On the 24th, the central bank said that it would cut the reserve requirement ratio by 0.5 percentage points on February 5, and it is expected to provide long-term liquidity to the financial market by about 1 trillion yuan. Among them, a special reduction will be made for re-lending to support agriculture and small enterprises, and the rediscount rate will be adjusted by 0.25 percentage points. The most important thing is that the central bank has stated that it will continue to promote the steady decline of comprehensive social financing costs.
If analyzed from an economic point of view, then the RRR cut is only an indirect positive for A-shares, and for our current weak A-shares, if there is no other news to cooperate, it may not be very stimulating. What A-shares lack now is confidence and new funds, so what does the reduction in reserve requirements supplement?
If it is in a relatively stable A-share market, this news is the icing on the cake, and it is still a long-term good news for the long-term development of the capital market. Because if the overall financing cost falls, then the profits of listed companies will definitely increase, which will increase the profit margin of listed companies. However, for the current A-share market, it may not be of much use as a whole.
If the only positive effect is that confidence in the stable development of the stock market has increased, it has little impact on the direct upward stimulus. In fact, what is more needed now is direct stimulus, either direct stimulus for new funds or direct policy stimulus. What do you think?
However, according to Bloomberg, there may be a stock market equalization fund with a scale of about 2 trillion yuan in the future. Moreover, it is said that the source of this fund is still provided by overseas institutions, and it is invested in the mainland A-share market through channels such as Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The news brought by this also means that it is difficult for the northbound capital index to have a net outflow in the future, and the view of the market can be speculated through the net inflow indicator. However, this is also a rumor, and if these measures are not confirmed, then the brief rally under the rumors will turn into a more violent and strong decline. Therefore, I hope that the rumors said by foreign media are true, which may also be what many retail investors want.
If we put aside the effectiveness of supervision and the speed of punishment, it may be that the most lacking thing in the entire market now is new funds. In fact, it can be clearly seen from the strange incident that occurred on the 28th of last year, that is, the Industrial Bank, with a market value of 300 billion yuan, was pulled up by 200 million yuan of funds, that the liquidity of the entire market is very, very lacking, the market is very dry, and new funds are in need of it.
It is also said that the central financial institutions directly under the China Securities Finance Corporation or the Central Huijin Company will inject at least 300 billion yuan of local funds into the A-share market. This will further strengthen support for the stock market and promote the smooth operation of the market.
Indeed, if you do a careful calculation, there are still huge investor protection funds, social security funds and insurance funds that have not yet entered the market, their scale is really huge, and the impact on A-shares is also huge, so will all these measures be realized?#Headline Tell Seriously# # What is the impact of the RRR cut on A-shares# #媒体: China is considering taking measures to stabilize the stock market#