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pics via solecollector.com

Categories: [link widoczny dla zalogowanych]s | Date: April 19th,[link widoczny dla zalogowanych], 2010 | Posted by: carla_guillermo | No Comments

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a4bimi6o · Posted: Fri 4:51, 01 Apr 2011 Post subject:

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2100613 2009 年 10 月 23 日 23:18 Reading (loading. ..) Comments (0) Category: Personal Diary

overview of monetary policy tightening from the tight monetary policy, common monetary policy tightening means is this: that too much money in circulation outside, hoping to reduce the monetary policy adopted by one point! General tightening of monetary policy in the economic inflation , the central government to raise interest rates to curb growth in consumption, control the excessive growth of prices in order to achieve the purpose of controlling inflation.

the formation of inflation, no matter how complex the causes, from the total point of view, are expressed as the currency in circulation more than society can offer the same price of total goods and services. Current purchasing power of money to raise interest rates could delay and reduce the immediate needs of the community, but also to reduced demand for bank loans; the opposite effect of lowering interest rates. Financial markets the central bank can also directly control money supply. main policy of tightening monetary policy instruments
the main policy instruments: reducing the money supply, raise interest rates to strengthen the credit control. If the market price rises, demand excessive over-prosperous economy, is considered greater than the aggregate supply aggregate demand, the central bank would tighten monetary policy to reduce demand.

under the identify other monetary policy tools. Therefore, maintaining the open market through central bank bills, bonds and other instruments in particular large-scale currency withdrawn from circulation, while the market is expected to raise interest rates and raising the maximum reserve. tightening of monetary policy
The People's Bank of China last weekend
announced two major monetary policy, one from May 19, 2007 increased from RMB RMB deposit interest rate and interest rate levels; The second is the June 5 RMB deposits increased again the level of the reserve ratio by 0.5 percentage points.

1, raising the deposit reserve ratio of commercial banks, the impact of:

credit policy, loan to deposit ratio of commercial banks

less than 60% of very conservative ICBC, BOC

greater than 60%, less than 70% of the conservative Bank of Communications, China Merchants Bank, Minsheng, China, CITIC

more than 70%, less than 90% acceptable Industrial, Shenzhen Development Bank, Shanghai Pudong Development

Overall, our loan to deposit ratio of commercial banks in accordance with international standards, are not known risk management status, some, such as large state-owned banks still in a very conservative state, so simply raising the deposit reserve ratio from the point of view, China's commercial banks as long as an appropriate increase in the ratio of loan to deposit ratio, the upgrade itself under the Basel Accord another level, that can wash away the deposit reserve ratio increase the negative impact, but this adjustment may reduce the rating agencies rating the results of commercial banks in China, especially for high loan to deposit ratio at present, such as Industrial Bank, Shenzhen development of Shanghai Pudong Development Bank will be even greater impact.

2, no increase in deposit and loan offset the impact of interest rate:

the one hand, monetary policy, raised the benchmark interest rate of deposits than loans to the magnitude of the benchmark interest rate, on the other long- term deposit interest rate increase was larger than the rate of increase short-term deposit interest rates, while long-term lending rate increased by less than the rate of increase short-term loan interest rates. It can be, the management wants to reduce the loan in addition to increased deposits, and more focus on increasing the proportion of long-term deposits to achieve the change in structure of assets and liabilities of commercial banks.

According to statistics, in 2006 relative to 2005, the listed commercial banks in addition to China Merchants Bank, Industrial and Commercial Bank, the other commercial banks showed a net interest margin increasing trend of different Among them, Shenzhen Development Bank and CITIC Bank to increase the speed of the fastest, but the absolute value of the net interest margin, the remains Pudong Development Bank, Minsheng Bank, CITIC Bank up, the general level of interest rates from this increase may result in future commercial bank decline in net interest margin event of view, Shanghai Pudong Development Bank , Minsheng Bank, CITIC Bank minimum negative impact on ICBC, China's largest negative impact.

In addition to this policy on a large proportion of long-term loans adverse extent the company will be more serious, according to 2006 statistics showed that the proportion of currently occupy the top three long-term loans Bank of China, Industrial Bank, China CITIC Bank, the three lower proportion of long-term loans banks China Merchants Bank, Minsheng Bank, Huaxia Bank.

together, these two monetary policy will have a negative business factors, but policy factors into account the lag is often caused by various commercial banks operating characteristics and unique process characteristics and so on, through the analysis found that these two policies is difficult to find a bank are the most unfavorable case constitutes, and rapid in the macroeconomic development, the level of commercial bank profit growth may also be faster than the historical level, but key indicators such as net interest and poor in 2006 may decrease levels.

