The central bank has lowered foreign exchange deposit reserve rate to 6%

The central bank has lowered foreign exchange deposit reserve rate to 6%

This is the second time the central bank has lowered the reserves of foreign exchange deposits and releasing multiple policy signals such as stable foreign exchange market expectations

The People's Bank of China (hereinafter referred to as the "central bank") is expected to stabilize the market. On September 5th, in order to improve the ability of foreign exchange funds for financial institutions, the central bank decided that from September 15, 2022, the foreign exchange deposit reserve ratio of financial institutions was 2 percentage points, that is, the foreign exchange deposit reserve ratio was reduced from the current 8%to 6 %.

This is the second time that the central bank has lowered foreign exchange deposit reserve rate during the year. Earlier, the central bank announced on April 25 that "from May 15, 2022, the foreign exchange deposit reserve ratio of financial institutions was reduced by 1 percentage point, that is, the foreign exchange deposit reserve ratio was lowered from the current 9%to 8%. "

Pang Ye, chief economist and director of research department of the Zhongliang Bank of China, told a reporter from the Securities Daily that the reserves of the foreign exchange deposits of financial institutions at this time can improve the ability to use foreign exchange funds in financial institutions and strengthen financial use of financial institutions and strengthen financial financial use. Institutional foreign exchange liquidity management, release part of some foreign exchange liquidity, regulate the supply and demand relationship of the foreign exchange market, and fluctuate the smooth foreign exchange market. More importantly, this clearly releases a policy signal that is basically stable at a reasonable and balanced level at a reasonable balance in a reasonable balance in a reasonable and balanced level. Waiting for the purpose.

Pang Ye further stated that this policy movement shows that the relevant departments have ironed market fluctuations and maintain the confidence and determination of the policy goals of exchange rates to stabilize the policy.

Wen Bin, chief economist of Minsheng Bank, said in an interview with the Securities Daily reporter that the reduction of foreign exchange deposit reserve ratio of financial institutions means that the reserve for domestic financial institutions for foreign exchange deposits will be reduced, which will help increase the US dollar in the market in the market. Lobricity and improving the ability of foreign exchange funds for financial institutions are conducive to the stability of the RMB exchange rate.

Wind data shows that the US dollar index has recently moved up strongly. On September 1st, it once touched 110, which was the first time since June 2002. On September 5th, it rose to 110.2818, renewal high. The RMB exchange rate against the US dollar was under pressure. On September 5, the off -shore RMB's minimum exchange rate to the US dollar was 6.95457, and the minimum exchange rate of the RMB against the US dollar reached 6.9445.

"It is currently affected by the Fed's accelerated tightening of monetary policy. The US dollar index once broke through the 110 mark, triggering the devaluation of the Passiveness of the RMB against the US dollar. The central bank's move to release a positive signal to the market, which is conducive to stabilizing the RMB exchange rate expectations and avoiding irrational overruns." Wen Bin said.

It is worth mentioning that at the routine blowing meeting of the State Council's policy held on September 5, Liu Guoqiang, vice president of the central bank, said in response to the RMB exchange rate. The degree of recognition will continue to increase, which is a long -term trend. Two -way fluctuations in the short term are a normal state, and there will be no "unilateral cities", but the point of the exchange rate is not allowed. Don't bet on a certain point.

Under the "new normal" of the elasticity and amplitude of the two -way fluctuations of the RMB exchange rate, Pang Yan suggested that the market entity should establish the concept of exchange rate risk neutrality, avoid deviating from the risk -neutral "speculation" behavior, adhere to stable operations, strengthen risk prevention prevention Consciousness and abilities, do a good job of risk assessment, reasonable and prudent transactions, appropriately set the exchange rate exposure and control currency mismatch, and reasonably arrange the structure of asset -liability currency.

Dongfang Jincheng chief macro analyst Wang Qing said in an interview with the Securities Daily that it is expected that the next RMB will be mild in the depreciation of the US dollar, and a basket of exchange rate index will continue to be strong. In fact, in the context of the overall restoration of the domestic economy and my country's international revenue and expenditure will maintain a large surplus, the exchange rate factor during the year will not form a substantial constraint on the flexible adjustment of macro policies.

(Editor in charge: Zhang Ziyi)

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