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China's benchmark interest rate - one-year bank RMB deposit and lending rates - has not been adjusted for more than a year. This does not mean that the central bank in monetary policy between loose and tight inaction: since late August, the central bank has restarted 14 days and 28 days of reverse repurchase, to promote the money market capital costs higher: October interbank 7 Day repurchase weighted interest rates rose to 2.70% over the past year and a half high, nearly 23 basis points higher than in August.
On Friday, the Political Bureau of the CPC Central Committee held a meeting to propose a monetary policy. "While maintaining a reasonable and ample liquidity at the same time, pay attention to curb asset bubbles and prevent economic and financial risks," and rarely mentioned at the same time "steady growth."
As China's GDP growth stood at 6.7% for the third consecutive quarter, the PMI hit a new high since July 2014. The pressure on the RMB devaluation was exaggerated before the US interest rate hike, and the monetary policy center is undergoing subtle changes: short-term interest rates rise. Help to curb the silver bank plus leveraged speculation, while providing support for the people's exchange rate.
"The central bank has begun to selectively tighten," ANZ Greater China chief economist in Hong Kong Yang Yuting said, "the central bank does not want to adjust the benchmark interest rate on the economy as a whole the cost of capital, but selectively tightened to prevent Bubble, such as in excess liquidity in the money market and bond market. "He said in a report this week that the growth target is not a problem, the government will focus more on production and deleveraging.
"Both the pressure from the exchange rate, there are requirements to go to leverage," CITIC Securities (16.630, 0.00, 0.00%) fixed income research director clearly talking about the recent changes in monetary policy. Monetary Policy Department of China's Central Bank has been clearly stated that the RMB exchange rate for some time there is pressure on the other hand, in the context of deleveraging, monetary policy is clearly not too loose. "The central bank's attitude is very clear, since August when the long-term interest rates have significantly down when the central bank will be shot to push it back."
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