Macro comments
At 2 a.m. Beijing time on Thursday (March 17), the Federal Reserve announced its interest rate resolution for March. The Federal Reserve raised interest rates by 25 basis points to 0.25-0.5% as scheduled, which is in line with market expectations. This interest rate increase indicates that the Federal Reserve will start the process of raising interest rates many times this year. (wind) comments: under the background of the tightening of the Fed's policy, the open market operation of the Central Bank of China continues to make efforts. On March 15, the central bank launched a one-year MLF (medium-term lending facility) operation of 200 billion yuan and a 7-day open market reverse repurchase operation of 10 billion yuan. The bid winning interest rates were 2.85% and 2.10% respectively, which was the same as before. The MLF operating interest rate remains unchanged this time, which reflects that monetary policy still focuses on maintaining a balance between steady growth, risk prevention and inflation control. The special meeting of the financial stability and Development Commission of the State Council pointed out that "with regard to macroeconomic operation, we must implement the decision and deployment of the Party Central Committee, earnestly revitalize the economy in the first quarter, actively respond to monetary policies, and maintain a moderate growth in new loans." The central bank will continue to adhere to a prudent and relatively loose monetary policy and guide financial institutions to increase support for the real economy, especially small and micro enterprises, scientific and technological innovation and green development.
Key macro developments
[1] the relevant person in charge of the Ministry of Finance said on the pilot of real estate tax reform that the pilot of real estate tax reform was carried out in accordance with the authorization of the Standing Committee of the National People's Congress. Some cities have carried out investigation and preliminary research, but considering all aspects, there are no conditions to expand the pilot cities of real estate tax reform this year. (wind) [2] according to the data of China Banking and Insurance Regulatory Commission, by the end of 2021, the loan balance of private enterprises across the country was 52.7 trillion yuan, an increase of 11.5% year-on-year; The annualized interest rate of private enterprise loans was 5.26%, down 0.09 percentage points from the end of the previous year. The loan balance of small and micro enterprises across the country was nearly 50 trillion yuan, of which the loan balance of inclusive small and micro enterprises was 19.1 trillion yuan, with a year-on-year growth rate of nearly 257
Risk tips: Overseas epidemic situation exceeds the expected fluctuation risk and monetary policy change.
