China may need additional monetary easing measures such as cutting interest rates or the reserve requirement ratio soon to facilitate the upcoming issuance of special treasury bonds, experts said on Monday.
專(zhuān)家周一表示,中國(guó)可能需要額外的貨幣寬松措施,如降息或存款準(zhǔn)備金率,以促進(jìn)即將發(fā)行的特別國(guó)債。
Other factors to be taken into consideration include lukewarm financing demand in April and persistent low price growth — situations that have attracted close attention from policymakers, they said.
他們表示,其他需要考慮的因素包括4月份融資需求不溫不火和持續(xù)的低價(jià)格增長(zhǎng),這些情況引起了政策制定者的密切關(guān)注。
"If interest rates or the RRR are not cut this week amid the weak inflationary environment, then (I think) interest rates will be cut in June. That is, a cut in interest rates is on its way, sooner or later," said Hong Hao, chief economist at GROW Investment Group. The RRR refers to the proportion of deposits that banks must keep in cash as a reserve.
GROW Investment Group首席經(jīng)濟(jì)學(xué)家洪浩表示:“如果在通脹環(huán)境疲軟的情況下,本周不降息或降準(zhǔn),那么(我認(rèn)為)6月份就會(huì)降息。也就是說(shuō),降息遲早會(huì)到來(lái)。”。RRR指的是銀行必須以現(xiàn)金作為準(zhǔn)備金的存款比例。
The People's Bank of China, the country's central bank, is due to unveil the medium-term lending facility rate — the policy benchmark for interest rates — on Wednesday, after the Ministry of Finance released on Monday the issuance schedule of ultra-long-term special treasury bonds worth 1 trillion yuan ($138 billion).
財(cái)政部周一公布了價(jià)值1萬(wàn)億元人民幣(1380億美元)的超長(zhǎng)期特別國(guó)債的發(fā)行時(shí)間表后,中國(guó)央行中國(guó)人民銀行將于周三公布中期借貸便利利率——利率的政策基準(zhǔn)。
The issuance schedule spans from this month to November and begins with the issuance of 30-year bonds on Friday. Bonds with 20-year and 50-year tenors will be offered from May 24 and June 14, respectively, the ministry said.
發(fā)行時(shí)間表從本月到11月,從周五發(fā)行30年期債券開(kāi)始。財(cái)政部表示,20年期和50年期債券將分別于5月24日和6月14日發(fā)行。
Hong said the ultra-long-term special treasury bond issuance represents a meaningful expansion in the fiscal deficit that the market is looking for, which will help rejuvenate the credit cycle and help achieve the annual economic growth objective of around 5 percent.
洪說(shuō),發(fā)行超長(zhǎng)期特別國(guó)債是市場(chǎng)預(yù)期的財(cái)政赤字的一次有意義的擴(kuò)大,這將有助于振興信貸周期,并有助于實(shí)現(xiàn)5%左右的年度經(jīng)濟(jì)增長(zhǎng)目標(biāo)。
Shao Yu, a board member of the Shanghai Institution for Finance & Development, a think tank, said policy coordination from the PBOC is needed to ensure the efficacy of the bonds in bolstering the economy.
智庫(kù)上海金融發(fā)展研究所董事會(huì)成員邵宇表示,需要中國(guó)人民銀行的政策協(xié)調(diào),以確保債券在提振經(jīng)濟(jì)方面的效力。
With the issuance of ultra-long-term government bonds to generate more demand for liquidity, the PBOC needs to take more easing measures to maintain low financing costs for the government bonds and the real economy, Shao said.
邵表示,隨著超長(zhǎng)期政府債券的發(fā)行,以產(chǎn)生更多的流動(dòng)性需求,中國(guó)人民銀行需要采取更多的寬松措施,以保持政府債券和實(shí)體經(jīng)濟(jì)的低融資成本。