继续运用存贷款余额增速为主导的指标体系推算季度金融业增加值，已经不太科学

• In early April 2024, China's financial regulators issued an initiative under the market interest rate pricing self-discipline mechanism to prohibit banks from using manual interest compensation as a means to attract high-interest deposits and maintain order in the deposit market. Banks were required to conduct self-inspections and rectify any non-compliance by the end of April 2024.
• The rate self-discipline mechanism, established in September 2013 and guided by the People's Bank of China, has played a significant role in coordinating market pricing and advancing interest rate market reforms. This initiative marks its first formal issuance in over a decade, reflecting a firm regulatory stance against practices that circumvent deposit rate controls.
• Manual interest compensation was originally intended to correct operational errors but had been exploited by some banks under competitive pressure to offer higher than regulated deposit rates, particularly to major corporate clients. This practice was seen as contributing to inefficient capital utilization and financial risks, prompting zero tolerance from regulators aiming to curb these activities.

【本文系数据通用户提前专享】监管部门对银行手工补息、高息揽储零容忍，剑指企业资金空转；短期整治之后，还有待经济转型升级、有效需求恢复、社会预期改善

监管部门对银行手工补息、高息揽储零容忍，剑指企业资金空转；短期整治之后，还有待经济转型升级、有效需求恢复、社会预期改善

金融体系的每一次变化，看似跟随政策起伏波动，但事实上每一轮金融周期穿透到底层，都是经济周期

中国到了要赤字货币化的时刻了吗？中国需要赤字货币化吗？

推荐：江西风雹灾害致7人死亡 9.3万人受灾；聚焦｜这次不一样：欧美银行危机报告的反思

要充实货币政策工具箱，发挥央行政策利率引导作用，释放贷款市场报价利率（LPR）改革和存款利率市场化调整机制效能，畅通货币政策传导机制，提高资金使用效率

央行货币政策的年度目标已经将维护价格稳定、推动价格温和回升考虑在内；除了降准，存款成本下行和主要经济体货币政策转向，也有利于拓宽利率政策操作的自主性

改革的核心在于精简总行，做强分行；改革之后，平安银行总行下设的一级部门由2022年的43个减少为32个

“盘活存量”或是治理本轮“资金沉淀空转”的主要切入点

随着10年期及以上国债利率再度行至低点，市场“恐高”情绪不断蔓延，在看好利率进一步下行的同时，配债行为有了一些新变化

协议存款与一般大额存单利差最大可能达到100基点，可谓优势明显。于是，部分银行理财借助保险资管产品通道配置协议存款和大额存单等获取利差

• After the 2024 Lunar New Year, China saw an unusual activity in data release and macroeconomic policy, with January's PMI rebounding, financial data starting strong, and policies aimed at sustaining economic recovery being implemented.
• The People's Bank of China (PBoC) maintained the Medium-term Lending Facility (MLF) rates but reduced the 5-year Loan Prime Rate (LPR) by 25 basis points to 3.95%, marking a significant and unexpected move to lower long-term borrowing costs.
• Despite these monetary policy adjustments, there remains uncertainty about their impact on economic stimulation. The asymmetric interest rate cut aims to support the real economy without adjusting MLF rates due to concerns over currency exchange rates and external monetary conditions.

【本文系数据通用户提前专享】长端LPR降幅超预期，意在促进投资和消费复苏；在当前社会总需求不足的大环境下，后续宏观调控政策可期待

长端LPR降幅超预期，意在促进投资和消费复苏；在当前社会总需求不足的大环境下，后续宏观调控政策可期待

政策利率主要影响企业和居民贷款利率，之前几次降息并未带来新增贷款增加，说明内需尚未彻底改善，企业扩张意愿仍较低，并非是贷款利率问题

央行货币政策执行报告提出，下一步将切实理顺信贷市场和债券市场、大银行和中小银行之间的利率关系；还将建立健全自律约谈和通报机制，提升利率自律的严肃性和权威性