The central bank announced that it would cut interest rates. – 夜上海论坛-爱上海419论坛-上海后花园论坛-上海品茶网

On the evening of September 27th, the central bank issued an announcement, lowering the convenient interest rate of standing loan by 20 basis points, and adjusting the convenient interest rates of standing loan overnight, 7 days and 1 month to 2.35%, 2.50% and 2.85% respectively.

Recently, the central bank released a series of good news.

On the morning of September 27th, the central bank announced that the People’s Bank of China adhered to a supportive monetary policy stance, increased the intensity and accuracy of monetary policy regulation, and created a good monetary and financial environment for China’s stable economic growth and high-quality development. The People’s Bank of China has decided to reduce the deposit reserve ratio of financial institutions by 0.5 percentage points from September 27th, 2024 (excluding financial institutions that have implemented the 5% deposit reserve ratio). After this reduction, the weighted average deposit reserve ratio of financial institutions is about 6.6%.

On the same day, the central bank announced that in order to strengthen the countercyclical adjustment of monetary policy and support stable economic growth, the operating interest rate of 7-day reverse repurchase in the open market will be adjusted from the previous 1.70% to 1.50% from September 27.

In addition, the central bank released the financial market operation in August 2024:

August 2024

Operation of financial markets

Bond market issuance

In August, the bond market issued a total of 7,398.39 billion yuan of various bonds. Treasury bonds issued 1,593.27 billion yuan, local government bonds issued 1,199.62 billion yuan, financial bonds issued 1,132.90 billion yuan, corporate credit bonds issued 1,378.91 billion yuan, credit asset-backed securities issued 13.10 billion yuan, and interbank certificates of deposit issued 2,050.39 billion yuan.

73983.9

hundred million yuan

debenture issue

15932.7

11996.2

11329.0

hundred million yuan

national debt

Local government bonds

financial bonds

13789.1

131.0

20503.9

hundred million yuan

Corporate credit bonds

Credit asset-backed securities

Interbank deposit slip

By the end of August, the balance of custody in the bond market was 167.9 trillion yuan. Among them, the inter-bank market custody balance was 147.3 trillion yuan, and the exchange market custody balance was 20.6 trillion yuan. In terms of types of bonds, the balance of custody of government bonds was 32.3 trillion yuan, that of local government bonds was 43.2 trillion yuan, that of financial bonds was 40.0 trillion yuan, that of corporate credit bonds was 32.6 trillion yuan, that of credit asset-backed securities was 1.2 trillion yuan, and that of interbank deposit certificates was 17.3 trillion yuan. The balance of over-the-counter bond custody of commercial banks was 89.11 billion yuan.

167.9

Trillion yuan

Bond market custody

32.3

43.2

40.0

Trillion yuan

national debt

local government

bond

financial bonds

32.6

1.2

17.3

Trillion yuan

Corporate credit bonds

Credit asset-backed securities

Interbank deposit slip

Counter bond custody of commercial banks

89.11 billion yuan

1. Including non-financial corporate debt financing instruments, asset-backed notes, corporate bonds, corporate bonds, exchange asset-backed securities, etc.

Operation of bond market

In August, the cash transactions in the inter-bank bond market reached 28.8 trillion yuan, with an average daily turnover of 1,310.95 billion yuan, down 1.6% year-on-year and 16.9% quarter-on-quarter. A single transaction with a turnover of 5-50 million yuan accounts for 51.1% of the total turnover, while a single transaction with a turnover of more than 90 million yuan accounts for 42.8% of the total turnover, with an average turnover of 41.588 million yuan. In the bond market of the exchange, the turnover of spot bonds was 3.1 trillion yuan, with an average daily turnover of 142.11 billion yuan. There were 81,000 transactions of bonds in the over-the-counter market of commercial banks, with a turnover of 58.15 billion yuan.

Cash transactions in the inter-bank bond market

28.8

Trillion yuan

Average daily turnover

13109.5

hundred million yuan

Decrease year-on-year

1.6%

Ring reduction

16.9%

Cash transactions in the exchange bond market

3.1

Trillion yuan

Average daily turnover

1421.1

hundred million yuan

Transaction of bonds in over-the-counter market of commercial banks

581.5

hundred million yuan

Number of transactions

81,000 pens

Opening of the bond market to the outside world

By the end of August, the custody balance of overseas institutions in China bond market was 4.56 trillion yuan, accounting for 2.7% of the custody balance in China bond market. Among them, the custody balance of overseas institutions in the inter-bank bond market was 4.52 trillion yuan; In terms of types of bonds, overseas institutions hold 2.28 trillion yuan of government bonds, accounting for 50.4%, 1.12 trillion yuan of interbank deposit certificates, accounting for 24.8%, and 0.95 trillion yuan of policy bank bonds, accounting for 21.0%.

