5月18日,央行同时宣布三项政策,即将人民币兑美元的即期市场波动幅度由3‰上调至5‰,今年以来第五次提高存款准备金率,及第二次提高存贷款基准利率。央行三管齐下的原因,正如我们在5月份月报中指出的那样,主要是经济出现过热趋势和资产价格有过度泡沫化的趋势。事实上,4月份有关经济金融数据进一步证实了这一点。在央行今年以来出台的一系列紧缩 On May 18, the central bank also announced three policies: raising the spot market volatility of RMB against the US dollar from 3 ‰ to 5 ‰, raising the deposit reserve ratio for the fifth time this year and raising the benchmark deposit and lending interest rate for the second time . The reason for the central bank's three-pronged approach is, as we pointed out in the monthly report in May, mainly the trend of overheating in the economy and over-bubble in asset prices. In fact, the economic and financial data in April further confirmed this point. A series of austerity measures have been issued by the central bank this year