Just now, China also ＂cut interest rates＂! How to affect the house, stock market and money bag？
Since the reform of LPR (Loan Market Quotation Rate), the quotation on the 20th of each month is the focus of the market, and because the Federal Reserve has just cut interest rates by another 25 basis points, the major central banks around the world have followed suit.
So, September 20th.Quotation of LPR interest rateWill become an important policy observation window.
Sure enough, it has dropped!LPR "cut interest rates" is coming.
This morning, the People’s Bank of China authorized the National Interbank Funding Center to announceSeptember 20, 2019Loan market quotation rate,Specifically:The 1-year LPR is 4.20%, and the LPR over 5 years is 4.85%. . Compared with the previous value, the 1-year LPR decreased by 5 basis points, the second time in a row, and the LPR over 5 years remained the same as last month.
How is LPR produced?
It is understood that the central bank issued an announcement on the 17 th of last month, announcing the reform and improvement of the formation mechanism of quotation interest rate in the loan market.In the future, the bank’s loans with a term of one year and more than five years will be priced with reference to the loan market quotation rate for the corresponding period.Banks should mainly refer to the quoted interest rate in the loan market for pricing new loans, and adopt the quoted interest rate in the loan market as the pricing benchmark in the floating interest rate loan contract.
Since August 20, 2019, the central bank has authorized the National Interbank Funding Center to announce the quoted interest rate of the loan market at 9: 30 on the 20th of each month, and postpone it accordingly in case of holidays.
Therefore, today’s market ushered in the loan market quotation rate in September, which is the release of LPR.
According to the formation mechanism of loan market quotation interest rate after reform, the quotation bank of loan market quotation interest rate should operate the interest rate according to the open market before 9: 00 on the 20th of each month.It mainly refers to the way in which the convenient interest rate for medium-term lending is added, and the quotation is made to the National Interbank Funding Center..
National Interbank Funding Center byArithmetic average method after removing the highest and lowest quotations, calculate the loan market quotation rate.
It is understood that there are currently 18 quotation banks in the loan market, covering national banks, city commercial banks, rural commercial banks, foreign banks and private banks. The specific quotation bank list will be evaluated and adjusted regularly.
Regarding the new loan market quotation interest rate formation mechanism, the relevant person in charge of the central bank said last month that the medium-term loan convenience period is mainly one year, reflecting the average of banks.Marginal capital cost, the quotation line plus point range mainly depends onEach bank’s own capital cost, market supply and demand, risk premium And other factors.
What is the medium-term loan facility?
So, what is the medium-term loan facility mentioned above?
Medium-term lending convenience rateIt plays a very important role in the formation mechanism of quotation interest rate in loan market.
Medium-term lending facilities, which are often mentioned by market participants.MLF, which is a monetary policy tool for the central bank to provide medium-term base money, is targeted atCommercial banks and policy banks that meet the requirements of macro-prudential management , can be carried out through bidding. Distribution method is as followsPledge mode And it is necessary to provide high-quality bonds such as government bonds, central bank bills, CDB and policy financial bonds, local government bonds and high-grade credit bonds as qualified pledges.
It is understood that on September 17, that is, this Tuesday, the central bank launched a medium-term loan facilitation operation of 200 billion yuan, and the winning bid rate was 3.3%, which was the same as the last time.
In addition to the loan market quotation rate and medium-term lending convenience, another interest rate indicator that the market is concerned about is the open market operating rate. On September 19th, the central bank launched a 170 billion yuan reverse repurchase operation. Among them, the winning bid rates for 7-day and 14-day reverse repurchase are 2.55% and 2.70% respectively, which are the same as last time.
How does the mortgage interest rate change?
From October 8th, the new personal housing loan interest rate will be based on the LPR announced today.
It is worth noting that the one-year LPR has been lowered, and the LPR for more than five years has not changed, while the mortgage interest rate generally refers to the LPR for more than five years, releasing the signal of not relaxing the regulation of the property market.
Short-term interest rate cuts are good for shorter mortgage time. For real estate companies, it is also an important positive, because most of the bank loans of real estate companies are mainly short-term, and the corresponding loan interest rate has declined.
Why is LPR so important?
Zhang lei:If interest rates fall, it will benefit the capital market.
Zhang lei, Director of Yuanda Information Securities Research Institute:First of all, lowering the interest rate will definitely benefit the capital market. If the interest rate is lowered, the cost of enterprises will decrease and profits will increase. Of course, it is necessary to prevent more funds from flowing to real estate.
Hou Jie:A "Xueshuantong" opens the aorta of blood transfusion in real economy.
Financial commentator Hou JieThe market-oriented interest rate reform of banks has not been thorough for many years, and the basic loan interest rate and market interest rate are still kept in parallel. Banks implement a relatively high benchmark interest rate for loans. Many banks set a lower limit for interest rates, for example, not less than 10%, which will form a "liquidity thrombus" and block the veins leading to the real economy. The real economy will not feel the decline of market interest rates and the reduction of financing costs, and the "body" of the real economy may not be good. After the reform of the market interest rate formation mechanism of LPR, the loan interest rate will be promoted in two tracks. When LPR falls, the overall interest rate of loans will fall, and the financing cost of enterprises will fall.
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