8月15日，人民銀行開(kāi)展4000億元中期借貸便利（MLF）操作，中標(biāo)利率下調(diào)10個(gè)基點(diǎn)至2.75％，7天期逆回購(gòu)利率同步下調(diào)10個(gè)基點(diǎn)至2％，為尚需穩(wěn)固的國(guó)內(nèi)經(jīng)濟(jì)注入金融強(qiáng)心劑。面對(duì)尚不穩(wěn)固的經(jīng)濟(jì)恢復(fù)基礎(chǔ)，宏觀政策仍以穩(wěn)增長(zhǎng)為主線(xiàn)，擇機(jī)加碼調(diào)控，積極對(duì)沖經(jīng)濟(jì)下行壓力。

China's central bank delivered surprise interest rate cuts on Monday, suggesting that the country is still willing to lend more monetary support on the aggregate front in the coming months despite a potential rise in structural inflationary pressure, experts said.
專(zhuān)家表示，中國(guó)人民銀行8月15日超預(yù)期下調(diào)政策利率，表明盡管結(jié)構(gòu)性通脹壓力可能上升，但在未來(lái)幾個(gè)月貨幣政策將繼續(xù)從總量上發(fā)力。

Thanks to Monday's rate cuts, the country's loan prime rates－or the market-driven benchmark lending rates－are likely to see reductions this month, helping revive corporate credit demand and mitigate a real estate slowdown, they said.
他們表示，這次降息促使中國(guó)最優(yōu)惠貸款利率（由市場(chǎng)驅(qū)動(dòng)的基準(zhǔn)貸款利率）本月可能會(huì)下降，這有助于恢復(fù)企業(yè)信貸需求，支持房地產(chǎn)市場(chǎng)回暖。

The People's Bank of China conducted 400 billion yuan ($59.2 billion) in medium-term lending facility operations on Monday at an interest rate of 2.75 percent, down from 2.85 percent a month earlier.
8月15日，央行開(kāi)展4000億元中期借貸便利（MLF）操作，中標(biāo)利率為2.75%，低于上個(gè)月2.85%的利率。

Using the MLF rate as a key policy benchmark, the PBOC had kept it unchanged for six months until Monday's reduction. The interest rate of seven-day reverse repurchase agreements was also trimmed by 10 basis points to 2 percent on Monday.
在央行15日降息前，MLF操作利率已經(jīng)連續(xù)6個(gè)月保持不變。8月15日，七天逆回購(gòu)利率也下調(diào)了10個(gè)基點(diǎn)至2%。

Most market participants had not expected the central bank to launch the rate cuts as it had flagged the risk of structural inflationary pressure and its intention to fend off cross-border capital outflow risks amid overseas monetary tightening in a report last week.
此前多數(shù)觀點(diǎn)認(rèn)為央行恐難降息。因?yàn)檠胄性谏现艿囊环輬?bào)告中強(qiáng)調(diào)警惕結(jié)構(gòu)性通脹壓力，并準(zhǔn)備在海外央行加快收緊步伐的背景下抵御跨境資本外流風(fēng)險(xiǎn)。

Upon the unexpected rate cuts, futures contracts for China's government bonds rose on Monday. Main contracts for 10-year, five-year and two-year government bond futures ended Monday's trading up 0.7 percent, 0.52 percent and 0.19 percent, respectively, according to market tracker Wind Info.
此次央行超預(yù)期降息后，國(guó)債期貨上漲。Wind數(shù)據(jù)顯示，截至15日收盤(pán)，10年期國(guó)債期貨主力合約漲0.70%，5年期主力合約漲0.52%，2年期主力合約漲0.19%。

Experts said Monday's rate cuts will reassure the market about the central bank's priority of growth stabilization among multiple policy goals, especially as the latest economic and financial data have underlined the necessity of strengthening macroeconomic policy support.
專(zhuān)家表示，此次降息表明央行的首要政策目標(biāo)仍然是穩(wěn)增長(zhǎng)，尤其是最新的經(jīng)濟(jì)和金融數(shù)據(jù)表明了加強(qiáng)宏觀經(jīng)濟(jì)政策支持的必要性。

The National Bureau of Statistics said on Monday that the country's recovery in consumer and investment activity has slowed due to factors including renewed COVID-19 cases and a real estate downturn.
國(guó)家統(tǒng)計(jì)局8月15日表示，受疫情和房地產(chǎn)市場(chǎng)低迷等影響，投資、消費(fèi)增速放緩。

Retail sales rose 2.7 percent year-on-year in July, down from 3.1 percent in June. Fixed-asset investment expanded by 5.7 percent in the January-July period, down from 6.1 percent for the January-June period, dragged by a 6.4 percent decline in real estate development investment, the NBS said.
7月份，社會(huì)消費(fèi)品零售總額同比增長(zhǎng)2.7%，低于6月的3.1%。國(guó)家統(tǒng)計(jì)局?jǐn)?shù)據(jù)顯示，受1-7月份全國(guó)房地產(chǎn)開(kāi)發(fā)投資下降6.4%的影響，1-7月份全國(guó)固定資產(chǎn)投資同比增長(zhǎng)5.7%，低于1-6月份的6.1%。

Credit demand also cooled in July as China's increment in aggregate social financing－the total amount of financing to the real economy－stood at 756.1 billion yuan last month, down by 319.1 billion yuan from a year ago, the central bank reported on Friday.
央行8月12日發(fā)布的報(bào)告顯示，7月份信貸需求也有所降溫，7月社會(huì)融資規(guī)模增量為7561億元，與去年同期相比減少3191億元。

The MLF rate cut may only be the first step to ramp up monetary support, analysts with Soochow Securities said in a report.
東吳證券分析師在一份報(bào)告中表示，MLF降息可能只是增加貨幣政策支持的第一步。

Wen Bin, chief economist at China Minsheng Bank, said the possibility of another interest rate cut cannot be ruled out as the PBOC's policy setting still takes domestic factors as dominant determinants while the pace of the Fed's tightening slows in the US.
中國(guó)民生銀行首席經(jīng)濟(jì)學(xué)家溫彬表示，不能排除央行再次降息的可能性，因?yàn)閲?guó)內(nèi)因素仍然是影響央行政策制定的決定性因素，而美聯(lián)儲(chǔ)的緊縮步伐有所放緩。

Moreover, Wen said it is possible for the PBOC to reduce the reserve requirement ratio in the fourth quarter to boost long-term liquidity and reduce banks' funding costs. 
此外，溫彬表示，中國(guó)人民銀行有可能在第四季度降低存款準(zhǔn)備金率，以提高長(zhǎng)期流動(dòng)性，降低銀行的融資成本。

來(lái)源：中國(guó)日?qǐng)?bào)
編輯：董靜