The fifth increase in the RRR this year shows the central government’s determination to combat inflation

The central bank’s fifth increase in the deposit reserve ratio during the year was cashed today (18th). At this point, the deposit rate of large and medium-sized financial institutions rose to 21% at an average rate of “one month in one month”, and its level and frequency both reached record highs. The increase in the deposit reserve ratio will lock the bank's funds to about 370 billion yuan.   According to previous statistics released by the National Bureau of Statistics, China's CPI in April increased by 5.3% year-on-year, down from the growth rate of 5.4% in the previous month, but still remained at a high level of more than 5%. After the release of the data, institutions and many market participants generally expect that the austerity policy of the central bank will follow, so any tightening policy such as raising interest rates or raising the reserve ratio is expected. Huapi Times editor and financial critic Shuipi said in an interview with this reporter yesterday that the increase was completely within the market expectation, that is, there was a slight choice at the time. In fact, the State Council executive meeting last month emphasized that we should improve the liquidity of the general gate, maintain a reasonable social financing scale and rhythm, and comprehensively use various market price, deposit reserve ratio, interest rate and other price and quantity tools to further improve The RMB exchange rate formation mechanism enhances the flexibility of the RMB exchange rate and eliminates the monetary conditions of inflation. Analysts believe that the People's Bank of China chose to raise the reserve ratio while resuming the issuance of the three-year central bank bill, indicating that the central bank believes that the current excess liquidity situation is still relatively serious. The fifth increase in the reserve ratio this year shows the central government’s determination to fight inflation. However, the analysis believes that inflationary pressures have not been reduced, and future tightening policies will be consistent. After the approval, it is not excluded whether the interest rate increase will follow. However, Lian Ping, chief economist of Bank of Communications, believes that the central bank’s use of interest rate hikes to tighten liquidity is not big. He expects the central bank to raise interest rates once again during the year, raising interest rates by 0.25 percentage points, but raising the deposit reserve ratio during the year. There may be two or three chances. It is estimated that after July, the control of inflation will be effective, and the austerity policy of the central bank is likely to end.

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