春节前,央行逆回购大量投放,并开展分支行常备借贷便利操作试点,“双管齐下”彰显了维护春节时点货币市场平稳过渡的决心。很多分析人士指出,春节前的资金投放并非货币政策真正放松、更不是货币政策“拐点”。申银万国证券研究部门认为,回顾过去两年央行政策态度及操作,可以看出,央行针对经济转型而致力于降低社会融资增量、限制M2增 Before the Spring Festival, the PBOC reversed the repurchase in large numbers and piloted the pilot operation of standing branch loans. The “two-pronged approach” demonstrated the determination to maintain a smooth transition in the money market during the Spring Festival. Many analysts pointed out that the fund launching before the Spring Festival is not a real easing of monetary policy, nor is it a “turning point” in monetary policy. Shenyin & Wanguo Securities Research Department believes that reviewing the attitude and operation of central bank policies over the past two years, we can see that the central bank is committed to reducing the increment of social financing for economic restructuring and limiting M2 growth