The overall reduction of the RRR is 0.25, which is 0.5 and 1 point that everyone expected, which is too far away.
So will the market fall all the way as a result?
First of all, we must look at the international monetary environment, which has changed from loose to reduced.
Looking at the chart above, the international currency contracted, and the most affected are actually technology stocks and industrial stocks.
Because most technology stocks have no performance to talk about, how high the price-to-earnings ratio is, everyone can see it, but no one cares, why?
Because everyone is looking at the future, the first two years of global water release, everyone feels that the future potential of technology stocks is unlimited, and they buy it vigorously.
Now that the global currency has begun to contract, technology stocks and industrial stocks have come to a downward channel.
The reason is very simple, the money released from the water must always have a place to go, generally to promote consumption, or investment in construction.
This has given technology and industrial stocks expectations for performance growth.
This is not the same as our domestic water release...
We love building houses too much...
The international currency contracted, and the technology stocks and industrial stocks would not have too good performance, and it would be good to stop the decline.
And our recent policy is actually saving real estate.
The reason is that everyone knows that the 5.5 indicator must be completed, and real estate cannot be delayed.
However, although last month's social financing looked good, in fact, consumer loans and residents' housing loans declined, and the increased loans were mainly given to housing companies.
However, no one consumes, no one buys a house, everything is wasted.
So, back to the question at the beginning, what are the consequences of the comprehensive reduction of the RRR not as expected?
In fact, there will be no consequences, because the above also knows that it is not that the bank has no money, but that residents dare not consume and dare not buy a house.
That is to say, even if you give more RRR cuts, you can't change the situation, now give 0.25 is just right, you can solve certain problems, if you want to change the situation, you have to come up with other policies.
Speaking a bit of a mess, I would like to summarize:
International currencies contracted, and technology and industrial stocks came under pressure.
Domestic policies are still stuck in the scope of deregulation of real estate, and the policies for the stock market are still shouted more and done less.
But the policy bottom here is more obvious, we still have cards in our hands that have not been played, if the stock market cannot get up, there will definitely be policies introduced later.
Why can't the old card be?
Because the war is not over, the epidemic is not stable, and now the cards are played, and there is no guarantee of how much effect there is, so it must be delayed!
It will not be until the end of the war and the epidemic is stable that the offensive will begin.
Now the main thing is stability, stability is not falling, once it falls, I will shout, or out of some policy, but the trump card has always remained in my hand, waiting for the opportunity to move.
So my advice is that this position is the bottom, not suitable for cutting meat, but the time for the rise may not be yet.
But it should be fast, after all, no one can afford to drag !!!