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2022-04-17

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Heavy Break! The central bank announced: RRR cut in an all-round way, releasing 530 billion funds!

4月15日，中国人民银行：中国人民银行决定于2022年4月25日下调金融机构存款准备金率0.25个百分点。为支持实体经济发展，促进综合融资成本稳中有降，中国人民银行决定于2022年4月25日下调金融机

Heavy Break! The central bank announced: RRR cut in an all-round way, releasing 530 billion funds!

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The central bank announced: RRR cut in an all-round way, releasing 530 billion funds!","url":"https://stock-news.laohu8.com/highlight/detail?id=1144854803","media":"中国人民银行","summary":"4月15日，中国人民银行：中国人民银行决定于2022年4月25日下调金融机构存款准备金率0.25个百分点。为支持实体经济发展，促进综合融资成本稳中有降，中国人民银行决定于2022年4月25日下调金融机","content":"<html><head></head><body>April 15, PBOC: The PBOC decided to cut the deposit reserve ratio of financial institutions by 0.25 percentage points on April 25, 2022.In order to support the development of the real economy and promote the steady reduction of comprehensive financing costs, the People's Bank of China decided to reduce the deposit reserve ratio of financial institutions by 0.25 percentage points on April 25, 2022 (excluding financial institutions that have implemented the deposit reserve ratio of 5%). In order to increase the support for small and micro enterprises and \"agriculture, rural areas and farmers\", for city commercial banks that do not operate across provinces and rural commercial banks whose deposit reserve ratio is higher than 5%, on the basis of lowering the deposit reserve ratio by 0.25 percentage points, an additional 0.25 percentage points will be reduced. After this downward adjustment, the weighted average deposit reserve ratio of financial institutions is 8.1%.The People's Bank of China will adhere to the principle of stability, strive for progress while maintaining stability, continue to implement a prudent monetary policy, avoid flooding, take into account the internal and external balance, better give full play to the dual functions of monetary policy tools, maintain reasonable and sufficient liquidity, keep the growth rate of money supply and social financing scale basically matched with the nominal economic growth rate, stimulate market vitality, support financing in key areas and weak links, and create a suitable monetary and financial environment for high-quality development and supply-side structural reform.<img src=\"https://static.tigerbbs.com/3ada880b3dbaa518de26c2db245ace44\" tg-width=\"1470\" tg-height=\"812\" referrerpolicy=\"no-referrer\"/>Impact of RRR Cut on MarketWhy the RRR cut?The co-chief economist of CITIC Securities clearly said that although the maturity scale of MLF will be low in the next quarter, there is still a liquidity gap caused by the peak tax period, the centralized issuance of government bonds and the large maturity scale of interbank certificates of deposit, which may be the trigger factors for the RRR cut. Secondly, from the perspective of expanding the scale of new loans, the current bank excess reserve rate is going down again. To further guide financial institutions to increase credit supply and reduce loan interest rates, on the one hand, it is necessary to make up the medium-and long-term funding gap, and on the other hand, it is necessary to reduce the debt cost.Li Chao, chief economist of Zheshang Securities, believes that the epidemic situation has aggravated the uncertainty of economic fundamentals, and the downward pressure on the economy has increased. At present, the monetary policy still takes steady growth as the primary goal, and the focus is on credit. Credit is the most effective means of widening credit, and it is an effective way to promote enterprises to expand capital expenditure and prevent financial idling.Huang Wentao, chief economist of CITIC Securities, analyzed that the downward pressure on the economy has increased: First, the impact of the pulse epidemic has a significant impact on domestic and foreign demand and confidence. At present, the domestic sporadic epidemic still has a significant impact on China's economy, and various problems such as consumption, real estate, infrastructure and income are under great pressure. Especially in the case that the first quarter economic data is about to be released, we judge that the first quarter data may be lower than market expectations. Second, the kinetic energy of exports may fall back, Baidu's kinetic energy of economic recovery weakens, the economic high has passed, there are unfavorable factors in overseas recovery, and the types of products in line with China's exports, such as durable goods, are also slightly overdrawn in the early stage. Third, domestic real estate and its industrial chain are facing liquidity pressure and default impact, and the growth rate of the whole industrial chain has declined rapidly.The implementation of the RRR cut will help enterprises bail out during the epidemic, boost the real economy, and stabilize stocks and bonds.China Merchants Fund commented that the 4.13 National Standing Committee pointed out that \"large banks with high provision levels are encouraged to reduce the provision coverage ratio in an orderly manner\", and in terms of monetary policy, it emphasized that \"further increase financial support for the real economy, especially industries seriously affected by the epidemic, small and medium-sized enterprises and individual industrial and commercial households\".Under the impact of the pandemic, banks reduced the provision coverage ratio, which helped to increase the support of credit funds to entities; At the same time, increasing support for industries and small and micro enterprises seriously affected by the epidemic has obvious characteristics of helping enterprises bail out in the epidemic, and also helps to broaden credit.However, it should be noted that because the current financing demand of the real economy is still sluggish and the epidemic situation has suppressed the economic vitality, in the case of loose liquidity, it is necessary to be alert to the idling of funds and enterprises \"borrowing the new and paying back the old\", which may weaken the actual pulling effect of monetary easing on the real economy to some extent.For the capital market, after the previous RRR cuts, the short-term winning rate of Shanghai Composite Index and CSI 300 is high, while the medium-and long-term winning rate declines but the increase expands; The bond market can better reflect the expectation of the RRR cut in advance, and the interest rate is mixed after the RRR cut. Therefore, in view of the fact that the market expectation of this RRR cut is relatively sufficient, it is expected that the RRR cut will be good for the stock market in the short term, and the benefit for the bond market will be limited.Xinhua Fund RRRR Reduction: It is beneficial to the market to some extent, and the low valuation direction of short-term benefit and steady growth is expected to continue to dominateZhang Lin, director of Xinhua Fund Research Department and fund manager, said that the core purpose of the RRR cut is to provide extensive credit support to industries and small and medium-sized enterprises affected by the epidemic, reduce their financing costs, and thus stabilize employment. This shows the determination and attitude of the regulators to stabilize the economy, which is beneficial to the market to some extent and will change the rhythm of market operation. However, considering the impact of the economy on the market, this will not change the overall direction of market operation.We believe that since the end of February, the spread of the domestic epidemic and overseas geopolitical conflicts have had a significant impact on the steady growth and corporate profit distribution pattern. The momentum of economic stabilization from January to February failed to continue in March. With the sharp rise of the prices of crude oil and other resource products again, the short-term corporate profit distribution pattern will also deteriorate. In the first quarter, the economy is facing the pressure of breaking 5. Looking back, the fiscal effort and social financing recovery are relatively certain, and the real estate is also expected to recover to the level of 19 years. The main variable is that virus mutation has higher and higher requirements for blockade, which has a more severe impact on the economy. All the above macro-level changes have suppressed the market. In the second and third quarters, consumption and infrastructure were restricted by the epidemic, and real estate investment was difficult to recover quickly, the government's steady growth lacked an obvious \"handle\". Therefore, even if the unemployment rate shows an inflection point after the epidemic, the rate of employment recovery may still be slower than expected. Once it is difficult for the government to reach the employment target of 5.5% within the year, the central bank may cut interest rates through MLF to support the economy and promote employment, and temporarily shelve the exchange rate and capital outflow risks caused by the inversion of the interest rate spread between China and the United States. As the policy side is actively responding to the greater uncertainties and challenges faced by the economic operation, the low valuation direction, which benefits from stable growth in the short term, is expected to continue to dominate, while the overweight opportunity in the growth direction needs to wait for the effective control of the epidemic and the stabilization of the economy again.The impact of the RRR cut on the bond market is relatively limited, and the future equity market may welcome a structural reboundZou Deli, general manager of the fixed income investment department of Great Wall Fund, said that at present, with the weak performance of the stock market and the continuous sluggish real estate sales, especially with the local outbreak of epidemics in many places, economic growth is under great pressure. Under the background of steady growth and wide credit, the credit supply was further increased from March to April. At this time, it is a more appropriate time window to support the credit supply through RRR reduction and liquidity supply.He pointed out that from a historical perspective, the RRR cut operation will not affect the central bank's decision on whether to cut interest rates. This week's National Standing Committee's reference to \"reducing comprehensive financing costs\" needs more interest rate cuts to be realized, and the epidemic has impacted economic growth expectations. We judge that it will be possible to further reduce MLF and LPR interest rates. A better time window for interest rate cuts is in the second quarter, while April may be a better choice in the Fed's rate hike window.Under the current scenario of sufficient monetary easing expectations, the impact of the RRR cut on the bond market is relatively limited. The Standing Committee mentioned that the ten-year Treasury Bond will only drop by about 2BP after the RRR cut, and the key lies in whether the policy interest rate will be lowered. If the MLF interest rate is lowered, the bond market will usher in significant benefits, and the bond interest rate will further decline. Overall this year, the bond market is bullish in the first half of the year because of the pressure of economic growth brought by the spread of the epidemic, and may be bearish in the second half of the year because of stimulating economic recovery. In the equity market, after the overall surge in the previous two years, it may be necessary to reduce the expectation of the annual investment return, but it should be at the bottom of the policy and the bottom of the market at present, and it may usher in a structural rebound in the future.Stock Market ImpactAccording to the strategy of Xingzheng, the landing of the RRR cut is expected to boost the short-term market sentiment. The probability of market rise is high one week after the landing of the previous RRR cut, and the probability of GEM index and CSI 300 rise is 60%; Judging from the median increase and decrease, the GEM index performed better than CSI 300 one week after the RRR cut, and the growth and consumption in style were better than the cycle and finance.