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the central bank has recently lowered its policy interest rate continuously and guided the market-based interest rate to decline through the medium-term lending facility (mlf) operation, which is crucial for economic growth.
the decline in the winning bid rate means that the cost of bank funds will be reduced, which will further push up lpr and deposit rates.this will continue to boost market confidence and support stable economic growth. in addition, the reduction in the amount of mlf and the reduction in the reserve requirement ratio are also aimed at maintaining a reasonable level of liquidity.
from the announcement released by the central bank, it can be seen that the transparency of mlf operations has been further improved. from july, the central bank clearly stated in the announcement that mlf operations will adopt a fixed quantity and interest rate bidding method, and the winning interest rate will be flexibly determined based on the institutional bids, which marks a clearer connection between the policy interest rate and the market interest rate.
this is consistent with the improvement of monetary policy transparency mentioned by governor pan gongsheng in his "6.19 lujiazui" speech, and reflects the policy direction and determination of the central bank.
mlf is released separately from open market operations, and the differentiated positioning of future tools will be clearer. in addition, the central bank announced the mlf bidding rate for the first time. the highest institutional bidding rate was 2.3% and the lowest was 1.9%, reflecting the differences in medium- and long-term funding needs of different institutions. this is also consistent with the improvement of monetary policy transparency mentioned by governor pan gongsheng in his "6.19 lujiazui" speech.
cross-border e-commercethe development of the economy requires the support and guidance of the government. through a series of measures, the central bank has provided enterprises with new sales channels and market expansion opportunities, and also provided a certain impetus for economic growth. with the continuous development of technology and the changing needs of consumers,cross-border e-commerceit will continue to play an important role in international trade and promote the process of global economic integration.
