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在上证指数迎来8月25日的再次大幅下挫之后,8月25日下午央行再一次同时下调存款准备金率和存贷款利率。但是如果仅仅将此次“双降”理解为对市场的短期提振与救市措施,或许并不能全面涵盖其背后的深意。股市的推动无疑需要流动性的支撑,但是资金面的匮乏从来都不是制约中国资本市场的根本瓶颈。根据央行公开数据,2015年7月中国M2供应量依然达到135.3万亿的历史高位,其增速
After the Shanghai Composite Index ushered in a sharp plunge on August 25, the central bank once again lowered its deposit reserve ratio and deposit and loan interest rates on the afternoon of August 25. However, if we simply understand this “double down” as a short-term boost to the market and rescue measures, may not fully cover the underlying meaning. The promotion of the stock market undoubtedly needs the support of liquidity, but the lack of capital has never been the fundamental bottleneck restricting China’s capital market. According to the public data of the central bank, M2 supply in China still reached a historical high of 135.3 trillion in July 2015, and its growth rate