存款准备金制度

Search documents
三大视角深度解析海内外中央银行差异
Southwest Securities· 2025-09-23 10:12
Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The differences in central bank systems between domestic and overseas are systematic in deposit reserve systems, accounting system frameworks, and financial regulatory mechanisms, reflecting different economic structures, financial market development stages, and policy goals [3][75]. - These differences are rational choices based on each country's economic development stage, financial market structure, legal system tradition, and policy goal priorities. Developed countries tend to adopt market - led institutional arrangements, while emerging market countries focus more on policy execution, risk prevention, and system stability [75]. - In the future, with the further integration of global financial markets and enhanced macro - policy coordination, central banks may learn from each other's experiences while maintaining their own characteristics to optimize monetary policy frameworks and financial regulatory systems [75]. 3. Summary According to the Catalog 3.1海内外存款准备金制度的异同 - **Historical and Current Significance of Deposit Reserve System** - Historically, it was a fundamental tool for quantitative regulation, controlling inflation and preventing bank runs by limiting banks' lending capacity [8]. - Currently, it serves as a tool for structural regulation and liquidity management, with functions such as adjusting liquidity, supporting key areas, performing counter - cyclical regulation, and guiding market expectations [8]. - **Overseas Deposit Reserve System Status** - **Countries with 0% Reserve Requirement**: The US, UK, Australia, and Canada have a 0% legal deposit reserve requirement. Their monetary policy has shifted from quantitative to price - based, with the marginal role of legal reserves significantly reduced [9][13]. - **Japan and South Korea**: They still maintain the legal deposit reserve system, with rates ranging from 0% - 1.3% in Japan and 0% - 7% in South Korea. They keep it as a "base" and operational support for payment and settlement stability and special - period adjustments [19]. - **Domestic Deposit Reserve System Status** - **"Implicit Lower Limit" of 5%**: It reflects the central bank's "psychological bottom line" in the quantitative monetary policy framework. The reserve system has shifted from a "strong constraint" to a "weak constraint" on bank leverage [23]. - **Significance**: It provides a macro - level buffer for the indirect - financing - based financial system, offers policy space for counter - cyclical adjustment, and is suitable for the current monetary policy operation framework [23]. - **Potential Directions**: The system is likely to be retained. A more feasible short - term path is to unify standards before discussing breaking the "implicit lower limit." Introducing inventory cash as a reserve alternative could release liquidity [26]. 3.2海内外央行会计制度的异同 - **Differences in Central Bank Balance Sheet Items** - **Asset Side**: China's central bank's assets are mainly foreign exchange assets and claims on financial institutions, while those of the US, EU, and Japan are more concentrated in bond holdings, due to different money - issuing mechanisms [28]. - **Liability Side**: China includes currency issuance and financial institution deposits in the "Reserve Money" item, and currently has no "reverse repurchase agreement" item. Its main way of base - money injection is through adjusting the deposit reserve ratio [41]. - **Differences in Accounting Element Measurement Attributes** - **China**: It mainly uses historical cost for asset measurement, which helps maintain financial market stability and reduces workload [52]. - **Overseas**: Central banks use various methods such as amortized cost, historical cost, and fair value. The reasons include differences in policy goals, fiscal relationships, profit - distribution mechanisms, and legal systems [57]. 3.3海内外金融监管体系中宏观审慎与微观审慎的差异 - **US Financial Regulatory System** - **Macro - Prudence**: The Financial Stability Oversight Council (FSOC) is the core coordinating body, with the Fed providing stress - test data and other agencies providing relevant risk data [65]. - **Micro - Prudence**: Different agencies are responsible for the micro - prudential supervision of different financial sub - sectors, such as the OCC for national banks and the Fed for bank - holding companies [65]. - **China's Financial Regulatory System** - **Macro - Prudence**: Under the overall coordination of the Central Financial Commission, the People's Bank of China is the core executive department, responsible for most capital - market macro - prudential management outside the on - exchange market, and the China Securities Regulatory Commission is responsible for on - exchange market supervision [68]. - **Micro - Prudence**: Different agencies are responsible for the micro - prudential supervision of different financial sectors, such as the People's Bank of China for specific areas and the National Financial Regulatory Administration for most non - securities financial institutions [68]. - **Similarities and Differences between China and the US** - **Similarities**: Both countries have established higher - level committees for overall management, involve central banks in macro - prudence, and have commonalities in micro - prudential regulatory goals and indicators [73]. - **Differences**: China emphasizes centralized and unified management, with administrative coordination and window guidance in macro - prudence, while the US has a multi - agency, market - oriented, and legalized regulatory system [73]. 3.4结语 The differences in central bank systems between domestic and overseas are profound and diverse, which are rational choices based on different national conditions. In the future, international cooperation in the fields of digital economy, cross - border capital flow, and systemic risk prevention will be crucial for the construction of a more resilient and inclusive global financial system [75].
