Approved by the State Council, the people's Bank of China decision, since the2013Years7Month20Liberalisation of the financial institutions loan interest rate to date.

 

The abolition of the central bank mortgage rates lower limit management can be seen as one of the marketization of interest rate moves, the more symbolic than substantive significance, obtain loans cost not what too much on the relationship between the banks and enterprises, and even can be said to have no impact.

 

In fact, the central bank lending rates lower in early last year began to play7Folding management, mortgage interest rate lower limit at09(four trillion years) began to play7Fold the management, in the actual operation of the bank, only in the09Years of mortgage loans had a while interest rates hit7Folding, which are basically has no; no units to get7% of the loan interest rate.

 

According to the relevant statistics, in the original loan interest rate to float downward30%The floating range, commercial bank lending rates downward float of basic in10%(also called within ten percent off), and the lower the proportion of loans only10%About.

 

Therefore, the central bank canceled mortgage rates lower limit management initiatives, whether it is on the banks, or to the enterprises and institutions need loans, no substantive effect, the more symbolic than substantive significance, is the embodiment of the progress of the marketization of interest rate's symbolic significance.

 

As for the market to see how the central bank's initiatives, I don't know, also don't want to know, and I don't what relationship, just let him go.

 

 

Attachment: the people's Bank of China decided to further promote market-oriented interest rate reform

Source: Communication 2013-07-19 19:00:00

 

Approved by the State Council, the people's Bank of China decision, since the2013Years7Month20Liberalisation of the financial institutions loan interest rate to date.

 

A, cancel the lending rates of financial institutions0.7Times lower, by financial institutions based on commercial principles to determine their own loan interest rates.

 

Two, cancel the discount interest rate control, changing the discount rate in the rediscount rates based on some certain ways, determined by independent financial institutions.

 

Three, the interest rate of loans in rural credit cooperatives no longer set the upper limit.

 

Four, to continue to strictly enforce the differentiation housing credit policy, promote the healthy development of the real estate market, individual housing loan interest rate floating range will not be adjusted.

 

Release the loan interest rate overall, financial institutions and customers consultation pricing will be further expanded, to adopt differential pricing strategy to promote financial institutions, reduce the enterprise financing cost; for financial institutions to improve the ability of independent pricing, change management mode, improve service levels, increase the intensity of the resident enterprise, financial support; is conducive to optimize the allocation of financial resources, better play the role of financial support to the real economy, more force to support the economy structure adjustment and transformation and upgrading.

 

 

Attachment: the people's Bank of the responsible person will further promote market-oriented interest rate reform, answering a reporter's question

Source: Communication 2013-07-19 19:21:40

 

Approved by the State Council, the people's Bank of China decision, since the2013Years7Month20Liberalisation of the financial institutions loan interest rate to date. People's Bank of the responsible person will further promote market-oriented interest rate reform to answer a reporter's question.

 

Q: what is the further promote market-oriented interest rate reform background?

 

Answer:1996Years, in accordance with the unified deployment of CPC Central Committee, the State Council, China's interest rate liberalization reform continue steadily. At present, the people's bank only to manage financial institutions RMB deposit interest rate upper and lower loan interest rates, money market, bond market interest rates and foreign currency deposit and loan interest rate has achieved market.2012Years6Months and7Month, the people's Bank further expanded the deposit and lending rates of financial institutions interval. The current China's market-oriented interest rate reform has made important progress, financial institutions difference dissimilation, fine pricing further manifested, the role of market mechanism in the interest rate formation in the obvious enhancement.

 

In general, macro and micro conditions of our country further promote market-oriented interest rate reform has basically. From the macro perspective, the current overall economic operation smoothly, prices basically stable situation, is a good opportunity to further promote the reform of the. From the microscopic view, with the progress of financial reform in China in recent years, financial institutions, the financial constraint to further strengthen, independent pricing capabilities continue to improve, enterprises and residents to the market pricing of financial environment is more adapt to. From the market foundation, after years of construction, the Shanghai interbank offered rate (Shibor) has become an important benchmark of corporate bonds, derivatives and other financial products and service pricing. From the regulatory capacity, monetary policy conduction of various products of financial market channels have also been relatively smooth. According to the party's eighteen big and "1025" planning requirements, as well as the Party Central Committee, the State Council on the financial reform of the overall deployment, in the comprehensive evaluation of the basic conditions of maturity and focus on the premise of preventing risks, approved by the State Council, the people's Bank decided to further promote market-oriented interest rate reform.

