Interest rate marketization who benefits?

At night, http://www.aliyun.com/zixun/aggregation/7982.html "> The People's Bank of China announced the cancellation of the loan rate limit since 20th, which is the most bull news today, not one. This not only marks the official opening of the New deal, it also means that the whole society's financing costs are expected to fall, a large number of enterprises and ordinary residents will benefit from it.

The central bank's rules say that since July 20, 2013, the full liberalization of the financial institutions lending rate control, the core point is to abolish the financial institutions lending rate of 0.7 times times the lower limit, the financial institutions in accordance with commercial principles to determine the level of lending rates. Predictably, this is bound to have a huge impact on the industry.

One: From the angle of the bank, open the lower limit of the loan interest rate, which may make the small and medium banks offer low interest loans to customers, then increase the market competition and reduce the bank net spreads. However, at present, small and medium-sized banks do not have advantages in absorbing deposits, so it is estimated that the impact on bank profits is limited in the early stage of policy implementation. However, in the long run, the relaxation of interest rate regulation will result in the contraction of bank net spreads, which is not conducive to the banking sector as a whole. And the marketization of interest rate will also change the risk preference of asset allocation in the banking industry, and it will increase the bank's preference for higher risk level and higher income assets from abroad.

Second: For the enterprise, the first beneficiary of the state-owned large enterprises, its stronger bargaining power to get more favorable interest rates. The financing costs of large state-owned enterprises are expected to fall, as banks remain strong and small and medium-sized enterprises will not benefit for the time being. Residents see that real estate loans are still under control, but other consumer lending rates are open, conducive to stimulating consumer credit expansion.

Third: For financial markets, banking stocks may be affected, after all, the policy is unfavourable to bank profit expectations. The abolition of interest rate controls, especially the effectiveness of benchmark lending rates, may lead to price fluctuations in the money market and bond markets in the short term.

IV: Small loan company level, since 1995, the implementation of the small loan rate can not exceed the benchmark rate of 4 times times, now as the loan benchmark interest rate is phased out, the provisions are expected to be affected, whether the future will be abolished this requirement should be observed. If there is a loosening of the lending rate cap policy, small lenders are bound to get good opportunities.

Five: Internet finance. The deregulation of lending rates is also a way for regulators to take advantage of the tide of internet finance. In fact, because of further increases in the lending rate of elasticity, the deregulation of interest rates to some extent to the Internet financial lending business positive.