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定向降准不能被赋予积极意义,否则央行将代替商业银行作决策,行政权力之手更深地伸向金融行业。目前定向降准,反映出央行认为贷款难、贷款贵是结构性问题,而不是总量问题,今年上半年,社会融资规模10.57万亿,同比增了4146亿元,为历史同期最高水平,农业与小微企业却并未受惠。因此,定向降准被赋予平价资金流向三农、流向小微企业、
Targeted RRR can not be given a positive meaning, or the central bank will take the place of commercial banks for decision-making, the hands of executive power to the financial sector more deeply. The current RRR cut reflects the PBOC’s view that loans are difficult and that loans are expensive rather than aggregated. In the first half of this year, the scale of social financing was 10.57 trillion yuan, an increase of 414.6 billion yuan over the same period of last year, the highest level in the same period of history. Agriculture And small and micro enterprises have not benefited. Therefore, the targeted RRR has been given to the rural areas and farmers by cheap capital flows to small and micro enterprises,