ANZ raise deposit reserve ratio is still room for

 Securities Market Weekly (Xinhua Yan Pei) January 17, ANZ during the year for the first time the central bank raised the deposit reserve ratio announced the report, said this after the deposit reserve ratio increase, for large financial institutions to prepare reserve ratio has reached a high of round 19% increase, from a record high level, the central bank had 80 in the 20th century the implementation of over 20% of the level of the deposit reserve ratio, which indicates that the future of the deposit reserve ratio level there is still some upside.

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1 月 14 evening, the People's Bank of China announced to raise all financial institutions to deposit reserve ratio by 50 basis points, from 20 January started. The deposit reserve ratio hike is the first time during the year 2011, the reserve increase, but also to the central bank over the past 3 months the fourth time raised the deposit reserve ratio, the central bank from 2010 has been 6 years since raising the deposit reserve ratio.

tightening in the quantization, the ANZ Bank, the central bank still needs to use the interest rate and exchange rate instruments, to multi-level monetary policy tightening.

ANZ Bank's proposal is the use of interest rates to limit speculative capital can largely long-term interest rates too low use of space, to the speculative real estate and other markets, but also can solve the depositors face the dilemma of negative real interest rates, gradually reduced the purchasing power to solve real problems; exchange rate appreciation to reduce the pressure of imported inflation, the central bank had the No. 1 paper also introduced a pilot of RMB foreign direct investment approach, which also shows that within the central bank wishes to promote outflow of liquidity, which means in the long term realization of China's current account and capital account balance, despite the continuing appreciation of the RMB to bring more capital inflows, but also to reduce the domestic enterprises to use the RMB to the cost of direct investment overseas.

ANZ continued to appreciate against the dollar in 2011 of 5% -6% forecast, and that the central bank will raise interest rates in the coming year 3 to 4 times, each time to raise interest rates by about 25 basis points.