开年首次MLF操作利率维持不变 央行降息降准为何落空？
据最新消息，昨日，人民银行开展了890亿元公开市场逆回购操作和9950亿元中期借贷便利(MLF)操作，充分满足了金融机构需求。中标利率分别为1.80%、2.50%，均与此前持平。因本月有7790亿元MLF到期，MLF实现“量增价平”续作，市场满心期待的降息并未到来。
那么，央行降息降准为何落空呢？有分析认为，这可能与当前国内外经济形势有关。近期，全球经济增长放缓、通胀压力上升等因素都对我国经济产生了一定影响。此外，新冠疫情仍在全球蔓延，也给我国经济发展带来了不确定性。因此，在当前形势下，央行可能更倾向于保持货币政策的稳定性和连续性，以确保经济的平稳运行。
当然，这并不意味着央行会长期坚持不降息或不降准。事实上，在经济下行压力加大的情况下，央行可能会适时采取降息或降准等措施来刺激经济增长。总之，在当前复杂多变的经济形势下，央行将根据实际需要灵活运用各种货币政策工具，以促进经济的持续健康发展。
英语如下：
Title: Central Bank Maintains MLF Operation Rate, DisapTitle: Central Bank Maintains MLF Operation Rate, Disappoints Anticipation of Interest Rate Cut and Deposit-Reverse Ratio
Keywords: MLF operation, interest rate stability, central bank interest rate cut
Content: The first MLF operation of the year saw the interest rate remain unchanged. Why did the central bank’s expectations of an interest rate cut and deposit-reverse ratio fail to materialize?
According to the latest news, yesterday, the People’s Bank of China conducted 89 billion yuan in open market reverse repo operations and 995 billion yuan in medium-term lending facilities (MLF) operations, fully meeting the needs of financial institutions. The winning bid rates were 1.80% and 2.50%, respectively, both remaining unchanged from previous periods. As there are 779 billion yuan worth of MLF maturing this month, the market’s anticipation of a rate cut was not met as the MLF was renewed with increased volume but stable price.
So, why did the central bank’s expectations of an interest rate cut and deposit-reverse ratio fail to materialize? Some analysts believe that this may be related to the current domestic and international economic situation. In recent times, factors such as the global economic slowdown and rising inflationary pressures have had some impact on China’s economy. Additionally, the ongoing COVID-19 pandemic has also brought uncertainty to China’s economic development. Therefore, under the current circumstances, the central bank may prefer to maintain the stability and continuity of monetary policy to ensure the smooth operation of the economy.
Of course, this does not mean that the central bank will persistently refuse to cut interest rates or deposit-reverse ratios. In fact, in the face of increasing downward pressure on the economy, the central bank may timely adopt measures such as interest rate cuts or deposit-reverse ratios to stimulate economic growth. In short, in the current complex and changeable economic situation, the central bank will flexibly use various monetary policy tools according to actual needs to promote sustained and healthy economic development.
【来源】http://www.chinanews.com/cj/2024/01-16/10146658.shtml
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