北京时间 —— 中国人民银行行长潘永刚在周二的新闻发布会上宣布，将下调存款准备金率50个基点（简称RRR）。他并未具体说明政策宽松的时间节点，但表示即将在近期实行这一调整策略。此外，潘永刚还补充说，在年底前，可能会根据情况进一步下调至0.25到0.5个基点不等。同时，中国人民银行还将降低7天回购利率0.2个百分点。
ING大中华区首席经济学家宋立平指出，宣布降低回购利率是新闻发布会中最重要的举措之一。“市场原本预期会有多次每10个基点的降息，因此此次20个基点的下调力度稍超预期。”他在周二的一份声明中如此表示，“然而，最终的影响将取决于是否还会看到后续进一步的降息或央行在今日政策包发布后的观望心态。”
潘永刚解释称，RRR的调整主要是为了提振信心。他强调，并不是银行缺乏放贷的资金供给，而是由于需求有限造成了资金的过剩。至于其他利率可能的下调，他表示可能会根据情况决定是否对贷款基础率进行0.2至0.25个百分点的进一步调整，但具体时间并未明确。
当天，在潘永刚长达数小时的讲话中，10年期中国政府债券收益率降至创纪录低位的2%。这是一场高层级别的新闻发布会，紧随上周末美国联邦储备委员会降息之后举行，这标志着中国央行在面临通缩压力的情况下有了更多的空间去进一步降低利率和刺激经济增长。
宋立平指出：“我们觉得今天的措施朝着正确的方向迈进了一步，尤其是在一次性宣布多个措施而非单独、分散地实施少量政策来达到更广泛的影响上。”“我们继续相信，在大多数全球中央银行都在进入降息轨道的情况下，未来几个月仍有放松货币政策的空间。如果看到财政政策的大力推动，第四季度的势头可能会恢复。”
作为央行行长以来首次出席新闻发布会，潘永刚此前在1月份表示将下调存款准备金率。政策公告通常不会在这样的活动上公布，而是通过网络发布和官方媒体传播。在3月与中国全国两会一同召开的记者会上，他再次表示有进一步降低RRR的空间，这意味着调整早已被广泛预期。
与其他中央银行侧重于主要利率不同，中国央行使用多种利率来管理货币政策。中国的政府体制也意味着政策制定发生在高层，高于包括周二发言人在内的金融监管机构。
今年7月，在高层会议上，对实现全年经济增长目标和提振国内需求的呼吁增多。虽然中国人民银行在美联储降息两天后保持贷款基准利率不变，但周一则将短期利率调整为14天期逆回购利率降低了10个基点至1.85%，而未下调通常7天期逆回购利率，其在今年7月被下调至1.7%。
潘永刚表示倾向于将7天期利率作为主要政策工具。
财政支持相对有限
中国经济增长放缓，房地产市场的低迷和消费者信心低下成为拖累因素。经济学家呼吁需要更多刺激措施，特别是在财政方面。
“虽然现在明显愿意运用货币政策来提供刺激，但我们对缺乏财政刺激感到惊讶。”周一在电子邮件中，abrdn中国固定收益主管欧德明（Edmund Goh）表示，“似乎央行能更准确地判断经济形势，但尚未说服中央政府实施更大的赤字。”
上个月的一份报告分析显示，近期内地方政府债券发行主要旨在弥补预算缺口而非支持经济增长。房地产市场销售的放缓让房地产公司在按时交付房屋方面面临困难。
创建于去年作为北京金融监管体系改革的一部分，国家金融监督管理总局在周二的新闻发布会上由李云泽局长出面，并扩大了银行监管部门的责任范围。
今年1月，在对支持首批房地产项目进行甄别的白名单推出后，超过5700个项目被批准，融资总额达到约1.43万亿元（合2000亿美元）。这使得大约400万套房屋得以完成建设，李云泽指出。但差距仍然很大。
野村证券在去年年末估算称，在中国有大约2000万套预售房屋尚未建成并交付给买家。
以上内容优化为适合中国人阅读习惯的表述。
新闻来源：www.nbcnews.com
原文地址：China central bank releases slate of support measures amid a deepening economic slump
新闻日期：2024-09-24
原文摘要：
BEIJING — China will cut the amount of cash banks need to have on hand, known as the reserve requirement ratio or RRR, by 50 basis points, People’s Bank of China Gov. Pan Gongsheng said during a news conference on Tuesday. Pan, who was speaking to reporters alongside two other financial regulator heads, did not indicate exactly when the central bank will ease the policy but said it would be in the near term. Depending on conditions, there may be another cut of 0.25 to 0.5 basis points by the end of the year, Pan added. He also said the PBOC would cut the 7-day repo rate by 0.2 percentage points. Lynn Song, chief economist for greater China ING, called the repo rate cut announcement “the most important” move made during the news conference. “Markets had been leaning toward expecting multiple 10bp rate cuts, so a 20bp cut represents a slightly stronger than expected move,” he said in a note on Tuesday. “However, the net impact will depend on whether we see further cuts ahead or whether the PBOC falls into a wait-and-see mindset after today’s policy package.” The RRR cut was more a move to boost sentiment, since the challenge is not banks lacking the funds to lend, but limited demand for borrowing, Song added. Later in the news conference, Pan signaled that a 0.2-0.25% cut in the loan prime rate could follow, without specifying when or if he was referring to the one-year or five-year LPR. Last Friday, the PBOC kept its main benchmark lending rates unchanged at the monthly fixing. The LPR affects corporate and household loans, including mortgages. Pan also outlined plans to further support the struggling property market, including extending measures for two years and cutting the interest rates on existing mortgages. The official policy announcements will be published on the central bank’s website, Pan added, without specifying exactly when. China’s 10-year government bond yield hit a record low of 2% amid Pan’s lengthy address. The rare high-level news conference was