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从影响1997年股市的若干具体因素来看,刺激和抑制股市成长的政策因素并存。刺激因素和抑制因素效应释放、削减的结果,仍将使股市总体沿着稳中求进的道路发展。一、如何看待调低准备金率。目前,央行调低法定准备金率看来只是个时间问题。从理论上讲,调低法定准备金率的政策效果相当于扩大货币供应量和降低利率。就此而言,其对股市的利好推动是无疑的。但是中央银行权威人士已明确宣布,在降低准备金率的同时,将采取等额收回对国有商业银行
From the specific factors that affect the 1997 stock market, the policy factors that stimulate and suppress the growth of the stock market co-exist. Stimulation factors and inhibitory effect of the release of the result of the reduction will continue to make the stock market along the road to steady growth. First, how to reduce the reserve ratio. At present, the central bank to reduce the statutory reserve ratio seems only a matter of time. Theoretically, the policy effect of lowering the statutory reserve ratio is equivalent to expanding the money supply and lowering interest rates. In this regard, its positive promotion of the stock market is undoubtedly. However, authorities of the central bank have clearly announced that while reducing the reserve ratio, they will take the same amount of repayment on the state-owned commercial banks