<img src=\"https://static.tigerbbs.com/38a8ae8b1a97f0339dd07a63ec5794d8\" tg-width=\"895\" tg-height=\"782\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Impact of bond marketAccording to the fixed income team of GF Securities, the impact on the bond market: liquidity is difficult to loosen, and it is expected that it may turn to wide creditThe impact of RRR cut on interest rate is mainly from two levels: First, the liquidity level. The impact of the RRR cut on the bond market through liquidity ultimately depends on the level at which the overnight capital interest rate is stable after the RRR cut, whether it is 1.5%, 1.8% or 2.0%. The capital interest rate directly affects the bond market interest rate through leveraged capital cost.The second is the expectation level. After the implementation of policies such as RRR cut or interest rate cut, investors in the bond market pay attention to whether there will be any interest rate cut in the future, which often determines the downward space of long-term interest rates. We expect that under the external constraints of the Fed's rapid tightening of monetary policy, in order to balance the external balance, the possibility of lowering MLF and reverse repo rate in the short term after the RRR cut will decrease.After the RRR cut is implemented, it is necessary to be alert to the logic of \"exhausting profits\" in the bond market, and the main line of the bond market may transition from the expected realization of wide money to the landing of wide credit.Apart from RRR cuts, will there be interest rate cuts?What the market is concerned about is, will there be interest rate cuts in addition to RRR cuts?On the 15th, it was reported that the self-discipline mechanism of market interest rate pricing recently held a meeting to encourage the floating upper limit of deposit interest rates of small and medium-sized banks to be lowered by about 10 basis points (BP); This requirement should not be mandatory, but banks that make adjustments may benefit their macro-prudential assessment (MPA) assessment.According to the analysis of Soochow Securities, the interest rate cut that can not be waited for the RRR cut.At present, it is weak to reduce interest rates to promote the downward trend of physical financing costs and promote the expansion of new credit. According to the statements of the first quarter regular meeting of the central bank and the National Standing Committee, ensuring \"reasonable and sufficient liquidity\" at this stage is the leading idea of the central bank's open market operation in the near future. With the U.S. CPI above 8.5% and yet to peak, the pace of Fed tightening will pick up further. Under this expectation, other overseas central banks also quickly followed the tightening, such as Britain and Canada. In contrast, except for the inverted interest rate spread between China and the United States, China's 10-year Treasury Bond spread to the European Union, Britain and Germany is narrowing rapidly. How to maintain the stability of China's currency value and form a capital depression is the main constraint that hinders China's interest rate cut.Reducing loan interest rates and corporate financing costs by releasing the potential of LPR reform should be the main way of monetary policy at this stage. According to the guidance of the Standing Committee of the People's Republic of China on April 13th (Wednesday), \"encouraging large banks with high provision levels to reduce the provision coverage ratio in an orderly manner and use monetary policy tools such as RRR reduction in time\" is intended to release more funds to promote bank credit and at the same time promote the reduction of bank capital costs. It is the main force of the current policy to reduce the loan interest rate and guide banks to make profits to enterprises by compressing the added points of LPR. If the central bank implements a general reduction today, it is expected that the LPR quotation will decline in April.Lian Ping, chief economist of Zhixin Investment, analyzed that there are no conditions for direct interest rate cuts at present.Under the external complicated circumstances such as the strong expectation of the Fed's sustained rate hike, the inversion of the interest rate spread between China and the United States, and the turbulent international situation, China's direct reduction of the policy interest rate may increase the pressure of capital outflow and RMB depreciation, so it is necessary to be relatively cautious. At present, China's monetary policy will still adhere to \"focusing on me\". However, when external demand weakens, manufacturing industry in Southeast Asia recovers, and Western sanctions against Russia may affect China's exports, interest rate cuts may increase the pressure on China's internal and external balance. From the perspective of policy effect, the RRR cut is conducive to the reduction of the capital cost of commercial banks, which may further push the LPR down slightly, and to some extent, it can push the market interest rate down. However, if the interest rate is cut at the same time, the superimposed effect of the \"double reduction\" policy may be too large, which will easily push up the leverage ratio and increase financial risks.According to the analysis of China Merchants Fund, interest rates may be cut again after the RRR cut. In the past, the National Standing Committee raised and lowered the RRR, and in most cases, it will be implemented, ranging from 1-2 weeks to 2-3 days. Considering that the recent policy level has repeatedly shouted about monetary policy, it is more appropriate to cut the RRR at the expiration point of MLF on April 15th, which is in line with expectations. After the RRR cut, interest rates may also be cut. For example, the 1-year LPR interest rate may be lowered on April 20th; If the epidemic continues to impact the economy, the MLF interest rate may also be lowered in the second quarter.Here's the full text of the central bankIn order to support the