Looking at the economy from a distance (Ma Guangyuan): The purpose of lowering interest rates and RRR is to save the stock market. Traditionally, after the People's Bank of China provides liquidity through other monetary instruments, the policy will not immediately reduce RRR and cut interest rates, but wait until the semi-annual report is released in mid-July. There is only one reason for announcing the emergency interest rate cut and RRR interest rate cut on Saturday, which is to prevent the stock market from plummeting on Monday and apologize to the market. Judging from the time, it should be an urgent decision made by the relevant departments at an emergency meeting.
Teng Taizhong, chairman of Wanbo Brothers Asset Management Company, said, "Under the background that real estate and manufacturing investment are still sluggish and ppi and cpi are running at a low level, continuing to cut interest rates and RRR is an indispensable policy component for steady growth. Only by ensuring the moderate liquidity of the real economy and reducing the cost of social financing to a level that enterprises can bear can residents' consumption and independent investment of enterprises be truly activated. Therefore, the trend of loose monetary policy has not changed, but the pace of interest rate cuts and RRR is different. "
Institute of International Finance, Bank of China: It is rare for the central bank to cut interest rates and RRR at the same time. The rare simultaneous interest rate cuts and RRR cuts in history highlight two characteristics: one is the directional reduction of the deposit reserve ratio, and the other is the general interest rate cuts. The logic is that the current social mobility is generally not tense, and the shibor interest rate is still at a historical low. However, the reduction of RRR in agriculture, rural areas and small and micro enterprises highlights the policy support for these areas. At the same time, the high cost of social financing is not conducive to the production and operation of enterprises, and is not conducive to steady growth. It is intended to guide the whole social cost by lowering the benchmark interest rate. From a macro perspective, although the data showed signs of stabilization and positive factors increased in May, the foundation was still unstable and the downward pressure was still great. The basic logic of reducing interest rate and RRR is steady growth, followed by structural adjustment.