Initial Directional Downgrade Releases 550 Billion Long-Term Funds

Implemented on March 16, the targeted reduction of the target bank to 0.5 to 1 target, another targeted reduction of eligible stock banks and another replacement for the global capital market. The impact of the epidemic on the internal market has also appeared in the February financial data. Under this background, China has gradually targetedStandard reduction came as scheduled.  On March 13, it was preliminarily announced that it decided to implement a targeted reduction in inclusive finance on the 16th, and a reduction in the targeted reduction of 0 for banks that meet the assessment criteria.5 to 1 advantage.In addition, the qualified joint-stock banks will be additionally targeted to reduce the quota by one alternative to support the issuance of loans in the inclusive financial sector.A total of 550 billion yuan of long-term funds have been released through the above targeted reduction.  The Air Force United States has cut interest rates urgently and announced two votes to be issued.With 5 trillion USD liquidity, the European expansion also announced the expansion of QE scale.Almost all other countries have aided the expansion of the city. China has gradually made it clear in the announcement that the implementation of targeted RRR cuts is to support the development of the real economy, and the monetary policy “puts support for the recovery of the real economy in a prominent position” without flooding.  An additional 55 million yuan to alleviate the difficulties This directional RRR cut has been brewing for a long time.At the press conference of the State Council Office on February 27, Liu Guoqiang, the vice president of the transition, disclosed that he would lower the standard for banks that meet the standards of inclusive financial services.The Executive Meeting of the State Council on March 10 put forward the introductory measures for inclusive reduction of inclusive finance, and increased the reduction of shareholding banks.  ”Inclusive reduction of inclusive finance is urgent and necessary.Pan Helin, executive dean of the Digital Economic Research Institute of Zhongnan University of Economics and Law, told the sauna and Yewang that the sudden emergence of the new coronary pneumonia has caused a significant impact on the economy. At present, all aspects of the resumption of production and production have not yet been fully coordinated.There is a block transfer, and the demand for the real economy is weak.In particular, many small and micro enterprises and individual industrial and commercial households still face survival and production difficulties, requiring greater efforts and more precise financial relief.  The first price cut to the stock bank will be reduced by another copy, which is also a manifestation of the precise investment of funds.Guo Tianyong, director of the Banking Research Center of the Central University of Finance and Economics, told reporters that between large state-owned banks and city commercial banks among joint-stock banks, the operation is autonomous and highly complex, and business innovation capabilities are relatively strong, especially in retail, small and micro enterprises.The business has done relatively well, the market share of the business is relatively high, and the business development is relatively mature.  Since the opening of the financial market in early February, it has gradually provided 300 billion special re-loans, 500 billion re-loans, and then discounted the special quota, and through the reduction of agricultural support, small re-interest rates of 25 basis points and open market operations, etc.Billion liquidity.The color of the chief economist of Founder Securities said that the forthcoming directional RRR cut is a “supercharged version”, releasing long-term funds of 550 billion US dollars. In the current global stock market turmoil, it is conducive to maintaining sufficient liquidity in the market and also conducive toStabilize investor confidence.  How will the targeted RRR cut affect A shares?  Jiang Han, a senior scholar at Pangu Think Tank, believes that judging from the results of the country ‘s targeted downgrade in recent years, most of the downgrade funds are still relatively clearly flowing into the real economy needs, so there are good reasons to believe that this targeted downgrade will notToo many direct impacts on stock market transactions, but the targeted reduction of standards to help companies further develop, will also indirectly drive investment demand in the capital market.  Expert: In the future, it will not rule out the spread of the comprehensive RRR cut and the “interest rate cut” to the overseas new coronary pneumonia epidemic. The global interest rate cuts are on the rise again, and the intensity has been strengthened, and the room for monetary policy adjustment has also intensified.  