论文部分内容阅读
先有国务院常务会议重申降成本,后有新股发行引发利率脉冲,在这个敏感的时点,宽松预期持续发酵在情理之中,央行积极的回应则有些出乎意料。11月19日政策再次聚焦“融资难,融资贵”的问题,并提出了新的“融十条”。其中,增加存贷比弹性、加快股票发行注册制改革、加快从贸易开放到资本开放等举措较为引人关注。实际上,目前“融资难,融资贵”并非总量问题,而是结构问题,这从货币市场利率走势便可看出。尽管央行今年采取了诸多定向宽松措施,但三季度贷款利率仍在上行。经济趋弱,实体经济融资利率依然偏贵。
The first State Council executive meeting reiterated the cost down, after the issue of new shares triggered the pulse of interest rates, at this sensitive time, loose expected sustained fermentation in the reasonable, the central bank’s positive response is somewhat unexpected. On November 19, the policy once again focused on the issue of “financing difficulties and high financing costs”, and put forward a new “financial ten”. Among them, increasing the flexibility of deposit-loan ratio, accelerating the reform of the stock issuance registration system, accelerating the trade from opening to capital initiatives such as more concerned about. In fact, at present, “financing is difficult and financing is expensive.” It is not a question of the total amount, but an issue of structure. This can be seen from the trend of interest rates in the money market. Although the central bank adopted many targeted easing measures this year, the lending rate is still on the rise in the third quarter. Weak economy, real economy financing interest rates are still more expensive.