Central Bank: Whether to cut interest rates should pay attention to the actual interest rate of the loan, and the benchmark interest rate on deposits will be retained
Beijing News (Reporter Cheng Weimiao) On January 16th, at the press conference on financial statistics, he was asked which “interest” is the current interest rate cut. The central bank ’s director of monetary policy, Sun Guofeng, said that The interest rate liberalization reform continues to advance, and more attention should be paid to changes in real interest rates. Last year’s market interest rate fell overall, and liquidity remained reasonably plentiful. In December last year, bond repurchase fell by 1 percentage point from the 2018 high, and the yield on 10-year government bonds fell by 0.85 percentage point.
Among the new loans issued last month, the general loan interest rate was 5.74%, the lowest level since the second quarter of 2017, and a decrease of 0.55 percentage points from the 2018 high. Among them, after the LPR reform in August 2019, the interest rate of newly issued general loans fell by 0.36 percentage points, a decline exceeding the LPR, indicating that the efficiency of interest rate transmission is improving.
“To observe whether to reduce interest rates, the focus is still on the actual interest rate of loans. The level of real interest rates has decreased significantly, especially for small and micro enterprises. The interest rates of small and micro enterprises have significantly decreased. %, Which is 0.7 percentage point lower than the average level in 2018. “He also mentioned that the benchmark deposit interest rate will be retained for a long period of time. In the future, it will be appropriately adjusted in accordance with the State Council ’s deployment and comprehensive consideration of economic growth.
Beijing News reporter Cheng Weimiao Editor Wang Jinyu Proofreader He Yan