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2005年3月17日,央行宣布将住房贷款优惠利率回归到同期贷款利率水平,并实行下限管理:同时,超额存款准备金(超储)利率从1.62％降至0.99％。新政策是央行稳步推进利率市场化的组成部分,并贯彻了中央有保有压宏观调控不搞一刀切的精神。组合操作手法——提高住房贷款利率与降低超储利率同时出台,表明央行不希望给出全面紧缩的信号。因此,笔者认为近期内央行进一步升息的可能性较小,新政策总体有利于债券市场尤其是发行主体,收益率曲线可能至少向下平移30
On March 17, 2005, the central bank announced that it would return the prime lending rate of home loans to the same period as the lending rate and apply the lower limit management. At the same time, the interest rate for excess reserve (ultra-reserve) dropped from 1.62% to 0.99%. The new policy is an integral part of the central bank’s steady march on the marketization of interest rates and implements the central government’s principle of “keeping the macro-control of the macroeconomic control and not conducting a one-size-fits-all approach.” Combination of operating practices - to improve housing loan interest rates and reduce the ultra-low interest rates released at the same time, indicating that the central bank does not want to give a comprehensive signal of austerity. Therefore, I believe the recent Central Bank to raise interest rates less likely to be further, the overall new policy is conducive to the bond market in particular the issuer, the yield curve may be at least downward translation 30