央行下调金融机构外汇存款准备金率两个百分点

Core Viewpoint - The People's Bank of China (PBOC) has decided to lower the foreign exchange deposit reserve ratio by 2 percentage points, from 8% to 6%, effective September 15, 2022, to enhance the foreign exchange fund utilization capacity of financial institutions [1] Group 1: Policy Changes - The reduction in the foreign exchange deposit reserve ratio is aimed at increasing the liquidity of US dollars in the market and improving the foreign exchange fund utilization capacity of financial institutions [1] - This is the second time in the year that the PBOC has lowered the foreign exchange reserve ratio [1] Group 2: Market Impact - The recent depreciation of the Renminbi against the US dollar, which has seen a decline of 2.3% since August 15, signals the importance of the PBOC's decision in stabilizing market expectations for the Renminbi [1] - Analysts believe that the adjustment will help alleviate the depreciation pressure on the Renminbi against the US dollar, especially as the exchange rate approaches the critical level of 7.0 [1][2] Group 3: Economic Context - The overall domestic economy is in a recovery phase, and the international balance of payments is expected to maintain a significant surplus, making it difficult for depreciation expectations of the Renminbi to gather momentum [2] - The PBOC's deputy governor noted that the current operation of the Chinese foreign exchange market is normal, with orderly cross-border capital flows, and the impact of US monetary policy is manageable [2]