1. The central bank's first RRR reduction in the year fell to the ground today. This RRR reduction is an overall RRR reduction of 0.25 percentage points, which will release about 530 billion yuan of long-term funds. In the second quarter, while the monetary policy focused on structural policy tools, there was room for aggregate tools such as RRR and interest rate cuts.
2. According to data treasure, the RMB exchange rate has been corrected successively, and the offshore RMB has depreciated by more than 1400 basis points against the US dollar in the last four trading days. From the perspective of the reasons for the devaluation of RMB, it mainly includes four aspects: first, the strength of the US dollar index; Second, the recent sharp decline in exchange rates such as the yen and the Korean won has made many investment institutions bearish on the currencies of the Asia Pacific region; Third, China's foreign trade has suffered short-term impact due to epidemic factors; Fourth, global energy prices rose, and Chinese import enterprises increased the amount of foreign exchange to purchase energy products, which virtually dragged down the further decline of the RMB exchange rate. Under the expectation of RMB devaluation, the concept of devaluation benefit represented by textile and clothing in the A-share market was popular.
3. Yi Gang, governor of the central bank, said that the primary goal of China's monetary policy is to stabilize prices and employment. Price stability is inseparable from the support of monetary policy and the stability of the real economy. It is very important for China to achieve self-sufficiency in grain production and energy supply this year. Financial services attach great importance to agricultural production and the production and import of important energy sources such as coal, oil and natural gas. As long as food production and energy supply are ensured, prices will remain stable within a reasonable range. China will continue to implement a prudent monetary policy, and will comprehensively use a variety of tools to provide more support for small, medium-sized and micro enterprises and increase support for the real economy.
