央行解读五组利率比价关系，专家：存款搬家说法不准确

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 facilitate the transmission mechanism of monetary policy [1][2]. Group 1: Importance of Interest Rate Relationships - Interest rates and their relationships are crucial for macroeconomic balance and resource allocation, requiring a well-functioning market-oriented interest rate system [1]. - The central bank's guidance on interest rate relationships is a key measure to improve the modern monetary policy framework in China [1][2]. Group 2: Key Interest Rate Relationships to Monitor - The relationship between central bank policy rates and market rates is vital; deviations can hinder the effectiveness of interest rate transmission [5]. - The relationship between asset and liability rates of commercial banks is important, as discrepancies can compress banks' net interest margins and limit their support for the real economy [5]. - The relationship between different asset yields, such as loans and bonds, should not diverge excessively for the same entity, reflecting the need for coordination among financial markets [5][6]. - The relationship between short-term and long-term interest rates reflects term premiums, and banks should maintain reasonable term spreads [6]. - The relationship between different risk rates indicates risk premiums, where higher credit ratings should correspond to lower financing costs [6]. Group 3: Recent Trends and Adjustments - The central bank has been actively correcting temporary deviations in interest rate relationships to ensure effective monetary policy transmission [4][7]. - Recent trends show a slowdown in household deposit growth and an increase in non-bank deposits, attributed to asset reallocation based on changing return rates [9][10]. - Investors are increasingly converting savings into other assets as deposit rates decline, indicating a dynamic reallocation of assets [10]. Group 4: Future Directions - The central bank aims to continue transforming the monetary policy framework, focusing on price-based regulation and enhancing the effectiveness of interest rate adjustments in resource allocation [10].