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中信证券:加息和缩表成为未来全球货政转型方向
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Topic: 中信证券:加息和缩表成为未来全球货政转型方向 (Read 124 times)
Deniselly
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中信证券:加息和缩表成为未来全球货政转型方向
May 15, 2017, 04:47:40 PM
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5月12日晚,人民银行公布了《2017年第一季度中国货币政策执行报告》。央行虽然不会在报告中明示未来货币政策的走向,但通过分析我们可以了解央行现阶段政策决策的主要参考因素,甚至可以了解到央行对于其中部分参考因素未来走向的预期。我们认为此次货币政策执行报告主要透露以下信息:第一,央行对经济基本面的信心增强。央行认为今年一季度经济运行稳中向好、效益回升、实现良好开局。在房地产问题上,除了继续强化住房金融宏观审慎管理,央行还新增了“加快形成促进房地产市场稳定发展的长效机制”的内容,表明此次房地产调控在货币政策上将延续一季度的力度。第二,央行认为稳健中性的货币政策与去杠杆、抑泡沫、防风险的要求相匹配,货币政策的小幅收紧,及其所导致的市场流动性、利率、信贷和社会融资的一系列变化在央行的合理预期和容忍度之内。第三,在今年一季度由于货币政策收紧和监管趋严,对市场产生了一定的影响,本报告强调要“加强金融监管协调,有机衔接监管政策出台的时机和节奏,稳定市场预期,把握好去杠杆和维护流动性基本稳定的平衡,有序化解处置突出风险点,切实维护国家金融安全”,表明央行不愿意看到暴力去杠杆的态度。在去杠杆背景下,货币政策与监管政策要保持平衡,货币政策不能太紧,监管政策要注意节奏。最后,宏观审慎评估(MPA)已成为“货币政策+宏观审慎政策”双支柱金融调控政策框架的重要组成部分。在本轮去杠杆背景下,监管层希望通过央行货币政策缓收紧与监管政策强监管共同配合引导杠杆最终实现温和有序去化。在此背景下,央行货币政策将继续保持稳健中性,为去杠杆提供中性适度的货币环境。同时,监管政策的重点应该放到完善长期机制和注重逆周期调节上,约束金融机构的行为。
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中信证券:加息和缩表成为未来全球货政转型方向
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