印度央行流动性注入遇阻，外汇干预抵消宽松效果

Core Viewpoint - The Reserve Bank of India (RBI) has implemented a phased reduction in the Cash Reserve Ratio (CRR) to release liquidity, but the actual impact has been significantly lower than expected [1] Group 1: CRR Reduction Details - The RBI announced a total reduction of 100 basis points in the CRR from September to November, aiming to release approximately ₹2.5 trillion in liquidity to the banking system [1] - As of now, analysts indicate that only about ₹1.25 trillion in liquidity has been released, which is far below the initial target [1] Group 2: Market Implications - Despite the RBI's efforts, the banking system continues to face tightening liquidity pressures, leading to increased short-term interest rate risks [1]