Liu Guoqiang, vice president of the people's Bank of China, said at the press conference of the state information office on the 18th that the annual enterprise loan interest rate in 2021 was 4.61%, the lowest level in more than 40 years of reform and opening up. At present, the average deposit reserve ratio of financial institutions is 8.4%, which is not high, but there is still some space to be used according to the economic and financial operation and the needs of macro-control.
Specifically, in terms of interest rates, Liu Guoqiang suggested that interest rates can be observed from two perspectives in the next step. One is to look at the changes in the actual loan interest rate, that is, to look at the results directly. Since 2021, the people's Bank of China has continuously optimized the LPR reform, unblocked the transmission of monetary policy, enhanced the competitiveness of the credit market, and effectively promoted the real loan interest rate to continue to decline steadily on the basis of the substantial decline of the previous year. The enterprise loan interest rate in 2021 was 4.61%, the lowest level in more than 40 years of reform and opening up.
The second is to see what factors affect the interest rate, that is, to analyze the reasons. Since 2021, the people's Bank of China has strengthened cross cycle regulation, reduced the reserve requirement twice in July and December, and maintained reasonable and abundant liquidity; In June, the self-discipline management of deposit interest rate was optimized, and the interest rate of small re loan for agricultural support was reduced by 0.25 percentage points in December. The above policies effectively reduced the capital cost of banks, driving the one-year LPR in December last year to drop by 5 basis points, that is, the capital cost of banks decreased, driving the corresponding decline of loan interest rate.
On January 17 this year, the people's Bank of China increased its liquidity investment, and promoted the seven-day open market operation and the bid winning interest rate of one-year medium-term lending facilities by 10 basis points. The interest rates in the money market and bond market are also down accordingly. On January 20, commercial banks will give the optimal loan quotation interest rate. Commercial banks are sensitive to various factors such as capital cost, and will timely consider the latest changes of various factors and make quotations.
In terms of reserve ratio, Liu Guoqiang mentioned that after the two comprehensive RRR reductions in 2021, the current average deposit reserve ratio of financial institutions is 8.4%, which is not high compared with other developing economies or the deposit reserve ratio in China's history. There is less room for further adjustment, but there is still some room, The people's Bank of China may use it according to the economic and financial operation and the needs of macro-control.