央行开展3612亿元7天期逆回购 本周净投放约1.37万亿元
Sou Hu Cai Jing· 2025-08-22 03:56
Group 1 - The central bank conducted a reverse repurchase operation of 361.2 billion yuan with a fixed interest rate of 1.40% on August 22, maintaining the previous rate [1] - The total net injection through reverse repos this week reached 1,365.2 billion yuan, significantly higher than the previous week, where operations exceeded 200 billion yuan on multiple days [1] - The increase in reverse repo operations is aimed at ensuring sufficient liquidity in the banking system to meet the demand for government bond issuance during the peak period in August and September [1] Group 2 - The central bank is expected to utilize various monetary policy tools, including reverse repos and MLF, to enhance liquidity management in the short to medium term [2] - Following the May reserve requirement ratio cut, the average reserve requirement ratio for financial institutions is 6.2%, with some rural small financial institutions facing a "hidden lower limit" of 5% [2] - There is an expectation for further reserve requirement ratio cuts and improvements in the reserve requirement system to enhance the policy adjustment function of reserve requirement tools [2]
政在发声丨央行超预期“双降”:货币政策体现“未雨绸缪” ,总量结构价格工具协同发力稳增长
2 1 Shi Ji Jing Ji Bao Dao· 2025-05-07 13:01
Monetary Policy Measures - The People's Bank of China (PBOC) announced a package of monetary policy measures, including a 0.5 percentage point reduction in the reserve requirement ratio (RRR), expected to provide approximately 1 trillion yuan in long-term liquidity to the market [1] - The policy rate was lowered by 0.1 percentage points, which is anticipated to lead to a similar decrease in the Loan Prime Rate (LPR) [1][2] - Structural monetary policy tools' rates were reduced by 0.25 percentage points, and the personal housing provident fund loan rate was also cut by 0.25 percentage points [1] Innovations in Financial Support - A significant innovation includes lowering the RRR for certain financial institutions, such as auto finance and financial leasing companies, to 0%, breaking the previously understood 5% implicit lower limit [3][4] - The establishment of a risk-sharing tool for technology innovation bonds aims to support direct financing for tech innovation, enhancing the PBOC's support for this sector [5] Economic Context and Future Outlook - The backdrop for these measures includes a 5.4% year-on-year GDP growth in Q1, but a decline in the manufacturing Purchasing Managers' Index (PMI) to 49.0% in April, indicating potential economic challenges [2] - Analysts expect further monetary easing, including potential additional rate cuts and RRR reductions, as the PBOC aims to maintain economic stability amid external uncertainties and domestic demand challenges [7][8]
央行宣布降准0.5个百分点!专家预测,后续还有下调空间
Bei Jing Shang Bao· 2025-05-07 04:14
Core Viewpoint - The People's Bank of China (PBOC) is implementing a series of monetary policy measures to support market stability and expectations, including a reduction in reserve requirements and interest rates to enhance liquidity and support specific sectors like technology and consumption [1][3]. Monetary Policy Measures - The PBOC will introduce three categories of ten monetary policy measures, focusing on quantity-based, price-based, and structural policies [1][3]. - Quantity-based policies include a 0.5 percentage point reduction in the reserve requirement ratio (RRR), expected to provide approximately 1 trillion yuan in long-term liquidity [3]. - Price-based policies involve a 0.1 percentage point reduction in policy interest rates, lowering the 7-day reverse repurchase rate from 1.5% to 1.4%, which is anticipated to lead to a similar decrease in the Loan Prime Rate (LPR) [3][4]. Structural Adjustments - The PBOC is refining the reserve requirement system for auto finance and financial leasing companies, reducing their RRR from 5% to 0% to enhance their liquidity and support credit supply in specific sectors [4][5]. - This adjustment aims to lower the funding costs for these institutions and improve their stability in providing financial support for automotive consumption and equipment investment [5][6]. Market Liquidity and Economic Context - Current market liquidity issues are primarily structural, necessitating a focus on long-term liquidity supply while reducing reliance on short-term liquidity tools [4]. - The average reserve requirement ratio for commercial banks was 6.6% prior to the recent reduction, indicating potential for further decreases in the future [6]. - Experts suggest that the reserve requirement ratio could be lowered to levels seen in developed countries, with a potential reduction space of 2 to 2.5 percentage points remaining [6].
中国人民银行行长潘功胜5月7日在国新办发布会上表示,完善存款准备金制度,阶段性将汽车金融公司、金融租赁公司的存款准备金率,从目前的5%调降至0%。
news flash· 2025-05-07 01:22
中国人民银行行长潘功胜5月7日在国新办发布会上表示,完善存款准备金制度,阶段性将汽车金融公 司、金融租赁公司的存款准备金率,从目前的5%调降至0%。 (金融时报) ...
潘功胜:完善存款准备金制度,阶段性将汽车金融公司、金融租赁公司的存款准备金率,从目前的5%调降至0%
news flash· 2025-05-07 01:20
Core Viewpoint - The central bank governor Pan Gongsheng announced a plan to improve the deposit reserve requirement system by temporarily reducing the reserve requirement ratio for auto finance companies and financial leasing companies from the current 5% to 0% [1] Group 1 - The reduction in the reserve requirement ratio aims to enhance liquidity for auto finance and leasing sectors [1] - This measure is part of a broader strategy to support the automotive industry and stimulate economic growth [1]