 

Q: what is the full liberalization of lending rates significance of regulation?

 

Answer: let go of loan interest rate overall, financial institutions and the clients negotiate pricing will be further expanded, on the one hand to adopt differential pricing strategy to promote financial institutions, reduce the enterprise financing cost, and improve the ability of independent pricing, changing the operating mode, improve service levels, to further increase the enterprise, residents in financial support. On the other hand, will promote the enterprise according to the different financing channels and their own conditions, with more and more enterprises direct financing through the bond, stock and so on, not only conducive to the development of direct financing market, promote the diversification of social financing; also increase more space Small and micro businesses loans to financial institutions, the increased availability of small micro enterprise credit. In general, this reform is an important measure to further play a basic role in allocating resources, have important sense to promoting financial support entity economic development, economic structural adjustment and transformation and upgrading.

 

Q: why the reform to retain the lower limit of individual housing loan interest rates?

 

Answer: to implement the control policy of the Party Central Committee, the State Council relating to real estate market, curb speculative buying investment demand, and promote the stable and healthy development of the real estate market, the people's Bank of the implementation of effective policies to guide and prudential supervision of individual housing loans, commercial banks continue to strictly enforce the differential housing credit policies. Therefore, the reform did not make the adjustment to the current commercial individual housing loans interest rate policy, the interest rate lower limit for loan datum interest rate remains0.7Time invariant.

 

Q: why is no longer on the rural credit cooperatives lending rate cap?

 

Answer:2004Years10Month, the liberalization of interest rate cap loans of financial institutions, consider the urban and rural credit cooperatives loan pricing mechanism is not perfect, keep the upper limit on the interest rate, and the interest rate cap from the benchmark interest rate2Times to expand2.3Times. In recent years, in the efforts of various departments, important progress has been made in the reform of rural credit cooperatives, city credit cooperatives have been disposed of or transition for city commercial banks, rural financial institutions, rural banks and other rapid development, the "three agriculture department" reform steadily, rural financial services have been improving, liberalization of interest rate cap rural credit cooperatives loan conditions have basically. From the view of external condition, in addition to the rural credit cooperatives, other types of including the Agricultural Bank, agriculture development bank, rural commercial banks, rural financial services to rural financial institutions loan interest rates are liberalized, through the mechanism of competition determine lending rates initially formed; from the internal perspective, since the reform of rural credit cooperatives the internal control, management level, risk prevention capability has been markedly enhanced, the loan pricing mechanism consummates unceasingly, pricing behavior tends to be rational; from the actual situation, the rural credit cooperatives actual loan interest rates have rarely hit the ceiling, let go of loan interest rates, agricultural loan interest rates will not increase greatly.

 

Rural credit cooperatives are the main force of rural financial services, is no longer on the rural credit cooperatives lending rate cap, is conducive to the rural credit cooperatives according to the principle of independent pricing revenue to cover risks, improve the distribution of agriculture related loans intention; are conducive to enhancing the ability to meet the multi-level rural credit cooperatives in agricultural loan demand, improve the agricultural loan funds available; is conducive to the unity of all kinds of financial institutions to loan interest rate policy, to create system environment of fair competition between financial institutions; is conducive to the use of price leverage, constantly optimize the allocation of funds to promote agricultural efficiency, improve financial services in rural areas is of positive significance.

 

Q: to promote market-oriented interest rate reform, the next step is how to consider?

 

Answer: this reform, no further financial institutions deposit interest rate floating interval, the main consideration is the effect of deposit interest rate marketization reform further, the required conditions are relatively higher. From the successful international experience, the deposit interest rate control relaxation is a market-oriented interest rate reform process in the most key, most at risk, according to the degree of maturity of the infrastructure to implement step by step, to promote the orderly.2003Years, the reform of the financial management of Institutional Firms in China has made significant progress, but not yet fully in place, and at the same time, the deposit insurance system, financial market exit mechanism and supporting mechanism is also gradually in the process of establishing. Therefore, the people's Bank with the relevant departments will further improve the conditions of deposit interest rate marketization need basis, steadily and orderly market deposit rates.

 

The next stage, the people's Bank of China will continue to improve the market-oriented interest rate formation mechanism, optimize the financial market benchmark interest rate system, establish and improve financial institutions independent pricing mechanism, and gradually expand the scope of debt products market pricing, greater play to the fundamental role of market mechanism in the allocation of financial resources.