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2月18日,中国人民银行决定从2012年2月24日起,下调存款类金融机构人民币存款准备金率0.5个百分点。此次调整后,中国大型金融机构和中小金融机构将分别执行20.5%和17.0%的存款准备金率。市场估计,此举将释放4到5千亿左右的流动性。而上一次下调是在2011年12月5日。这一消息旋即引发热议。乐观者认为货币政策微调释放流动性,将对提振股市、楼市信心:谨慎观点则认为是只是根据稳健货币政策意图来确保合理的货币供应,不应理解为货币宽松了。
On February 18, the People’s Bank of China decided to cut the RMB deposit reserve ratio of deposit-taking financial institutions by 0.5 percentage point from February 24, 2012 onwards. After this adjustment, China’s large financial institutions and small and medium financial institutions will respectively implement the deposit reserve ratio of 20.5% and 17.0%. Market estimates, the move will release 4 to 500 billion or so of liquidity. The last cut was on December 5, 2011. The news immediately triggered a heated debate. Optimists believe that the fine-tuning of monetary policy to release liquidity will boost the stock market and the property market. The cautious view is that monetary policy should only be based on sound monetary policy to ensure a reasonable money supply, and should not be interpreted as monetary easing.