development of the real economy and promote the steady reduction of comprehensive financing costs, the People's Bank of China decided to reduce the deposit reserve ratio of financial institutions by 0.25 percentage points on April 25, 2022 (excluding financial institutions that have implemented the deposit reserve ratio of 5%). In order to increase the support for small and micro enterprises and \"agriculture, rural areas and farmers\", for city commercial banks that do not operate across provinces and rural commercial banks whose deposit reserve ratio is higher than 5%, on the basis of lowering the deposit reserve ratio by 0.25 percentage points, an additional 0.25 percentage points will be reduced. After this downward adjustment, the weighted average deposit reserve ratio of financial institutions is 8.1%.The People's Bank of China will adhere to the principle of stability, strive for progress while maintaining stability, continue to implement a prudent monetary policy, avoid flooding, take into account the internal and external balance, better give full play to the dual functions of monetary policy tools, maintain reasonable and sufficient liquidity, keep the growth rate of money supply and social financing scale basically matched with the nominal economic growth rate, stimulate market vitality, support financing in key areas and weak links, and create a suitable monetary and financial environment for high-quality development and supply-side structural reform.Relevant person in charge of the People's Bank of China answered reporter's question on lowering the deposit reserve ratio of financial institutionsQ: What is the purpose of this RRR cut?Answer:At present, liquidity is at a reasonably sufficient level. The purpose of this RRR cut is to optimize the capital structure of financial institutions, increase the long-term stable sources of funds of financial institutions, enhance the fund allocation ability of financial institutions, and increase support for the real economy. The second is to guide financial institutions to actively use RRR reduction funds to support industries and small and medium-sized enterprises seriously affected by the epidemic. Third, this RRR cut reduces the capital cost of financial institutions by about 6.5 billion yuan per year, and the transmission of financial institutions can promote the reduction of social comprehensive financing costs.Q: How much money will be released by this RRR cut?Answer:The RRR cut released a total of about 530 billion yuan of long-term funds. This RRR cut is a comprehensive RRR cut. Except for some corporate financial institutions that have implemented the deposit reserve ratio of 5%, the deposit reserve ratio of other financial institutions is generally lowered by 0.25 percentage points. For city commercial banks that do not operate across provinces and rural commercial banks whose deposit reserve ratio is higher than 5%, on the basis of lowering the deposit reserve ratio by 0.25 percentage points, an additional 0.25 percentage points will be reduced, which will help to increase support for small and micro enterprises and \"agriculture, rural areas and farmers\".Q: What are the comprehensive considerations after this RRR cut?Answer:The People's Bank of China will continue to implement a prudent monetary policy. First, pay close attention to changes in price trends and maintain overall price stability. Second, pay close attention to the monetary policy adjustment of major developed economies, taking into account the internal and external balance. At the same time, it will maintain reasonable and sufficient liquidity, promote the reduction of comprehensive financing costs and stabilize the macro-economic market.</body></html>","source":"111133","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Heavy Break! The central bank announced: RRR cut in an all-round way, releasing 530 billion funds!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHeavy Break! The central bank announced: RRR cut in an all-round way, releasing 530 billion funds!\n</h2>\n<h4 class=\"meta\">\n\n中国人民银行2022-04-15 18:15\n\n</h4>\n</header>\n<article>\n<html><head></head><body>April 15, PBOC: The PBOC decided to cut the deposit reserve ratio of financial institutions by 0.25 percentage points on April 25, 2022.In order to support the development of the real economy and promote the steady reduction of comprehensive financing costs, the People's Bank of China decided to reduce the deposit reserve ratio of financial institutions by 0.25 percentage points on April 25, 2022 (excluding financial institutions that have implemented the deposit reserve ratio of 5%). In order to increase the support for small and micro enterprises and \"agriculture, rural areas and farmers\", for city commercial banks that do not operate across provinces and rural commercial banks whose deposit reserve ratio is higher than 5%, on the basis of lowering the deposit reserve ratio by 0.25 percentage points, an additional 0.25 percentage points will be reduced. After this downward adjustment, the weighted average deposit reserve ratio of financial institutions is 8.1%.The People's Bank of China will adhere to the principle of stability, strive for progress while maintaining stability, continue to implement a prudent monetary policy, avoid flooding, take into account the internal and external balance, better give full play to the dual functions of monetary policy tools, maintain reasonable and sufficient liquidity, keep the growth rate of money supply and social financing scale basically matched with the nominal economic growth rate, stimulate market vitality, support financing in key areas and weak links, and create a suitable monetary and financial environment for high-quality development and supply-side structural reform.