拓宽货币政策逆周期调节空间

Core Viewpoint - The People's Bank of China emphasizes the importance of maintaining reasonable interest rate relationships to enhance the effectiveness of monetary policy and reduce arbitrage opportunities in the financial system [1][2]. Interest Rate Transmission Mechanism - The report discusses the transmission mechanism of policy interest rates through the financial system to various market rates, highlighting the need for a market-oriented interest rate system to function effectively [1]. - It is noted that different financial instruments have varying characteristics, leading to a diverse range of interest rates and the formation of price relationships [1]. Key Interest Rate Relationships - The report identifies several critical interest rate relationships that require attention: - The relationship between central bank policy rates and market rates, where market rates should align closely with policy rates to ensure effective transmission [3]. - The relationship between asset and liability rates of commercial banks, where discrepancies can compress net interest margins and affect banks' ability to support the real economy [3]. - The relationship between different asset yields, emphasizing that the financing costs for the same entity should not diverge excessively between bond yields and loan rates [3]. - The relationship between short-term and long-term rates, which should maintain a reasonable term spread [3]. - The relationship between different risk rates, where higher credit ratings should correspond to lower financing costs, ensuring adherence to risk pricing principles [3]. Regulatory Measures and Future Directions - Recent regulatory efforts have aimed to stabilize banks' net interest margins and manage interest rates effectively, with noticeable improvements [4]. - The central bank plans to continue monitoring the identified interest rate relationships and implement measures to ensure compliance with self-regulatory mechanisms, including the establishment of reporting mechanisms for deposit rates and loan pricing [4]. - Ongoing assessments of financial institutions' adherence to interest rate policies will be conducted to maintain reasonable net interest margins and expand the counter-cyclical adjustment space for monetary policy [4].