3, optimization of irregular tightening of monetary policy interest rate effect

the central bank to raise interest rates, changes in interest rates of the files are, of which there are three things to watch: First,[link widoczny dla zalogowanych], demand deposits falling instead of rising interest rates; the second is the basic rate of deposit and loan interest rates to follow a, reducing the deposit and loan spreads. From such arrangements for some complex changes in interest rates, we can appreciate the monetary authorities of the care and thought. From the original simplicity, interest rate policies across the board, to the Watch for the three above in the current macroeconomic issues, will be able to play the role of precise control.

the sixth year the central bank to raise interest rates a sudden and surprise people. According to reports, the central bank decided to December 21, 2007 financial institutions to adjust the benchmark interest rate of RMB deposits and loans, including one-year benchmark deposit rate from the current 3.87% to 4.14%, an increase of 27 basis points.

from the time point of view, the interest rate is true that some accidents. CPI data published before November, because of its record 11 year high, the market had widely expected interest rate move will be followed. However, given the inertia of the market mode of thinking, the central bank has chosen to It is also why, the exchange rate policy will be the main selection tool, December CPI data will increase down other phrases became popular, which seems to explain to some extent the central bank's silence moves. However, the end of the year happens in the market to gradually raise interest rates again,

interest rate for this time of the accidental introduction of the reasons that can be analyzed from two aspects: first,[link widoczny dla zalogowanych], the Central Economic Work Conference to determine monetary policy from After all, by raising interest rates to corporate financing costs and the cost of deposits out, play the role of inhibition of over-investment. Second, the effect of interest rate policy has been controversial. As the prices of agricultural products mainly derived from the cost of driving, the simple rate increases will not help increase the supply of agricultural products, they may increase their production costs, as the factors pushing prices upward. Central bank governor Zhou Xiaochuan has expressed some recognition for this, he said,

Thus, the introduction of its rate increases is normal, but the effects of policies to make better and avoid the ineffective and even contrary to the results, we need the central bank to raise interest rates in the ratio of the concrete consider consuming. Perhaps, it is therefore time to delay the rate hike expectations in the market inertia.

This also explains the rate hike and the biggest difference to the times, that changes in interest rates for deposits and loans of all files can be described as In addition to being regarded as the one-year benchmark interest rates according to conventional deposit rates increased by 27 basis points, the rest of the file changes in interest rates are falling instead of rising, down from 0.81% to 0.72%; the second is the basic rate of deposit and loan interest rates to follow the raised the deposit rate is only 9 basis points; third is larger than demand deposits, interest rates increase the interest rate increase over the same period, deposit and loan spreads narrowed.

from such arrangements for some complex changes in interest rates, we can appreciate the monetary authorities of the care and thought. From the original simplicity, interest rate policies across the board, to the

Aspect for the preceding three in the current macroeconomic issues, will be able to play a role in precise regulation:

--- demand deposits did not rise anti-drop for the market the most liquid funds. The flow of a large number of bank deposits before the stock and property markets, the central bank has been seen as keen to push up asset prices and the factors which speculation, these funds mostly in the banking system in the form of demand deposits. The decrease in demand deposits, while interest rates interest rates, financial stability and to attract back some of the banking system and avoid a lot of money flow between the different market impact.

--- lending rate to take For owner-occupied types of buyers, the effect of raising interest rates five times during the year will be embodied in the next year, after New Year's Day, which is the micro of the housing demand; macro, which will be formed in the integrity of the banking system's financial risk and worry brought about social issues. It is worth mentioning that five years after the rate hike lending rate remained unchanged, which can avoid further negative impact on home loans group, play the role of emotional social stability.

--- direct deposit and loan spreads narrowed hit the lead to This year, the M2 money supply growth rate far exceeds the number of regulated sectors expected, the reason is the commercial bank lending impulse. However, any move of commercial banks are to fame and fortune for the purpose of deposit and loan spreads finally led to the temptation to over-lending problems. Deposit and loan spreads so narrow, it can directly inhibit the scale of commercial bank credit, to play the role of inhibition of over-investment.

for the operation of capital markets, the impact of the policy of raising interest rates also can be described as diverse. The timing of the unexpected interest rate increase, combined with the capital market itself popular quiet, which may be made in the short term over-reaction. Side effects from the financial perspective,[link widoczny dla zalogowanych], the decline in demand deposits, interest rates will make some of the capital market, But standing in an open market point of view, the domestic interest rate increase after the one-year deposit rate is 4.14%, which is just cut interest rates after the US federal benchmark interest rate to 4.25% has been basically flat. For the purposes of foreign hot money, through various channels to enter the territory for the appreciation of the currency and capital markets revenue gains double impulse will become larger, which will increase the overall supply of funds in the market. In addition, the rate hike on the recent market volatility in the banking and real estate sector is concerned, the formation of structural differences. Banking sector due to narrowing of deposit and loan spreads are more significant impact, real estate because the lending rates are lower overall rate of increase, especially in long-term lending rates remained unchanged, and thus less affected.

sum up, the. And because of its