一、4月份市场回顾4月末的下跌行情结束了上证指数2661点以来的反弹趋势,指数连连下跌,B股、中小板及创业板个股反应更是惨烈(参见图1)。下跌的动能主要来自三方面,一是对央行的紧缩政策预期,3月CPI再次创出近期新高后,央行在4月份同时使用了加息与上调存款准备金率的紧缩性货币政策,这也是央行自国际金融危机以来第十次上调存款准备金率,目前,大型金融机构存款准备金率已经达到20.5%的历史高位,央行保持了每月上调一次存款 First, the market review in April The decline in the end of April the end of the Shanghai Composite Index rebounded since 2661 points, the index fell again and again, B shares, small plates and GEM stocks more tragic reaction (see Figure 1). Decline momentum mainly from three aspects, one is the central bank’s tightening policy is expected, March CPI once again hit a recent high, the central bank in April to raise interest rates and raise the deposit reserve ratio of the monetary policy of the tightening, which is The central bank raised the deposit reserve ratio for the 10th time since the international financial crisis. Currently, the deposit reserve ratio of large financial institutions has reached a record high of 20.5%. The central bank has kept the deposit raised every month