稳定资金供给 央行调降外汇存款准备金率至8%

Core Viewpoint - The People's Bank of China (PBOC) announced a 1% reduction in the foreign exchange deposit reserve ratio, lowering it from 9% to 8%, effective May 15, 2022, to enhance the foreign exchange fund utilization capacity of financial institutions [1][3]. Group 1: Impact on Foreign Exchange Market - The reduction in the foreign exchange deposit reserve ratio is expected to increase the supply of foreign exchange in the market, stabilize market expectations, and support the stability of the RMB exchange rate [1][3]. - As of the end of March, the foreign currency deposit balance was $1.05 trillion, meaning the 1% reduction could release approximately $10.5 billion in foreign exchange liquidity [1][3]. - Following the announcement, both onshore and offshore RMB exchange rates against the USD rose, with the onshore rate at 6.5498 and the offshore rate at 6.5784 as of April 25 [4]. Group 2: Economic Implications - The reduction is seen as a measure to stabilize the foreign exchange market and provide more foreign exchange funds to meet the needs of the real economy and domestic entities for repaying foreign debts, especially amid significant economic downward pressure [2][4]. - The cautious nature of the 1% reduction is noted, especially compared to previous increases in the reserve ratio in 2021, indicating that further adjustments may be considered by monetary authorities to stabilize the exchange rate [2][4].