Central Bank 3 15 National Loan Interest

The central bank's 3 15 national loan interest is as follows:

The central bank decided to reduce the benchmark interest rate of RMB one-year loans of financial institutions by 0.25 percentage point to 5.1/day from May. The benchmark interest rate for one-year deposits was lowered by 0.25 percentage point to 2.25%. At the same time, the upper limit of the floating range of deposit interest rate of financial institutions is adjusted from 1.3 times of the benchmark deposit interest rate to 1.5 times. Why did the central bank respond by cutting interest rates by 0.25 percentage points at this time?

The relevant person in charge of the central bank answered the reporter's question on lowering the benchmark interest rate of RMB loans and deposits and further promoting the interest rate marketization reform:

1. What are the main considerations for further lowering the benchmark interest rates for loans and deposits?

A: The key point of further lowering the benchmark interest rate for deposits and loans this time is to continue to play the guiding role of the benchmark interest rate, further promote the downward trend of social financing costs and support the sustained and healthy development of the real economy. According to the unified deployment of the State Council, the People's Bank of China lowered the benchmark interest rates of loans and deposits of financial institutions twice in October 20110 and March 20 15. With the gradual implementation of various policies and measures, the loan interest rate of financial institutions has continued to decline, the market interest rate has dropped significantly, and the overall cost of social financing has decreased. At present, the pace of domestic economic restructuring is accelerating, external demand fluctuates greatly, and China's economy is still facing greater downward pressure. At the same time, the domestic price level is generally at a low level, and the real interest rate is still higher than the historical average, which provides room for the continued moderate use of interest rate instruments. In view of this, the People's Bank of China decided to reduce the benchmark interest rates of loans and deposits of financial institutions by 0.25 percentage points each from May 1 1 day, 2005, so as to create a neutral and moderate monetary and financial environment for economic restructuring and transformation and upgrading.

2. What is the background and significance of further expanding the floating range of deposit interest rate to 65438+ 0.5 times of benchmark interest rate in combination with interest rate reduction?

A: At present, China's interest rate control except deposits has been fully liberalized, the upper limit of the floating range of deposit interest rates has been continuously expanded, the independent pricing ability of financial institutions has been significantly improved, the hierarchical and orderly deposit interest rate pricing pattern of differentiated competition has basically taken shape, and the formation and transmission mechanism of market-oriented interest rates has been gradually improved. At the same time, the smooth introduction of the deposit insurance system and the establishment and improvement of the self-discipline mechanism of market interest rate pricing have laid a good foundation for accelerating the marketization of deposit interest rates. At present, liquidity in the banking system is generally abundant, and the market interest rate tends to decline, which has actually provided a good external environment and time window for liberalizing the deposit interest rate ceiling. In order to steadily and orderly promote the reform of interest rate marketization, the People's Bank of China decided to lower the benchmark interest rate for deposits and loans, and expand the upper limit of the floating range of deposit interest rate to 0.5 times of 65,438+benchmark interest rate. As the number of institutions whose deposit interest rate "rises to the top" is obviously reduced, it is expected that financial institutions will basically not use this ceiling.

The further expansion of the upper limit of the floating range of deposit interest rate is another important measure for the marketization reform of deposit interest rate in China. This not only broadens the independent pricing space of financial institutions, but also helps to further exercise their independent pricing ability, accelerate the transformation of their business model and improve the level of financial services, and lay a more solid foundation for the final liberalization of the deposit interest rate ceiling; It is also conducive to the price of funds more truly reflecting the relationship between supply and demand in the market, promoting the formation of a savings structure that conforms to the balanced level and the wishes of customers, further optimizing the allocation of resources, and promoting the healthy development of economy and finance.

3. After the upper limit of the floating range of deposit interest rate is further expanded, how to guide financial institutions to make scientific and reasonable pricing?

