's central bank, global markets, especially the European market, rose sharply. However, it still needs time to see whether the two cuts will boost China's A share market.

Li Xunlei, Chief Economist⁷ of Haitong Securities, says investors⁸ should not be pessimistic.

"The stock market has mirrored people's worry on economic decline, deflation and financial crisis. However, being overly pessimistic over the market is irrational⁹. The Chinese government has enough policy tools to put the economy right."

China has emphasized over the last year that the real economy has entered a "new normal," a period of lower growth and deeper reforms.

For CRI, this is XYee.

1 fluctuations   

波动，涨落，起伏( fluctuation的名词复数 )

参考例句：

• He showed the price fluctuations in a statistical table. 他用统计表显示价格的波动。
• There were so many unpredictable fluctuations on the Stock Exchange. 股票市场瞬息万变。

2 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。

3 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

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 auto   

n.(=automobile)(口语)汽车

参考例句：

• Don't park your auto here.别把你的汽车停在这儿。
• The auto industry has brought many people to Detroit.汽车工业把许多人吸引到了底特律。

6 consecutive   

adj.连续的，联贯的，始终一贯的

参考例句：

• It has rained for four consecutive days.已连续下了四天雨。
• The policy of our Party is consecutive.我党的政策始终如一。

7 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

8 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

9 irrational   

adj.无理性的，失去理性的

参考例句：

• After taking the drug she became completely irrational.她在吸毒后变得完全失去了理性。
• There are also signs of irrational exuberance among some investors.在某些投资者中是存在非理性繁荣的征象的。