5月9日，中国人民银行发布的《2022年第一季度中国货币政策执行报告》称，央行将发挥存款利率市场化调整机制的“重要作用”，完善市场化利率形成，推动降低企业综合融资成本。新机制标志着央行加大了对实体经济的扶持力度，报告承诺积极采取应对措施，稳定经济，提振市场信心，聚焦支持小微企业和受疫情影响严重的企业。

 

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.

经济学专家5月10日表示，预计中国将深化存款利率改革，以降低企业融资成本，这是央行为平衡稳定经济增长和防范跨境资本异常流动风险采取的部分精准措施。

 

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 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.

此前，中国人民银行表示今年4月已指导银行建立了存款利率市场化调整机制，4月最后一周的存款加权平均利率为2.37%，较前一周下降0.1个百分点。

 

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.

5月9日发布的《2022年第一季度中国货币政策执行报告》称，央行将发挥调整机制的“重要作用”，完善市场化利率形成，推动降低企业综合融资成本。

 

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 stabilize⁶ the economy, boost market confidence, and focus on assisting smaller businesses and those hampered⁷ by COVID-19.

新机制标志着央行加大了对实体经济的扶持力度，报告承诺积极采取应对措施，稳定经济，提振市场信心，聚焦支持小微企业和受疫情影响严重的企业。

 

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.

东方证券首席经济学家邵宇表示，调整机制的作用类似降低存款利率，这将有助于降低银行融资成本，稳定银行贷款利润率，并促进实体经济的信贷扩张。

 

Under the mechanism, banks are encouraged to adjust their deposit rates based on interest rates in the bond and lending markets, the report said.

报告称，在该机制下，鼓励银行根据债券和贷款市场的利率调整存款利率。

 

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 alleviate¹⁰ the financing burden in the real economy, said Ying Xiwen, a senior researcher at China Minsheng Bank.

民生银行研究院高级研究员应习文表示，由于这一机制，最优惠贷款利率（指银行给信用质素最佳的客户放贷的基本贷款利率）未来可能有更大的下降空间，并将有助于减轻实体经济的融资成本。

 

The experts said the launch of the new mechanism, instead of high-profile moves like policy interest rate cuts, reflected the worst-case scenario¹¹ mindset of policymakers, which takes risks into full consideration and reacts accordingly.

专家们表示，启动存款利率市场化调整机制，而没有采取像政策性降息这样引人注目的举措，反映出决策者坚持底线思维，充分考虑风险并做出相应的反应。

 

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.

应习文称，由于对资本外流和货币贬值的风险保持警惕，央行创造了新工具提振经济。因为典型的政策性降息举措可能在释放货币宽松信号和增加资本外流风险方面具有重大意义。

 

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.

第一季度中国货币政策执行报告显示，央行强调应对风险，如海外央行政策调整、地缘政治紧张加剧的全球通胀风险，以及本土新冠病例增加等。

 

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.

该报告称，主要发达经济体已经加快货币紧缩，并产生了溢出效应，导致全球金融市场的更大波动和跨境资本流动。报告还称，央行将密切关注发达经济体的货币政策调整，将加强跨境资金流动宏观审慎管理，强化预期管理。

 

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.

报告称，将支持粮食、能源生产保供，增加结构性货币政策工具，支持地方政府完善房地产市场政策，同时避免将房地产市场作为短期刺激的工具。

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