Increase in reserve ratio highlights implementation of real estate control intent

Xinhua Tianjin May 4, the People's Bank of China announced that since 10th, the deposit-type financial institutions raised the reserve requirement ratio of RMB 0.5%.　　Analysts pointed out that the adjustment coincided with the introduction of real estate control policies, with the implementation of real estate control policy, will be a key aspect of the increase in reserve ratio. May 2, the People's Bank of China announced that from 10th, the deposit-type financial institutions raised RMB deposit reserve ratio of 0.5%, rural credit cooperatives, village and township banks do not raise.　　After the reserve increase, large and medium-sized commercial banks deposit reserve ratio reached a high of 17%, is expected to freeze the liquidity of financial institutions about 320 billion yuan. Analysis of the industry, the deposit reserve ratio of the increase is not mainly due to the urgency of hedging liquidity, but with the significance of the management of sustained inflation expectations. Sun Fanghong, chief researcher of Ping an securities macro-economy, believes that the current reserve ratio can not affect the overall well-off status of the fund in the current situation of ample funds in the interbank market.　　But this adjustment means that the adjustment of the policy to "moderate" is still continuing and will have a negative effect on the increment of market capital. The increase in the reserve requirement ratio is at the time of the Government's policy of regulating real estate.　　The regulation of real estate policy, in addition to the requirements of the first two sets of housing loans not less than 50%, the interest rate is not less than 1.1 times times the benchmark rate, but also the number of houses to determine whether the second suite and so on, but also issued a home purchase of credit constraints, all over the beginning of the brewing administrative restrictions on the purchase of "In this context, the increase in the deposit reserve ratio of 0.5%, is undoubtedly a strong signal, that is, with the implementation of real estate control policy."　　"Sun Fanghong believes that, from the central bank's data, this year, the loan balance growth has fallen faster than deposits, making the loan-to-deposit ratio began to decline, which makes commercial banks have a strong potential to lend impulse. The latest bond market research report of BOC International believes that, in the end of 2008 to date, the credit structure optimization process of "suppressing short swagger", which is represented by compressing the scale of short-term bills and increasing medium and long-term credit, leads to the aggravation of the maturity mismatch of the assets and liabilities of commercial banks. In the case of macroeconomic and future price pressures, the increase in reserve requirement ratio continues the "tight credit" regulation, which is beneficial to control the mismatch risk of bank system assets and liabilities.