5月9日，中國人民銀行發(fā)布的《2022年第一季度中國貨幣政策執(zhí)行報告》稱，央行將發(fā)揮存款利率市場化調(diào)整機(jī)制的“重要作用”，完善市場化利率形成，推動降低企業(yè)綜合融資成本。新機(jī)制標(biāo)志著央行加大了對實體經(jīng)濟(jì)的扶持力度，報告承諾積極采取應(yīng)對措施，穩(wěn)定經(jīng)濟(jì)，提振市場信心，聚焦支持小微企業(yè)和受疫情影響嚴(yán)重的企業(yè)。

China is expected to deepen deposit rate reforms to lower corporate financing costs as part of the central bank's well-calibrated efforts to strike a balance between stabilizing economic growth and sheltering from the risk of capital outflows, economic experts said on Tuesday.
經(jīng)濟(jì)學(xué)專家5月10日表示，預(yù)計中國將深化存款利率改革，以降低企業(yè)融資成本，這是央行為平衡穩(wěn)定經(jīng)濟(jì)增長和防范跨境資本異常流動風(fēng)險采取的部分精準(zhǔn)措施。

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 mechanism of deposit rates last month, helping 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.
此前，中國人民銀行表示今年4月已指導(dǎo)銀行建立了存款利率市場化調(diào)整機(jī)制，4月最后一周的存款加權(quán)平均利率為2.37%，較前一周下降0.1個百分點。

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 monetary policy report released on Monday.
5月9日發(fā)布的《2022年第一季度中國貨幣政策執(zhí)行報告》稱，央行將發(fā)揮調(diào)整機(jī)制的“重要作用”，完善市場化利率形成，推動降低企業(yè)綜合融資成本。

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 stabilize the economy, boost market confidence, and focus on assisting smaller businesses and those hampered by COVID-19.
新機(jī)制標(biāo)志著央行加大了對實體經(jīng)濟(jì)的扶持力度，報告承諾積極采取應(yīng)對措施，穩(wěn)定經(jīng)濟(jì)，提振市場信心，聚焦支持小微企業(yè)和受疫情影響嚴(yán)重的企業(yè)。

Shao Yu, chief economist 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 margins in lending, and boost credit expansion in the real economy.
東方證券首席經(jīng)濟(jì)學(xué)家邵宇表示，調(diào)整機(jī)制的作用類似降低存款利率，這將有助于降低銀行融資成本，穩(wěn)定銀行貸款利潤率，并促進(jìn)實體經(jīng)濟(jì)的信貸擴(kuò)張。

Under the mechanism, banks are encouraged to adjust their deposit rates based on interest rates in the bond and lending markets, the report said.
報告稱，在該機(jī)制下，鼓勵銀行根據(jù)債券和貸款市場的利率調(diào)整存款利率。

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 alleviate the financing burden in the real economy, said Ying Xiwen, a senior researcher at China Minsheng Bank.
民生銀行研究院高級研究員應(yīng)習(xí)文表示，由于這一機(jī)制，最優(yōu)惠貸款利率（指銀行給信用質(zhì)素最佳的客戶放貸的基本貸款利率）未來可能有更大的下降空間，并將有助于減輕實體經(jīng)濟(jì)的融資成本。

The experts said the launch of the new mechanism, instead of high-profile moves like policy interest rate cuts, reflected the worst-case scenario mindset of policymakers, which takes risks into full consideration and reacts accordingly.
專家們表示，啟動存款利率市場化調(diào)整機(jī)制，而沒有采取像政策性降息這樣引人注目的舉措，反映出決策者堅持底線思維，充分考慮風(fēng)險并做出相應(yīng)的反應(yīng)。

Being alert to risks of capital outflows and currency depreciation, the central bank created the new tool to bolster 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 amplifying the risks of capital outflows.
應(yīng)習(xí)文稱，由于對資本外流和貨幣貶值的風(fēng)險保持警惕，央行創(chuàng)造了新工具提振經(jīng)濟(jì)。因為典型的政策性降息舉措可能在釋放貨幣寬松信號和增加資本外流風(fēng)險方面具有重大意義。

The monetary policy report showed the central bank's emphasis on coping with risks, including policy adjustments by overseas central banks, global inflationary risks aggravated by geopolitical tensions, and a surge in local COVID cases.
第一季度中國貨幣政策執(zhí)行報告顯示，央行強(qiáng)調(diào)應(yīng)對風(fēng)險，如海外央行政策調(diào)整、地緣政治緊張加劇的全球通脹風(fēng)險，以及本土新冠病例增加等。

The report said major developed economies have sped up monetary tightening with spillover effects such as greater volatility 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.
該報告稱，主要發(fā)達(dá)經(jīng)濟(jì)體已經(jīng)加快貨幣緊縮，并產(chǎn)生了溢出效應(yīng)，導(dǎo)致全球金融市場的更大波動和跨境資本流動。報告還稱，央行將密切關(guān)注發(fā)達(dá)經(jīng)濟(jì)體的貨幣政策調(diào)整，將加強(qiáng)跨境資金流動宏觀審慎管理，強(qiáng)化預(yù)期管理。

The report said efforts will be made to assist in the supply of food and energy, ramp up structural monetary aids and support local governments in improving property market policies while refraining from taking the property market as a tool for short-term stimulus.
報告稱，將支持糧食、能源生產(chǎn)保供，增加結(jié)構(gòu)性貨幣政策工具，支持地方政府完善房地產(chǎn)市場政策，同時避免將房地產(chǎn)市場作為短期刺激的工具。

來源：中國日報
編輯：董靜