scheduled after the U.S. Federal Reserve cut interest rates last week. That kicked off an easing cycle that gave China’s central bank further room to cut its rates and boost growth in the face of deflationary pressure. “We feel today’s measures are a step in the right direction, especially as multiple measures have been announced together, rather than spacing out individual piecemeal measures to a more limited effect,” ING’s Song said. “We continue to believe that there is still room for further easing in the months ahead as most global central banks are now on a rate-cut trajectory,” he said. “If we see a large fiscal policy push as well, momentum could recover heading into the fourth quarter.” Pan became PBOC governor in July 2023. During his first news conference as central bank governor in January, Pan said the PBOC would cut the reserve requirement ratio. Policy announcements are rarely made during such events, and are typically disseminated through online releases and state media. He then told reporters in March, alongside China’s annual parliamentary meeting, that there was room to cut the RRR further, meaning a reduction had been widely expected for months. Unlike the Fed’s focus on a main interest rate, the PBOC uses a variety of rates to manage monetary policy. China’s government system also means that policy is set at a far higher level than that of the financial regulators who spoke Tuesday. During top-level meetings in July, there had been calls for efforts to reach full-year growth targets and to boost domestic demand. While the PBOC had kept the loan prime rate unchanged two days after the Fed’s cut, it did move Monday to lower a short-term rate, which determines the supply of money. The PBOC lowered the 14-day reverse repo rate by 10 basis points to 1.85%, but did not reduce the 7-day reverse repo rate, which was cut in July to 1.7%. Pan has indicated he would like the 7-day rate to become the main policy rate. Limited fiscal support China’s economic growth has slowed, dragged down by the real estate slump and low consumer confidence. Economists have called for more stimulus, especially on the fiscal front. “We are surprised by a lack of fiscal stimulus even though they seem very willing to deploy monetary policy stimulus now,” Edmund Goh, head of China fixed income at abrdn, said in an email Tuesday. “It just seems like PBOC has a more accurate read on the situation of the economy but they are unable to convince the central government to implement a bigger fiscal deficit.” An analysis by Goldman Sachs this month indicated that recent local government bond issuance was going more toward addressing budget shortfalls rather than supporting additional growth. The real estate slump has cut into land sales, once a major source of local government revenue. Li Yunze, minister of the National Financial Regulatory Administration, said at Tuesday’s news conference that the slowdown of property market sales has made it difficult for real estate companies to deliver houses on schedule. The administration, which expands upon the banking regulator’s responsibilities, was created last year as part of Beijing’s overhaul of its financial regulatory system. In January, China launched a whitelist for determining which real estate projects to support first. Li said that more than 5,700 such projects have been approved, with financing totaling 1.43 trillion yuan ($200 billion). That has allowed more than 4 million homes to be completed, he said. Still, the gap remains large. Nomura estimated late last year that about 20 million houses in China had been pre-sold but not completed and delivered to buyers.
