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<Research>UBS Expects CN to Cut Rates by 10-20 bps This Yr with Moderate Intensity
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The Fourth Session of the 14th National People's Congress opened yesterday (5th). According to a report from UBS, Chinese Premier Li Qiang delivered a report that was generally in line with previous years. Information relevant to the banking industry included issuing RMB300 billion special government bonds for capital injection into large state-owned banks, maintaining a moderately loose monetary policy against the backdrop of a CPI target of around 2%, and adopting interest rate cuts, RRR reductions, and other tools flexibly and efficiently. The reiteration of the use of moderately loose monetary policy and potential monetary policy tools like interest rate cuts and RRR reductions in the government work report prompted UBS economists to believe that China will cut interest rates by 10-20 bps this year and that the net interest margin of banks will remain a significant consideration for regulators, hence any rate cut measures may be relatively moderate. AAStocks Financial News |
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