<img src=\"https://static.tigerbbs.com/3ada880b3dbaa518de26c2db245ace44\" tg-width=\"1470\" tg-height=\"812\" referrerpolicy=\"no-referrer\"/>Impact of RRR Cut on MarketWhy the RRR cut?The co-chief economist of CITIC Securities clearly said that although the maturity scale of MLF will be low in the next quarter, there is still a liquidity gap caused by the peak tax period, the centralized issuance of government bonds and the large maturity scale of interbank certificates of deposit, which may be the trigger factors for the RRR cut. Secondly, from the perspective of expanding the scale of new loans, the current bank excess reserve rate is going down again. To further guide financial institutions to increase credit supply and reduce loan interest rates, on the one hand, it is necessary to make up the medium-and long-term funding gap, and on the other hand, it is necessary to reduce the debt cost.Li Chao, chief economist of Zheshang Securities, believes that the epidemic situation has aggravated the uncertainty of economic fundamentals, and the downward pressure on the economy has increased. At present, the monetary policy still takes steady growth as the primary goal, and the focus is on credit. Credit is the most effective means of widening credit, and it is an effective way to promote enterprises to expand capital expenditure and prevent financial idling.Huang Wentao, chief economist of CITIC Securities, analyzed that the downward pressure on the economy has increased: First, the impact of the pulse epidemic has a significant impact on domestic and foreign demand and confidence. At present, the domestic sporadic epidemic still has a significant impact on China's economy, and various problems such as consumption, real estate, infrastructure and income are under great pressure. Especially in the case that the first quarter economic data is about to be released, we judge that the first quarter data may be lower than market expectations. Second, the kinetic energy of exports may fall back, Baidu's kinetic energy of economic recovery weakens, the economic high has passed, there are unfavorable factors in overseas recovery, and the types of products in line with China's exports, such as durable goods, are also slightly overdrawn in the early stage. Third, domestic real estate and its industrial chain are facing liquidity pressure and default impact, and the growth rate of the whole industrial chain has declined rapidly.The implementation of the RRR cut will help enterprises bail out during the epidemic, boost the real economy, and stabilize stocks and bonds.China Merchants Fund commented that the 4.13 National Standing Committee pointed out that \"large banks with high provision levels are encouraged to reduce the provision coverage ratio in an orderly manner\", and in terms of monetary policy, it emphasized that \"further increase financial support for the real economy, especially industries seriously affected by the epidemic, small and medium-sized enterprises and individual industrial and commercial households\".Under the impact of the pandemic, banks reduced the provision coverage ratio, which helped to increase the support of credit funds to entities; At the same time, increasing support for industries and small and micro enterprises seriously affected by the epidemic has obvious characteristics of helping enterprises bail out in the epidemic, and also helps to broaden credit.However, it should be noted that because the current financing demand of the real economy is still sluggish and the epidemic situation has suppressed the economic vitality, in the case of loose liquidity, it is necessary to be alert to the idling of funds and enterprises \"borrowing the new and paying back the old\", which may weaken the actual pulling effect of monetary easing on the real economy to some extent.For the capital market, after the previous RRR cuts, the short-term winning rate of Shanghai Composite Index and CSI 300 is high, while the medium-and long-term winning rate declines but the increase expands; The bond market can better reflect the expectation of the RRR cut in advance, and the interest rate is mixed after the RRR cut. Therefore, in view of the fact that the market expectation of this RRR cut is relatively sufficient, it is expected that the RRR cut will be good for the stock market in the short term, and the benefit for the bond market will be limited.Xinhua Fund RRRR Reduction: It is beneficial to the market to some extent, and the low valuation direction of short-term benefit and steady growth is expected to continue to dominateZhang Lin, director of Xinhua Fund Research Department and fund manager, said that the core purpose of the RRR cut is to provide extensive credit support to industries and small and medium-sized enterprises affected by the epidemic, reduce their financing costs, and thus stabilize employment. This shows the determination and attitude of the regulators to stabilize the economy, which is beneficial to the market to some extent and will change the rhythm of market operation. However, considering the impact of the economy on the market, this will not change the overall direction of market operation.We believe that since the end of February, the spread of the domestic epidemic and overseas geopolitical conflicts have had a significant impact on the steady growth and corporate profit distribution pattern. The momentum of economic stabilization from January to February failed to continue in March. With the sharp rise of the prices of crude oil and other resource products again, the short-term corporate profit distribution pattern will also deteriorate. In the first quarter, the economy is facing the pressure of breaking 5. Looking back, the fiscal effort and social financing recovery are relatively certain, and the real estate is also expected to recover to the level of 19 years. The main variable is that virus mutation has higher and higher requirements for blockade, which has a more severe impact on the economy. All the above macro-level changes have suppressed the market. In the second and third quarters, consumption and infrastructure were restricted by the epidemic, and real estate investment was difficult to recover quickly, the government's steady growth lacked an obvious \"handle\". Therefore, even if the unemployment rate shows an inflection point after the epidemic, the rate of employment recovery may still be slower than expected. Once