时间:2022-05-16 07:20:18


China is expected to deepen deposit rate reforms to lower corporate1 financing costs as part of the central bank's well-calibrated efforts to strike a balance between stabilizing2 economic growth and sheltering from the risk of capital outflows, economic experts said on Tuesday.
They gave the remarks after the People's Bank of China, the country's central bank, said it had guided banks to form a market-based adjustment mechanism3 of deposit rates last month, helping4 send the weighted average deposit rate in the last week of April to 2.37 percent, down 0.1 percentage point from a week earlier.
The central bank will employ the "significant role" of the adjustment mechanism and improve the market-based formation of interest rates to promote a reduction in corporate financing costs, said the first-quarter monetary5 policy report released on Monday.
The new mechanism marks part of the central bank's stepped-up support for the real economy, as the report pledged to give proactive responses to stabilize6 the economy, boost market confidence, and focus on assisting smaller businesses and those hampered7 by COVID-19.
Shao Yu, chief economist8 at Orient Securities, said the adjustment mechanism functions somewhat like a cut in deposit rates, which will help reduce the funding costs of banks, stabilize their profit margins9 in lending, and boost credit expansion in the real economy.
Under the mechanism, banks are encouraged to adjust their deposit rates based on interest rates in the bond and lending markets, the report said.
Thanks to the mechanism, loan prime rates-the benchmark lending rates calculated based on lending rates quoted by banks to their highest quality customers-could have greater room to decline going forward and would help alleviate10 the financing burden in the real economy, said Ying Xiwen, a senior researcher at China Minsheng Bank.
The experts said the launch of the new mechanism, instead of high-profile moves like policy interest rate cuts, reflected the worst-case scenario11 mindset of policymakers, which takes risks into full consideration and reacts accordingly.
Being alert to risks of capital outflows and currency depreciation12, the central bank created the new tool to bolster13 the economy, Ying said. This was the case, given that the typical move of policy rate cuts could be significant in signaling monetary easing and amplifying14 the risks of capital outflows.
The monetary policy report showed the central bank's emphasis on coping with risks, including policy adjustments by overseas central banks, global inflationary risks aggravated15 by geopolitical tensions, and a surge in local COVID cases.
The report said major developed economies have sped up monetary tightening16 with spillover effects such as greater volatility17 in global financial markets and cross-border capital flows. The central bank will pay close attention to monetary adjustments in developed economies, strengthen macroprudential management of cross-border capital flows and improve the management of market expectations, the report added.
The report said efforts will be made to assist in the supply of food and energy, ramp18 up structural19 monetary aids and support local governments in improving property market policies while refraining from taking the property market as a tool for short-term stimulus20.



1 corporate 7olzl     
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
2 stabilizing 37789793f41246ac9b11622dadb461ab     
n.稳定化处理[退火]v.(使)稳定, (使)稳固( stabilize的现在分词 )
  • The disulfide bridges might then be viewed primarily as stabilizing components. 二硫桥可以被看作是初级的稳定因素。 来自辞典例句
  • These stabilizing design changes are usually not desirable for steady-state operation. 这些增加稳定性的设计改变通常不太符合稳态工作的要求。 来自辞典例句
3 mechanism zCWxr     
  • The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
  • The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。
4 helping 2rGzDc     
  • The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
  • By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。
5 monetary pEkxb     
  • The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
  • Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
6 stabilize PvuwZ     
  • They are eager to stabilize currencies.他们急于稳定货币。
  • His blood pressure tended to stabilize.他的血压趋向稳定。
7 hampered 3c5fb339e8465f0b89285ad0a790a834     
妨碍,束缚,限制( hamper的过去式和过去分词 )
  • The search was hampered by appalling weather conditions. 恶劣的天气妨碍了搜寻工作。
  • So thought every harassed, hampered, respectable boy in St. Petersburg. 圣彼德堡镇的那些受折磨、受拘束的体面孩子们个个都是这么想的。
8 economist AuhzVs     
  • He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
  • He's an economist who thinks he knows all the answers.他是个经济学家,自以为什么都懂。
9 margins 18cef75be8bf936fbf6be827537c8585     
边( margin的名词复数 ); 利润; 页边空白; 差数
  • They have always had to make do with relatively small profit margins. 他们不得不经常设法应付较少的利润额。
  • To create more space between the navigation items, add left and right margins to the links. 在每个项目间留更多的空隙,加左或者右的margins来定义链接。
10 alleviate ZxEzJ     
  • The doctor gave her an injection to alleviate the pain.医生给她注射以减轻疼痛。
  • Nothing could alleviate his distress.什么都不能减轻他的痛苦。
11 scenario lZoxm     
  • But the birth scenario is not completely accurate.然而分娩脚本并非完全准确的。
  • This is a totally different scenario.这是完全不同的剧本。
12 depreciation YuTzql     
  • She can't bear the depreciation of the enemy.她受不了敌人的蹂躏。
  • They wrote off 500 for depreciation of machinery.他们注销了500镑作为机器折旧费。
13 bolster ltOzK     
  • The high interest rates helped to bolster up the economy.高利率使经济更稳健。
  • He tried to bolster up their morale.他尽力鼓舞他们的士气。
14 amplifying 29631b8f34f8b755bf579c2bef5e2907     
放大,扩大( amplify的现在分词 ); 增强; 详述
  • Often they use borrowed funds, amplifying their gains and losses. 他们通常会用借贷的资金交易,从而放大收益或损失。
  • An amplifying type (or analog) device, as opposed to digital device. 放大器类(或模拟)器件,相对于数字器件而言的。
15 aggravated d0aec1b8bb810b0e260cb2aa0ff9c2ed     
使恶化( aggravate的过去式和过去分词 ); 使更严重; 激怒; 使恼火
  • If he aggravated me any more I shall hit him. 假如他再激怒我,我就要揍他。
  • Far from relieving my cough, the medicine aggravated it. 这药非但不镇咳,反而使我咳嗽得更厉害。
16 tightening 19aa014b47fbdfbc013e5abf18b64642     
  • Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前,检查一下洗衣机是否已牢牢地固定在底座上了。
  • It needs tightening up a little. 它还需要再收紧些。
17 volatility UhSwC     
  • That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
  • Yet because volatility remained low for so long,disaster myopia prevailed.然而,由于相当长的时间里波动性小,灾难短视就获胜了。
18 ramp QTgxf     
  • That driver drove the car up the ramp.那司机将车开上了斜坡。
  • The factory don't have that capacity to ramp up.这家工厂没有能力加速生产。
19 structural itXw5     
  • The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
  • The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。
20 stimulus 3huyO     
  • Regard each failure as a stimulus to further efforts.把每次失利看成对进一步努力的激励。
  • Light is a stimulus to growth in plants.光是促进植物生长的一个因素。