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《大行報告》中信証券:超預期降準釋放5,500億人幣中長期流動性 不排除末季減息
阿思達克 09-15 09:26
人民銀行昨傍晚(14日)宣布降低金融機構存款準備金率0.25個百分點,中信証券發表報告指,超預期降準釋放約5,500億元人民幣的中長期流動性,彌補第三季度後期擴大的流動性缺口,同時為銀行擴大信貸投放提供更多空間。 報告指,逆回購淨回籠加降準的「縮短放長」操作模式,避免資金「脫實向虛」,在銀行間流動性體系空轉,推升債市槓桿,其次是補充中長端流動性,緩解銀行負債壓力,同時支持加大信貸投放,促進實體經濟修復。 該行指,今次降準落地,表明人行寬鬆貨幣取向,與穩定匯率的目標並無衝突。雖然一些地產需求端的刺激工具已落地,但地產銷售數據仍處於相對低位,在支持寬地產、寬信用、擴內需的目標下,不排除第四季度MLF減息的可能性。
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