《大行報告》花旗:降準釋放5,600億人民幣長期資金 下調政策利率不再是首要選項
花旗發表研究報告指,中國人民銀行宣布降低金融機構存款準備金率0.25個百分點,意味著可向銀行體系釋放約5,600億元人民幣的長期資金。考慮到銀行之間市場流動性趨緊及國債發行導致預期流動性需求上升,降準已是市場期待已久的事情。展望未來,該行認為人行的重點將轉向流動性管理和信貸增長,下調政策利率不再是其首要選項。
該行表示,人行或繼續通過存款準備金、公開市場操作、MLF等工具維持銀行間市場流動性充裕。信貸增長或會是其另一個關注點,當中銀行政策和抵押補充貸款(PSL)是值得關注的因素。不過,該行提到,房地產寬鬆政策持續穩步推進且財政政策勢頭強勁的情況下,進一步降息可能並非迫在眉睫。隨著最近政策加快實施,政策制定者可在採取進一步行動之前仔細評估影響。
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