On the 11th, the central bank announced the pilot situation of credit asset pledge refinancing since last year. According to statistics from the central bank, as of the end of 2015, bank branches issued credit policies to 31 local method and financial institutions to support loans and loans of 4.973 billion yuan, guiding financial institutions to expand national economic priorities such as “agriculture, rural areas and farmers” and small and micro enterprises. Credits in the field and weak links reduce social financing costs and support the real economy. In essence, it is still refinancing. Since October last year, banks have been promoting the expansion of credit asset pledge refinancing pilots in 11 provinces. The central bank said that the pilot work is progressing smoothly. In 2015, 3,022 loan companies eligible for part of the method and financial institutions in the pilot area have completed the internal rating of the central bank, and the credit assets with the standard-rated rating are included in the bank. Product range. The so-called "credit asset pledge refinancing" refers to the bank can use the existing credit assets that meet the central bank's rating criteria, go to the central bank to pledge, and obtain the refinancing funds issued by the central bank. This will help solve the problem of relatively insufficient pledges of high-grade bonds in local financial institutions, and facilitate the central bank to provide liquidity support to local financial institutions. Previously, there was a commentary that interpreted the expansion of the credit asset pledge refinancing pilot as equivalent to “Ten Thousand QE”. In fact, from the data of the central bank, since the pilot expansion last year, the credit policy issued through the pledge of credit assets has supported refinancing of less than 5 billion, which is lower than the expectations of many brokerage institutions. The “trillion” misreading is even more There is a great distance. Prior to this, Shen Wanhongyuan (8.63, 0.00, 0.00%) chief analyst Li Huiyong said in an interview with Nanfang Daily that from the previous and pilot conditions, the scale of credit asset pledge refinancing in 2014 was not large. After the expansion of the pilot, the scale will not soar. Credit pledge refinancing is essentially a refinancing and is not a substitute for traditional monetary policy. Li Huiyong, a credit asset securitization, believes that the promotion of credit asset pledge refinancing pilots is intended to solve the problem of relatively insufficient qualified collateral for local financial institutions. It is a channel for the existing inventory of credit assets, that is, the effectiveness of credit asset securitization. supplement. It is also possible to obtain more base currencies by setting a higher discount rate for the credit assets of Xiaowei and “agriculture, rural areas and farmers” that meet the requirements of economic transformation, and guide the transformation of credit structure of financial institutions. In addition, from the perspective of the central bank's monetary policy framework, the promotion of credit asset pledge refinancing further complements the monetary policy toolbox and improves the central bank collateral management framework, which is conducive to safeguarding the security of central bank creditors and improving the effectiveness of monetary policy operations. flexibility. Since last year, the central bank has provided a long-term liquidity to the macro economy through four times of generalizing the deposit reserve ratio of financial institutions and five targeted reductions. At the same time, it has used a variety of monetary policy tools, such as comprehensive promotion of standing loan facilities, strengthening the liquidity management of local financial institutions; more emphasis on stabilizing short-term interest rates, keeping the currency market running smoothly; reducing the benchmark interest rate for deposits and loans five times, and fully utilizing price leverage Guide the financing costs down. A few days ago, at the 2016 work conference, Zhou Xiaochuan, the bank's governor, said that in the future, a variety of tools will continue to be used to rationally regulate liquidity. The counter-cyclical adjustment and structural guidance of the dynamic adjustment mechanism of differential reserves will be exerted to guide financial institutions to allocate more credit resources to key areas and weak links in economic and social development.