Color predicts that in order to further reduce financing costs and support enterprises to survive the impact of the epidemic, overall monetary policy will remain more reasonable and sufficient, and there may still be two opportunities for full reductions this year.According to public information, in January of this year, the transition had undergone a comprehensive RRR cut and the deposit reserve ratio of financial institutions was lowered by 0.Five totals, releasing more than 800 billion yuan.  Guo Tianyong believes that the possibility of a comprehensive RRR cut is not ruled out, but the release of liquidity must consider both the scale and the structure. Directed RRR cuts are more structurally beneficial. A comprehensive downgrade will worry about capital flows to real estate and overcapacity projects.This is what the current budget policy does not want to see.The preliminary release is also expected to implement a prudent monetary policy, be more flexible and appropriate, do not flood the water, balance the internal and external balance, and maintain reasonable and sufficient liquidity.  Li Xunlei, chief economist of Zhongtai Securities, said in an interview with Yeenet that the recent decline in the US market has led to an impact on internal liquidity. The resulting directional RRR cut has released US $ 550 billion in liquidity, which is also prepared.There is still room for a full-scale RRR cut and “interest rate cut” in the next step, but it must be implemented in phases. If the gradual data in March drops back, it may be more secure to lower the interest rate for MLF (gradual lending facility) operations.  Some officials also predicted that the “rate cut” would be earlier.Weighing in colors, the world has entered into monetary easing, the US once again cut interest rates locally, and certain monetary policy room for interest rate cuts is completely open.Although the peak of the domestic epidemic has passed and is gradually being controlled, the domestic stock market is still suffering from the shock of the overseas market plunge.If the domestic stock market continues to decline, the MLF interest rate may increase by 10 basis points next week.Among them, the one-year MLF may be reduced by 10 basis points, and the five-year period will be reduced by 5 basis points.The data shows that in February this year, it is expected that the reverse repurchase and MLF interest rates have been lowered successively, driving the LPR (loan market quoted interest rate) quotation down in February.  Sauna, night net Cheng Weimiao ■ Background Global stock market tilting meltdown tide A-shares opened lower rebounding a week in 12 countries stock market meltdown, unprecedented U.S. meltdown twice in a week Since the Middle East oil price “black swan” flew last weekend, many stock assetsA century of rare sell-offs.Within a week, the stock market of at least 12 countries including the United States, Canada, Brazil, Philippines, South Korea, Thailand, Indonesia, Pakistan, Kuwait, Mexico, Sri Lanka, and Japan triggered the fuse mechanism.U.S. stocks suffered a second blowout this week, unprecedented.  Among them, the United States triggered the fuse mechanism twice within a week, three times in history, and twice this week.As of March 12, Beijing time, the three major US stock indexes closed down more than 9.4%, fell into a technical bear market, and the largest one-day decline since October 1987.At 21:30 on March 13, Beijing time, the US stock market opened significantly higher, and the three major stock indexes rose by more than 5%.  However, on March 13, A-shares still went out of the independent market.On the same day, the three major indexes of Shanghai and Shenzhen opened lower, the A-share market rebounded in the afternoon, and the decline of the index continued to shrink. The GEM index fell to less than 1%.Eventually, the Shanghai index fell by 1.23%, reported 2887.43 points; Shenzhen index fell 1% to 10831.13 points; GEM index fell 0.75%, reported to 2030.58 points.  The stock market in 12 countries triggered a fuse mechanism in the week. The first fuse in this fuse occurred in the Middle East stock market.On March 8, affected by the oil price war in the Middle East, the stock markets in the Middle East generally plunged, the Saudi stock market plummeted, Saudi Aramco broke, and the Kuwait stock market fell more than 10% intraday, triggering the first meltdown.On Monday, the Kuwaiti stock market melted again.  Subsequently, the U.S. stock market suffered two meltdowns in a week, unprecedented.  