it is difficult for the government to reach the employment target of 5.5% within the year, the central bank may cut interest rates through MLF to support the economy and promote employment, and temporarily shelve the exchange rate and capital outflow risks caused by the inversion of the interest rate spread between China and the United States. As the policy side is actively responding to the greater uncertainties and challenges faced by the economic operation, the low valuation direction, which benefits from stable growth in the short term, is expected to continue to dominate, while the overweight opportunity in the growth direction needs to wait for the effective control of the epidemic and the stabilization of the economy again.The impact of the RRR cut on the bond market is relatively limited, and the future equity market may welcome a structural reboundZou Deli, general manager of the fixed income investment department of Great Wall Fund, said that at present, with the weak performance of the stock market and the continuous sluggish real estate sales, especially with the local outbreak of epidemics in many places, economic growth is under great pressure. Under the background of steady growth and wide credit, the credit supply was further increased from March to April. At this time, it is a more appropriate time window to support the credit supply through RRR reduction and liquidity supply.He pointed out that from a historical perspective, the RRR cut operation will not affect the central bank's decision on whether to cut interest rates. This week's National Standing Committee's reference to \"reducing comprehensive financing costs\" needs more interest rate cuts to be realized, and the epidemic has impacted economic growth expectations. We judge that it will be possible to further reduce MLF and LPR interest rates. A better time window for interest rate cuts is in the second quarter, while April may be a better choice in the Fed's rate hike window.Under the current scenario of sufficient monetary easing expectations, the impact of the RRR cut on the bond market is relatively limited. The Standing Committee mentioned that the ten-year Treasury Bond will only drop by about 2BP after the RRR cut, and the key lies in whether the policy interest rate will be lowered. If the MLF interest rate is lowered, the bond market will usher in significant benefits, and the bond interest rate will further decline. Overall this year, the bond market is bullish in the first half of the year because of the pressure of economic growth brought by the spread of the epidemic, and may be bearish in the second half of the year because of stimulating economic recovery. In the equity market, after the overall surge in the previous two years, it may be necessary to reduce the expectation of the annual investment return, but it should be at the bottom of the policy and the bottom of the market at present, and it may usher in a structural rebound in the future.Stock Market ImpactAccording to the strategy of Xingzheng, the landing of the RRR cut is expected to boost the short-term market sentiment. The probability of market rise is high one week after the landing of the previous RRR cut, and the probability of GEM index and CSI 300 rise is 60%; Judging from the median increase and decrease, the GEM index performed better than CSI 300 one week after the RRR cut, and the growth and consumption in style were better than the cycle and finance.<img src=\"https://static.tigerbbs.com/38a8ae8b1a97f0339dd07a63ec5794d8\" tg-width=\"895\" tg-height=\"782\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Impact of bond marketAccording to the fixed income team of GF Securities, the impact on the bond market: liquidity is difficult to loosen, and it is expected that it may turn to wide creditThe impact of RRR cut on interest rate is mainly from two levels: First, the liquidity level. The impact of the RRR cut on the bond market through liquidity ultimately depends on the level at which the overnight capital interest rate is stable after the RRR cut, whether it is 1.5%, 1.8% or 2.0%. The capital interest rate directly affects the bond market interest rate through leveraged capital cost.The second is the expectation level. After the implementation of policies such as RRR cut or interest rate cut, investors in the bond market pay attention to whether there will be any interest rate cut in the future, which often determines the downward space of long-term interest rates. We expect that under the external constraints of the Fed's rapid tightening of monetary policy, in order to balance the external balance, the possibility of lowering MLF and reverse repo rate in the short term after the RRR cut will decrease.After the RRR cut is implemented, it is necessary to be alert to the logic of \"exhausting profits\" in the bond market, and the main line of the bond market may transition from the expected realization of wide money to the landing of wide credit.Apart from RRR cuts, will there be interest rate cuts?What the market is concerned about is, will there be interest rate cuts in addition to RRR cuts?On the 15th, it was reported that the self-discipline mechanism of market interest rate pricing recently held a meeting to encourage the floating upper limit of deposit interest rates of small and medium-sized banks to be lowered by about 10 basis points (BP); This requirement should not be mandatory, but banks that make adjustments may benefit their macro-prudential assessment (MPA) assessment.According to the analysis of Soochow Securities, the interest rate cut that can not be waited for the RRR cut.At present, it is weak to reduce interest rates to promote the downward trend of physical financing costs and promote the expansion of new credit. According to the statements of the first quarter regular meeting of the central bank and the National Standing Committee, ensuring \"reasonable and sufficient liquidity\" at this stage is the leading idea of the central bank's open market operation in the near future. With the U.S. CPI above 8.5% and yet to peak, the pace of Fed tightening