This time, the targeted reduction of the deposit reserve ratio is in line with the tone of monetary policy to increase physical support. Huatai securities research report believes that before the RRR cut, the regulatory authorities have repeatedly released signals. First of all, inclusive finance's assessment of the directional reduction of the deposit reserve ratio is a "prescribed action" at the beginning of the year; Secondly, there has been a slight fluctuation in funds recently, and fluctuations in overseas financial markets have been transmitted to domestic financial markets. From the perspective of global central bank coordination and ensuring domestic liquidity stability, it is necessary to reduce the deposit reserve ratio in a targeted manner; Thirdly, this month's LPR quotation is just around the corner, and the RRR cut before the quotation will help guide expectations and reduce costs for banks, thus driving LPR to continue to decline.
"RRR has started to cut interest rates at the beginning of this year, and the interest rate of LPR is also falling. Coupled with the landing of this RRR cut, it fully shows that the cycle of liquidity relaxation in this round will be further extended. " Xu Yang, chairman of Shanghai Rong Information Consulting, said in an interview that while maintaining reasonable and sufficient liquidity and increasing the scale of monetary credit and social financing, monetary policy will continue to reduce the financing cost of the real economy.
The changes in the sales prices of commercial housing in 70 large and medium-sized cities in February 2020 released by the National Bureau of Statistics show that the real estate market prices in 70 large and medium-sized cities rose steadily in February. Housing prices of new and second-hand houses have risen, and the number of cities has decreased significantly compared with last month. In particular, the second-hand housing price index rose for the first time in February after being positive for 58 consecutive months.
Will the directional reduction of the deposit reserve ratio have an impact on the real estate industry? Yan Yuejin, research director of the think tank center of Yiju Research Institute, believes that RRR's previous interest rate cuts have actually had different degrees of impact on the real estate market. The current RRR interest rate cut policy has released more relaxed liquidity, which makes the loan amount of commercial banks more adequate. Combined with the previous LPR reform, it should be said that the amount of funds and interest rate in the loan market are in a very good state, which has also played a positive role in the development of the real estate market.
Yan Yuejin said that the increase in the loan amount of commercial banks objectively makes the motivation to reduce the down payment even greater. Since real estate credit assets are relatively high-quality assets, from the perspective of banks hedging non-performing assets, it will objectively strengthen the issuance of mortgage loans, especially by reducing down payment to promote the formation of more mortgage business. At the same time, the loan interest rate will be further lowered, which will provide more funds and liquidity for commercial banks. Therefore, objectively speaking, it is also possible to take the initiative to reduce the loan interest rate, or the preferential treatment and preferential intensity of buying a house in the near future will increase.
"In the follow-up business operation of real estate loans, it has become very important to prevent funds from illegally entering real estate. For example, there is the possibility of down payment in the near future. In the future, it is necessary to prevent such illegal lending behavior and further introduce mortgage resources into reasonable housing consumption demand. " Yan Yuejin said that every time monetary policy is adjusted, the housing sales market is prone to agitation. Therefore, we should be alert to price speculation in the near future, especially to prevent price gouging, so as to further promote the stable and healthy development of the real estate market.