A: In order to guide financial institutions to make scientific and reasonable pricing and maintain a fair and orderly market competition order, the People's Bank of China will continue to announce the benchmark interest rates for deposits and loans, further play the guiding role of the benchmark interest rates, and provide an important reference for interest rate pricing of financial institutions. At the same time, further improve the central bank's interest rate regulation system, improve the benchmark interest rate system in the financial market, and improve the transmission efficiency of monetary policy. In addition, the People's Bank of China will also guide the self-discipline mechanism of market interest rate pricing, further give play to the industry self-discipline role of interest rate pricing of financial institutions, and continue to give more market pricing rights and product innovation rights to financial institutions with better interest rate pricing in accordance with the principle of both incentives and constraints; Self-discipline shall be exercised for financial institutions whose deposit interest rate exceeds a reasonable level and disrupts market order.

4. What other considerations does the People's Bank of China have in interest rate supervision and interest rate marketization reform?

A: This time, the interest rate marketization reform will be further promoted in combination with interest rate reduction. The key point is to adapt to the changing trend of economic fundamentals, continue to push the real interest rate back to a reasonable level, and further play the decisive role of the market in resource allocation. In the next step, according to the strategic deployment of the CPC Central Committee and the State Council, we will continue to implement a prudent monetary policy, maintain a moderate degree of tightness, make appropriate adjustments according to changes in liquidity supply and demand, prices and economic situation, comprehensively use price and quantity tools, maintain a neutral and moderate monetary environment, and grasp the balance between steady growth and structural adjustment. At the same time, pay more attention to reform and innovation, combine reform with regulation, closely combine monetary policy regulation with deepening reform, accelerate the introduction of large deposit certificates for enterprises and individuals, continuously broaden the independent pricing space of financial institutions, actively promote interest rate marketization reform, and continuously enhance the central bank's interest rate regulation ability and macro-control effectiveness.

The six major effects of the central bank's announcement of interest rate cuts are related to you.

1, the interest on bank deposits is low.

The central bank cut interest rates this time, and the benchmark interest rate for 1 year deposits dropped from 2.5% before the adjustment to 2.25%, which means that the interest will be reduced when we deposit in the bank in the future. For example, 500,000 yuan is deposited in the bank 1 year, and the interest is reduced 1.250 yuan. At the same time, the floating upper limit of deposit interest rate is expanded from 1. 1 times of benchmark interest rate to 1.2 times (if commercial banks use floating range, the floating deposit interest rate is equivalent to the level before adjustment), which gives commercial banks more independent space and forms a situation of differentiated interest rate competition among banks. It's actually a good thing. You can "shop around" and choose a bank with a higher interest rate to manage your money.

2. The interest rates of commercial loans and provident fund loans have been reduced, and the pressure on mortgage loans has been reduced.

The interest rate of individual housing provident fund loans for more than five years has dropped from 4% before adjustment to about 3.75%, and the benchmark interest rate of commercial loans has also been lowered from 5.9% before adjustment to about 5.65%. Generally speaking, the interest rate of provident fund loans or commercial real estate loans and repayments is linked to the benchmark interest rate of the central bank. Therefore, the downward adjustment of the benchmark interest rate has alleviated the mortgage pressure of some individuals and families who want to buy a house. For example, to buy a house, the commercial loan is 654.38+0 million, and the loan period is 30 years. The repayment method of equal principal and interest is adopted. After the interest rate cut, the monthly payment will be reduced by about 260 yuan, and the total interest will be reduced by about 90,000 yuan.

3. Life consumption is more active.

Cutting interest rates means that interest rates may be lowered, so that bank deposits can be transferred to consumption and investment. As far as consumption is concerned, a survey of consumer confidence in China conducted by the National Bureau of Statistics shows that in June 20 14, the consumer confidence indexes of urban and rural areas were 102.0 and 106.9 respectively. This interest rate cut will promote consumption, and it is expected that the consumer confidence index will rise in the future, which is also conducive to the overall upward development of the economy.

People will have more choices in financial management.

The central bank's interest rate cut directly affects investment products, mainly industries with high asset-liability ratio or high liquidity pressure such as real estate, cement, building materials and steel; Secondly, it is also good for the stock market and bond market, but it needs to be reminded that the risks of the stock market and bond market cannot be ignored. In terms of household asset allocation, investment in sound financial management is also indispensable. In addition to choosing deposits and treasury bonds, you can also choose fixed-income products, which have low risks and good investment returns.

However, the interest rate cut will have a certain impact on the yields of Internet "baby" products and bank wealth management products with money funds as the main investment direction, such as Yu 'ebao.