will pick up further. Under this expectation, other overseas central banks also quickly followed the tightening, such as Britain and Canada. In contrast, except for the inverted interest rate spread between China and the United States, China's 10-year Treasury Bond spread to the European Union, Britain and Germany is narrowing rapidly. How to maintain the stability of China's currency value and form a capital depression is the main constraint that hinders China's interest rate cut.Reducing loan interest rates and corporate financing costs by releasing the potential of LPR reform should be the main way of monetary policy at this stage. According to the guidance of the Standing Committee of the People's Republic of China on April 13th (Wednesday), \"encouraging large banks with high provision levels to reduce the provision coverage ratio in an orderly manner and use monetary policy tools such as RRR reduction in time\" is intended to release more funds to promote bank credit and at the same time promote the reduction of bank capital costs. It is the main force of the current policy to reduce the loan interest rate and guide banks to make profits to enterprises by compressing the added points of LPR. If the central bank implements a general reduction today, it is expected that the LPR quotation will decline in April.Lian Ping, chief economist of Zhixin Investment, analyzed that there are no conditions for direct interest rate cuts at present.Under the external complicated circumstances such as the strong expectation of the Fed's sustained rate hike, the inversion of the interest rate spread between China and the United States, and the turbulent international situation, China's direct reduction of the policy interest rate may increase the pressure of capital outflow and RMB depreciation, so it is necessary to be relatively cautious. At present, China's monetary policy will still adhere to \"focusing on me\". However, when external demand weakens, manufacturing industry in Southeast Asia recovers, and Western sanctions against Russia may affect China's exports, interest rate cuts may increase the pressure on China's internal and external balance. From the perspective of policy effect, the RRR cut is conducive to the reduction of the capital cost of commercial banks, which may further push the LPR down slightly, and to some extent, it can push the market interest rate down. However, if the interest rate is cut at the same time, the superimposed effect of the \"double reduction\" policy may be too large, which will easily push up the leverage ratio and increase financial risks.According to the analysis of China Merchants Fund, interest rates may be cut again after the RRR cut. In the past, the National Standing Committee raised and lowered the RRR, and in most cases, it will be implemented, ranging from 1-2 weeks to 2-3 days. Considering that the recent policy level has repeatedly shouted about monetary policy, it is more appropriate to cut the RRR at the expiration point of MLF on April 15th, which is in line with expectations. After the RRR cut, interest rates may also be cut. For example, the 1-year LPR interest rate may be lowered on April 20th; If the epidemic continues to impact the economy, the MLF interest rate may also be lowered in the second quarter.Here's the full text of the central bankIn order to support the development of the real economy and promote the steady reduction of comprehensive financing costs, the People's Bank of China decided to reduce the deposit reserve ratio of financial institutions by 0.25 percentage points on April 25, 2022 (excluding financial institutions that have implemented the deposit reserve ratio of 5%). In order to increase the support for small and micro enterprises and \"agriculture, rural areas and farmers\", for city commercial banks that do not operate across provinces and rural commercial banks whose deposit reserve ratio is higher than 5%, on the basis of lowering the deposit reserve ratio by 0.25 percentage points, an additional 0.25 percentage points will be reduced. After this downward adjustment, the weighted average deposit reserve ratio of financial institutions is 8.1%.The People's Bank of China will adhere to the principle of stability, strive for progress while maintaining stability, continue to implement a prudent monetary policy, avoid flooding, take into account the internal and external balance, better give full play to the dual functions of monetary policy tools, maintain reasonable and sufficient liquidity, keep the growth rate of money supply and social financing scale basically matched with the nominal economic growth rate, stimulate market vitality, support financing in key areas and weak links, and create a suitable monetary and financial environment for high-quality development and supply-side structural reform.Relevant person in charge of the People's Bank of China answered reporter's question on lowering the deposit reserve ratio of financial institutionsQ: What is the purpose of this RRR cut?Answer:At present, liquidity is at a reasonably sufficient level. The purpose of this RRR cut is to optimize the capital structure of financial institutions, increase the long-term stable sources of funds of financial institutions, enhance the fund allocation ability of financial institutions, and increase support for the real economy. The second is to guide financial institutions to actively use RRR reduction funds to support industries and small and medium-sized enterprises seriously affected by the epidemic. Third, this RRR cut reduces the capital cost of financial institutions by about 6.5 billion yuan per year, and the transmission of financial institutions can promote the reduction of social comprehensive financing costs.Q: How much money will be released by this RRR cut?Answer:The RRR cut released a total of about 530 billion yuan of long-term funds. This RRR cut is a comprehensive RRR cut. Except for some corporate financial institutions that have implemented the deposit reserve ratio of 5%, the deposit reserve ratio of other financial institutions is generally lowered by 0.25 