中国人民银行（央行）宣布，将一年期政策贷款利率下调至创纪录的最大幅度，旨在提振世界第二大经济体的信心并复苏经济。
根据周三发布的一份声明，央行对中期借贷便利操作的利率进行了调整，由2.3%降至2%，这是自该机制于2016年启用以来最大的变动。此降息措施表明了对当前市场形势的深刻关注与应对策略。
此举措恰逢央行行长宣布全面刺激计划，以期助力经济摆脱潜在的困境并实现年度5%的增长目标。分析人士指出，这次减息是整体复苏方案的一部分，并得到了市场的密切关注。中国推出的新一轮刺激措施对于投资者而言无疑是一剂强心针，股市也由此获得积极提振。
人民币汇率一度突破一年半以来首次触及每美元7元的关键点位，反映了市场对中国此次刺激计划的积极响应。与此同时，国内股票市场持续回暖，上证综合指数的标杆指数——沪深300指数正努力逆转今年累计跌幅。
国债收益率随之走低至2.05%，显示债券市场对此降息反应积极，并对经济复苏充满信心。此外，央行行长还宣布将通过降低存款准备金率（RRR）来释放1万亿元的长期流动性，降幅为50个基点。
针对一年期贷款利率下调行动的影响与未来可能的政策调整，业内人士分析认为：
– MLF可能被重新定位成一种调整银行边际借贷成本的工具。
– 将来MLF利率将依据市场利率变动进行灵活调整。
在降息操作之后，央行净回笼了2910亿元人民币的中期借贷便利（MLF），这一数字创下了自2021年12月以来的最大规模。外界预期，在未来的月份中，MLF贷款将被其他手段如准备金比率下调等替代，以更有效地影响市场借款成本。
在即将迎来国庆假期的一周前，央行已预先安排了两周逆回购操作，以确保市场流动性充足。同时，允许银行根据利率而非数量进行MLF投标的政策调整，使得利率更具市场化导向。在此机制下，央行首次公布本次MLF投标最高和最低利率分别为2.3%和1.9%，显示出更为灵活的价格发现机制。
随后的数据显示，在降息操作的影响下，回购利率连续两个月下滑，并创下自去年11月以来的新低水平，显示市场对于货币政策调整的积极响应。
新闻来源：www.bloomberg.com
原文地址：China Central Bank PBOC Cuts One-Year Rate, Withdraws Cash From Banking System
新闻日期：2024-09-25
原文摘要：
lowered the interest rate charged on its one-year policy loans by the most on record, kicking off a sweeping program to revive confidence in the world’s second-largest economy.The People’s Bank of China cut the of the medium-term lending facility to 2% from 2.3%, according to a statement on Wednesday. The 30-basis-point cut was the biggest since the bank began using the monetary tool to guide market interest rates in 2016.The expected move followed Governor ’s announcement the previous day of a broad stimulus package that amounted to an for an economy on the cusp of a . “The cut is part of the package,” said , chief economist for Greater China at Jones Lang LaSalle Inc. “The market is keeping a close eye on the strength, frequency and synergy of measures to follow as China strives to achieve this year’s around 5% growth goal.”The yuan past the 7 per dollar milestone for the first time in 16 months as investors China’s stimulus package. Chinese stocks extended their , with the onshore benchmark CSI 300 Index on track to wipe out all of its losses for 2024. The yield on China’s 10-year bonds fell 1 basis point to 2.05%.The cut to the MLF rate is a prelude to more significant measures such as a promised reduction in the rate on , which the PBOC increasingly favors as the main policy lever. The rate on those instruments will be lowered by 20 basis points to 1.5% “soon,” Pan said Tuesday.Reflecting the new framework, the monetary authority withdrew a net 291 billion yuan ($41.4 billion) via the MLF, the biggest drainage since December 2021. The outstanding MLF loans are widely expected to be gradually replaced by other tools, including cash injections through reserve requirement ratio cuts, as the PBOC seeks to influence market borrowing costs more effectively.“The MLF may be downgraded to become a tool to adjust the marginal borrowing costs of banks,” said , senior strategist at Australia & New Zealand Banking Group. “The MLF rate in the future could change following movements in market rates.”The central bank chief revealed a plan to unleash 1 trillion yuan in long-term liquidity with a 50-basis-point reduction of the RRR, which determines the amount of cash lenders must keep in reserve. Along with other new funding tools, the measures more than compensated for the effect of the net withdrawal on market liquidity.“Looking ahead, there is room for further replacement of MLF liquidity with RRR cut-induced liquidity given heavy MLF maturity in the coming months,” said , a strategist at Oversea-Chinese Banking Corp. The rate cut on the one-year lending Wednesday “renders the facility more aligned with the funding costs” in the interbank market, she added.The earliest window for the repo rate cut to take effect could come after the week-long National Day holiday starting Oct. 1. The central bank has to provide 14-day reverse repo bills this week ahead of the break. The PBOC is giving banks more say to influence the MLF’s prices by allowing them to bid the loans by interest rates, breaking away from the past practice of bidding by amount. On Wednesday, the central bank for the first time published the highest and lowest bidding rates for the MLF, at 2.3% and 1.9%, respectively. declined for a second straight month in September after Wednesday’s operation, standing at the lowest since November 2023.