On March 9, Beijing time, only 1 minute after the opening of the US stock market, the S & P 500 index fell by 7%, triggering the fuse mechanism, the three major stock indexes-Dow Jones index, Nasdaq index, S & P 500 trading suspension for 15 minutes.On March 12 (Beijing time) after three days, US stocks opened only 5 minutes, the S & P 500 index fell to 7%, triggering the second meltdown this week, US stocks suspended trading for 15 minutes, which is also the third in the history of US stocks.Times fuse.As of March 12, Beijing time, the three major stock indexes closed down more than 9.At 4%, the three major stock indexes all fell into a technical bear market and the biggest one-day drop since October 1987.  In addition to the United States, the Brazilian stock market also experienced three blows this week, including two blows in one day.  Yesterday’s Asia-Pacific stock market also set off a melting tide. Japan TOPIX REIT index futures triggered another melting at 9:35 and 10:38 respectively.At 9:45, the Korean KOSPI index fell by more than 8%, triggering a fuse.At 11:01, Thailand’s SET stock index fell 10%, triggering a fuse.At 11:53, the Indian stock index hit a fuse, the rating fell by 10%, and the Indian stock index suspended trading for 45 minutes.At 12:30, the Pakistan stock index plunged, triggering a fuse.At 12:50, the Colombo Stock Exchange of Sri Lanka suspended the trading for 30 minutes due to the plunge in the stock market, triggering the fuse mechanism.  Asia-Pacific stock markets generally closed down yesterday.The Asia-Pacific stock market closed down sharply, and the Korea Composite Index fell by 3.45%, reported to 1771.At 11 o’clock, this week it gradually declined by 13.21%; Nikkei 225 index closed down by 6.08%, reported to 17431.At 05 o’clock, this week it gradually decreased by 15.99%, the largest weekly decline since the week of October 10, 2008; the Australian ASX200 index rose by 4.42%, reported to 5539.At 3 o’clock, this week gradually dropped by 10.89%; New Zealand’s NZX50 index fell 4.90%, reported 9826.At 86 points, this week it gradually declined by 14%.  The three major A-share indexes bottomed out yesterday afternoon, the Shanghai and Shenzhen Index bottomed out, the Shenzhen Index and the ChiNext Index once turned red.As of 13:18, the GEM index was the first to turn red and rose by 0.03%; Shanghai index fell 0.72%; GEM index rose by 0.25%.  In terms of sectors, the “new infrastructure” sector led the Shanghai and Shenzhen markets.In the early trading UHV sector, Tongda shares rose and stopped in a straight line, terminating the closing, TBEA, Tongguang Cable, Tongda shares, Xu Ji Electric, China West Electric, Zhiguang Electric, Changgao Group, Sifang, PinggaoZhongyuan shares, Han cable shares have daily limit.  Semiconductors are actively resisting the adversity. Dinglong shares in the sector, A Shichuang, Jianghua Micro, Jingrui shares have daily limit, Zhonghuan shares, and Yanxin materials have increased significantly.Textile and apparel, home appliances, and non-ferrous metal sectors led the decline in Shanghai and Shenzhen.  Sauna, night net Zhang Siyuan The list of rescue measures in various countries in the world The final result, there have been Spain, Italy, the United Kingdom, South Korea, Turkey and other five countries announced the ban on short measures.  On March 3, the Fed announced an emergency interest rate cut, lowering the target range of the federal funds rate to 1.0% -1.25%.  In the US stock market on Thursday, the New York Federal Reserve announced that it will conduct a $ 500 billion 3-month repurchase operation on Thursday; on Friday, it will conduct a further $ 500 billion 3-month repurchase operation, as well as $ 500 billion1 month repurchase operation.From this calculation, the cumulative emergency budget of the two-stage New York Fed is at least 1.5 trillion USD liquidity.  On March 11, the UK initially announced an emergency cut of 50 basis points, which will be 0 before.75% interest rate interest rate 0.25%, the lowest level in the history of Britain.  On March 12, the European Central Bank decided to expand quantitative easing. By the end of the year, it will add an additional 120 billion euros in asset purchases and start a new long-term refinancing operation (LTRO).  Yesterday, South Korea ‘s Ministry of Finance official was competent, and the South Korean transition and government are paying close attention to South Korea ‘s foreign exchange liquidity.If necessary, South Korea will take further action to stabilize the stock market, and will take measures to stabilize the foreign exchange market if necessary.  The Bank of Japan conducts unplanned open market operations to provide securities1.5 trillion yen in liquidity, and bid to buy 200 billion yen of Japanese bonds.  Finishing / Sauna, Night Net Gu Zhijuan Sauna Night Net Mapping / Xu Xiao