Overseas institutions: 4.56 trillion yuan

Accounting for 2.7%

China bond market

Custody balance

Operation of money market

In August, the interbank lending market traded 9.1 trillion yuan, a year-on-year decrease of 30.4% and a quarter-on-quarter decrease of 4.7%. Bond repurchase transactions reached 143.9 trillion yuan, down 15.5% year-on-year and 2.7% quarter-on-quarter. The repurchase transaction of exchange standard bonds was 44.7 trillion yuan, an increase of 9.7% year-on-year and a decrease of 5.8% quarter-on-quarter.

Interbank

Interbank lending market

9.1

Trillion yuan

30.4%

Decrease year-on-year

Ring reduction

4.7%

Bond repurchase

143.9

Trillion yuan

15.5%

Decrease year-on-year

Ring reduction

2.7%

exchange

Standard bond repurchase

44.7

Trillion yuan

9.7%

Increase year-on-year

Ring reduction

5.8%

In August, the weighted average interest rate of interbank lending was 1.77%, a decrease of 4 basis points from the previous month; The weighted average interest rate of pledged repo was 1.79%, a decrease of 3 basis points from the previous month.

1.77%

Ring reduction

4 basis points

inter-bank borrowing

Weighted average interest rate

1.79%

Ring reduction

3 basis points

Pledged repurchase

Weighted average interest rate

Operation of bill market

In August, the amount of commercial bill acceptance was 2.9 trillion yuan, and the amount of discount was 2.2 trillion yuan. By the end of August, the accepted balance of commercial bills was 18.8 trillion yuan, and the discounted balance was 14.0 trillion yuan.

trade bill

honour

trade bill

discount

August

Amount of occurrence

2.9 trillion yuan

2.2 trillion yuan

As of the end of August

balance

18.8 trillion yuan

14.0 trillion yuan

In August, there were 102,000 small and medium-sized enterprises that issued bills, accounting for 93.1% of all ticket signing enterprises, and the amount of ticket signing by small and medium-sized enterprises was 2.1 trillion yuan, accounting for 71.4% of all ticket signing. There were 111,000 small and medium-sized enterprises discounted, accounting for 96.4% of all discounted enterprises, and the amount of discount was 1.7 trillion yuan, accounting for 77.0% of all discounted enterprises.

102,000 small and medium-sized enterprises issuing bills

All ticket signing enterprises

Accounting for 93.1% of all ticket signing enterprises.

The amount of ticket signing for small and medium-sized enterprises was 2.1 trillion yuan.

Amount of all tickets signed

Accounting for 71.4% of the total ticket signing amount.

Discount 111,000 small and medium-sized enterprises.

All discount enterprises

Accounting for 96.4% of all discount enterprises.

The discount amount of small and medium-sized enterprises is 1.7 trillion yuan.

Total discount amount

Accounting for 77.0% of the total discount amount.

Operation of the stock market

At the end of August, the Shanghai Composite Index closed at 2,842.2 points, down 96.5 points from the previous month or 3.3%. The Shenzhen Component Index closed at 8348.5 points, down 405.6 points from the previous month or 4.6%. In August, the average daily trading volume of Shanghai Stock Exchange was 257.96 billion yuan, a decrease of 12.7% from the previous month. The average daily trading volume in Shenzhen was 337.07 billion yuan, a decrease of 5.6% from the previous month.

Shanghai index

2842.2

point

Drop

3.3%

compare the numbers with the prior period of the same length

Down 96.5 points

Deep syndrome into finger

8348.5

point

Drop

4.6%

compare the numbers with the prior period of the same length

Down 405.6 points

Shanghai stock market

Average daily trading volume

2579.6

hundred million yuan

Ring reduction

12.7%

Shenshi

Average daily trading volume

3370.7

hundred million yuan

Ring reduction

5.6%

Structure of holders in the inter-bank bond market

By the end of August, there were 4,014 corporate members in the inter-bank bond market, all of whom were financial institutions. According to the statistics of corporate institutions, there are 2,094 holders of debt financing instruments of non-financial enterprises. From the scale of debt holding, the top 50 investors hold 50.4% of the debt, mainly concentrated in Public Offering of Fund (asset management), large state-owned commercial banks (self-operated) and trust companies (asset management); The top 200 investors held 83.5% of the debt. The maximum, minimum, average and median number of holders of debt financing instruments of a single non-financial enterprise are 88, 1, 13 and 13 respectively, and the number of debt financing instruments of non-financial enterprises with less than 20 holders accounts for 87%.

Top 50

investor

Debt holding ratio

50.4%

Top 200

investor

Debt holding ratio

83.5%

In August, from the perspective of transaction scale, according to the statistics of corporate institutions, the top 50 investors in debt financing instruments of non-financial enterprises accounted for 60.8%, mainly concentrated in securities companies (self-operated), fund companies (asset management) and joint-stock commercial banks (self-operated), and the top 200 investors accounted for 90.5%.

Top 50

investor

Transaction proportion

60.8%

Top 200

investor

Transaction proportion

90.5%

2. Self-operated investors and valet investors shall be counted separately, the same below.

Original title: "Central Bank Announces: Interest Rate Reduction"

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