percentage points. For city commercial banks that do not operate across provinces and rural commercial banks whose deposit reserve ratio is higher than 5%, on the basis of lowering the deposit reserve ratio by 0.25 percentage points, an additional 0.25 percentage points will be reduced, which will help to increase support for small and micro enterprises and \"agriculture, rural areas and farmers\".Q: What are the comprehensive considerations after this RRR cut?Answer:The People's Bank of China will continue to implement a prudent monetary policy. First, pay close attention to changes in price trends and maintain overall price stability. Second, pay close attention to the monetary policy adjustment of major developed economies, taking into account the internal and external balance. At the same time, it will maintain reasonable and sufficient liquidity, promote the reduction of comprehensive financing costs and stabilize the macro-economic market.</body></html>\n<div class=\"bt-text\">\n\n\n source：<a href=\"http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4531933/index.html\">中国人民银行</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f4f6756652f6edd7784aff06d489c678","relate_stocks":{},"source_url":"http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4531933/index.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144854803","content_text":"4月15日，中国人民银行：中国人民银行决定于2022年4月25日下调金融机构存款准备金率0.25个百分点。为支持实体经济发展，促进综合融资成本稳中有降，中国人民银行决定于2022年4月25日下调金融机构存款准备金率0.25个百分点（不含已执行5%存款准备金率的金融机构）。为加大对小微企业和“三农”的支持力度，对没有跨省经营的城商行和存款准备金率高于5%的农商行，在下调存款准备金率0.25个百分点的基础上，再额外多降0.25个百分点。本次下调后，金融机构加权平均存款准备金率为8.1%。中国人民银行将坚持稳字当头，稳中求进，继续实施稳健的货币政策，不搞大水漫灌，兼顾内外平衡，更好发挥货币政策工具的总量和结构双重功能，保持流动性合理充裕，保持货币供应量和社会融资规模增速同名义经济增速基本匹配，激发市场活力，支持重点领域和薄弱环节融资，为高质量发展和供给侧结构性改革营造适宜的货币金融环境。降准对市场的影响为何降准？中信证券联席首席经济学家明明称，虽然未来一个季度MLF到期规模低，但是仍然存在税期高峰、政府债券集中发行、同业存单到期规模大等导致的流动性缺口，这些可能作为降准的触发因素。其次，从扩大新增贷款规模的角度来看，当前银行超储率再次下行，要进一步引导金融机构加大信贷投放和降低贷款利率，一方面需要弥补中长期资金缺口，另一方面需要降低负债成本。浙商证券首席经济学家李超认为，疫情加剧经济基本面的不确定性，经济下行压力加大，当前货币政策仍以稳增长为首要目标，发力重点是信贷，信贷是宽信用最有效手段，是推进企业扩大资本开支、防止金融空转的有效途径。中信建投证券首席经济学家黄文涛分析称，经济下行压力加大：一是脉冲式疫情的冲击对国内外需求和信心产生明显冲击。目前来看，国内散发式的疫情对于我国经济仍有明显影响，消费、地产、基建、收入等各个问题都面临较大压力。特别是在一季度经济数据即将公布的情况下，我们判断一季度数据可能低于市场预期。二是出口的动能可能回落，经济复苏的百度动能减弱，经济高点已过，海外复苏存在不利因素，且耐用品等符合我国出口的产品类型前期也略有透支。三是国内的房地产及其产业链面临流动性压力和违约冲击，全产业链增速快速下滑。降准落地有助于疫情期间助企纾困，提振实体经济，有利于股债企稳。招商基金点评称，4.13国常会指出，“鼓励拨备水平较高的大型银行有序降低拨备覆盖率”，并在货币政策方面强调“进一步加大金融对实体经济特别是受疫情严重影响行业和中小微企业、个体工商户的支持力度”。在疫情冲击之下，银行降低拨备覆盖率，有助于提高信贷资金对实体支持力度；同时对受疫情影响严重的行业和小微企业加大支持，具备明显的疫情助企纾困特征，也有助于宽信用。但需要注意的是，由于当前实体经济融资需求仍低迷、疫情对经济活力进行压制，在流动性宽松情况下，需要警惕资金空转和企业“借新还旧”，这可能一定程度上削弱货币宽松对实体经济的实际拉动效果。对于资本市场，历次降准后，上证综指和沪深300短期胜率较高，中长期胜率下滑但涨幅扩大；债市更能提前反映降准预期，降准落地后利率涨跌不一。因此，鉴于此次降准市场预期已经较为充分，预计降准对股票市场短期利好，对债市利好程度有限。新华基金评降准：对市场的有一定利好，短期受益稳增长的低估值方向预计将继续占优新华基金研究部总监、基金经理张霖表示，降准的核心目的是为了给疫情影响行业和中小微企业宽信用支持，降低其融资成本，从而稳定就业，这表明了监管层稳定经济的决心与态度，对市场的有一定利好，会改变市场运行节奏，但考虑到经济基本面对市场的影响，这不会改变市场总体运行方向。我们认为，2月末以来国内疫情散发和海外地缘政治冲突对于稳增长和企业利润分配格局都造成明显冲击，1-2月经济企稳的势头在3月没能延续，随着原油等资源品价格再次大幅上涨，短期企业利润分配格局也将恶化，一季度经济面临破5压力，往后看，财政发力和社融回升都较为确定，地产也有望向19年水平修复，变数主要在于病毒变异对封锁要求越来越高，对经济冲击更加剧烈，上述宏观层面变化都对市场形成压制。在二、三季度消费、基建受疫情制约，地产投资又难以快速复苏的背景下，政府稳增长缺少明显“抓手”。因此即使疫情过后，失业率显现拐点，就业恢复的速度仍有可能不及预期。而一旦年内政府达成5.5%的就业目标存在困难，央行可能通过MLF降息托底经济、促进就业，暂时搁置中美利差倒挂带来的汇率及资本外流风险。由于政策面正在积极应对经济运行面临的更大不确定性和挑战，短期受益稳增长的低估值方向预计将继续占优，而成长方向的超配机会还需等待疫情有效控制和经济再次企稳。降准对于债券市场影响相对有限 未来权益市场可能迎结构性反弹行情长城基金固定收益投资部总经理邹德立表示，当前在股票市场表现疲软、地产销售持续低迷，特别是多地疫情局部爆发的情况下，经济增长遭遇较大压力。在稳增长、宽信用的背景下，3-4月份信贷投放进一步提高，此时通过降准投放流动性支持信贷投放，是比较合适的时间窗口。他指出，从历史情况来看，降准操作不会影响央行对于是否降息的决策。而本周国常会关于“降低综合融资成本”的提法更多需要降息操作才能够实现，而且疫情冲击经济增长预期，我们判断还会有可能进一步调降MLF和LPR利率。降息比较好的时间窗口在二季度，而四月份处在美联储加息空窗期或许是更好的选择。在当前货币宽松预期比较充分的情景下，降准对于债券市场影响相对有限，国常会提到降准后十年期国债仅下行2BP左右，关键在于政策利率是否调降。如果MLF利率调降，则债券市场迎来重大利好，债券利率将进一步下行。今年总体上，债券市场上半年因为疫情扩散带来经济增长压力而看涨，下半年可能因为刺激经济复苏而看跌。权益市场方面，经过前两年总体上的大涨后，或许应当降低对全年投资回报的期待值，但目前应处于政策底和市场底的阶段，未来有可能迎来结构性反弹行情。股市影响据兴证策略，降准落地有望提振短期市场情绪，历次降准落地后一周市场上涨概率较高，创业板指与沪深300上涨概率均达六成；而从涨跌幅中位数看，降准落地后一周创业板指表现优于沪深300，风格上成长和消费优于周期和金融。债市影响据广发证券固收团队，对债市影响：流动性难更松，预期或转向宽信用降准对利率的影响，主要是两个层面：一是流动性层面。降准通过流动性对债市生的影响，最终要看降准后，隔夜资金利率稳定在什么水平，是1.5%、1.8%还是2.0%。资金利率通过杠杆资金成本，直接对债市利率产生影响。二是预期层面。降准或降息等政策落地后，债市投资者关注后续是否还有降息，这往往决定长端利率下行的空间。我们预计在美联储快速收紧货币政策的外部约束下，为了兼顾外部平衡，降准之后短期内下调MLF和逆回购利率的可能性有所下降。待降准落地之后，需要警惕债市演绎“利多出尽”的逻辑，债市的主线可能从宽货币预期兑现向宽信用落地过渡。除了降准，还会降息吗？市场关心的是，除了降准，还会降息吗？15日，有报道称，近日市场利率定价自律机制召开会议，鼓励中小银行存款利率浮动上限下调10个基点(BP)左右；这一要求应并非强制，但做出调整的银行或将对其宏观审慎评估(MPA)考核有利。东吴证券分析称，等得来的降准等不来的降息。现阶段通过降息促进实体融资成本的下行、推动新增信贷扩张的可能性较弱。根据央行一季度例会和国常会的表述，现阶段保证“流动性合理充裕”是近期央行公开市场操作的主导思想。在美国CPI突破8.5%且尚未见顶的情况下，美联储紧缩步伐将进一步加快。在这一预期下，海外其他央行也快速跟随紧缩，如英国、加拿大。比较下，除中美利差倒挂外，中国对欧盟、英国、德国的10年期国债利差均在迅速缩窄。如何维护我国币值稳定、形成资金洼地是阻碍我国降息的主要掣肘。通过释放LPR改革潜力的方法降低贷款利率和企业融资成本，应是现阶段货币政策的主要发力方式。根据4月13日（周三）国常会的指导，“鼓励拨备水平较高的大型银行有序降低拨备覆盖率，适时运用降准等货币政策工具”意在释放更多资金促进银行信贷投放，同时促进银行资金成本的降低。通过压缩LPR加点部分的方式降低贷款利率、引导银行向企业让利是当前政策的主要发力点。若今日央行实施普降，预计4月LPR报价将出现下行。植信投资首席经济学家连平分析称，当前不具备直接降息的条件。在美联储持续加息预期强烈、中美利差出现倒挂、国际局势动荡等外部复杂情况下，我国直接下调政策利率可能会加大资本流出与人民币贬值压力，需要相对谨慎。当前我国货币政策仍将坚持“以我为主”，但在外需减弱、东南亚制造业恢复、西方对俄制裁等可能波及我国出口之时，降息可能会加重我国内外部平衡的压力。从政策效果来看，降准利于商业银行资金成本下降，可能会进一步推动LPR小幅下调，一定程度上能够推动市场利率下行，但如同时降息，“双降”的政策叠加效果可能会过大，容易推升杠杆率，增大金融风险。招商基金分析称，降准后可能再降息。以往国常会提降准，大部分情况下会落实，慢则 1-2 周，快则 2-3 天，考虑近期政策层多次吹风喊话货币政策，4月15日MLF到期时点降准较为合适，符合预期。降准后，也可能进行降息，如4月20日1年期LPR利率可能会下调；若疫情持续冲击经济，二季度也可能再降MLF利率。以下是央行全文为支持实体经济发展，促进综合融资成本稳中有降，中国人民银行决定于2022年4月25日下调金融机构存款准备金率0.25个百分点（不含已执行5%存款准备金率的金融机构）。为加大对小微企业和“三农”的支持力度，对没有跨省经营的城商行和存款准备金率高于5%的农商行，在下调存款准备金率0.25个百分点的基础上，再额外多降0.25个百分点。本次下调后，金融机构加权平均存款准备金率为8.1%。中国人民银行将坚持稳字当头，稳中求进，继续实施稳健的货币政策，不搞大水漫灌，兼顾内外平衡，更好发挥货币政策工具的总量和结构双重功能，保持流动性合理充裕，保持货币供应量和社会融资规模增速同名义经济增速基本匹配，激发市场活力，支持重点领域和薄弱环节融资，为高质量发展和供给侧结构性改革营造适宜的货币金融环境。中国人民银行有关负责人就下调金融机构存款准备金率答记者问问：此次降准的目的是什么？答：当前流动性已处于合理充裕水平。此次降准的目的，一是优化金融机构资金结构，增加金融机构长期稳定资金来源，增强金融机构资金配置能力，加大对实体经济的支持力度。二是引导金融机构积极运用降准资金支持受疫情严重影响行业和中小微企业。三是此次降准降低金融机构资金成本每年约65亿元，通过金融机构传导可促进降低社会综合融资成本。问：此次降准释放多少资金？答：此次降准共计释放长期资金约5300亿元。此次降准为全面降准，除已执行5%存款准备金率的部分法人金融机构外，对其他金融机构普遍下调存款准备金率0.25个百分点。对没有跨省经营的城商行和存款准备金率高于5%的农商行，在下调存款准备金率0.25个百分点的基础上，再额外多降0.25个百分点，有利于加大对小微企业和“三农”的支持力度。问：此次降准后有什么综合考虑？答：人民银行将继续实施稳健货币政策。一是密切关注物价走势变化，保持物价总体稳定。二是密切关注主要发达经济体货币政策调整，兼顾内外平衡。同时，保持流动性合理充裕，促进降低综合融资成本，稳定宏观经济大盘。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1431,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}