The RRR cut has no direct impact on bank deposit rates, which will remain unchanged for most banks.
However, the deposit reserve that the bank turns over after reducing the reserve ratio is less, the funds that can be used become more, equal to the money surface becomes loose.
The benchmark deposit rate will not change, but banks are likely to lower the rate if they are not short of cash.
The interest rate of Treasury bonds is generally closely related to the deposit rate, and the interest rate of a new round of Treasury bonds will fall after each rate cut, but the reduction rule has no effect on Treasury bonds, and the interest rate will remain unchanged.
Large certificates of deposit and bonds, interest rates are linked to interest rates on deposits, in 3 years, for example, bank deposit interest rates generally state-owned Banks and national share-holding system and the 2.75% benchmark interest rate unchanged, and the CD is 40-52% than the benchmark interest rates to rise, the city business and bank deposit interest rates within the range of 3-4%, the CD is 55% higher than average,
Up to 4.2625%.
With rates on CDS now generally trading 40% above benchmark rates, high starting points and low rates have already been questioned, making them even less attractive to investors if rates fall further.
Interest rates on CDS are not expected to be affected after the RRR cut.
The reduction of the reserve requirement ratio will have an important impact on the allocator assets of bank finance, which will lead to the reduction of the investable assets and the decline of the rate of return on assets, and in turn will force the decline of the rate of return on bank finance.
According to the experience of the past two RRR cuts, the bank wealth management yield will decline significantly three months after the RRR cuts start, with an average one-year decline of about 1%.
RRR reduction has an important impact on the asset allocation of bank finance.
Under the current circumstances, after the RRR cut, the increased funds in commercial banks’ own accounts may not be lent, but they will certainly go to buy bonds, and the bond interest rate will inevitably fall sharply.
At present, the asset allocation of banks’ financial management is less than 35% non-standard assets, while more than 65% is standardized assets, among which bond assets account for about 60%.
And the supply of bonds in the market is limited, so the bonds that banks can buy and the interest rate will fall.
At present, P2P, as an important form of Internet financial management, has begun to enter the people’s “money bag”.
And the central bank cut the reserve ratio, will it have an impact on P2P?
The RRR cut has little impact on the P2P industry, which carries out personal credit business.
Although the increase in liquidity brought by the RRR cut, as well as the increase in the total amount transmitted, may reduce the overall financing cost of society, and will also have an impact on the return rate of online loan platforms, but it is unlikely to decline significantly.
Overall, although the net loan industry yield level will not fall significantly in the short term, but it is still expected to fall in the long term.
In addition, after the reduction of the baby rate of return continues to skate on the nail.
Cut the reserve requirement is a major positive for the stock market, the next trading day Shanghai and Shenzhen will open sharply higher without surprise.
The central bank’s RRR cut has different impacts on various sectors and concepts. In terms of industries, finance, real estate and other capital-intensive industries will benefit.
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Please pay attention to the specific operation, the market is changing rapidly, investment needs to be cautious, the operation strategy is for reference only.