Deposit reserve ratio by a limited impact on the stock market.

<P> Last weekend, the central bank again raised the deposit reserve ratio by 0.5 percentage points. .SW said the latest research report: the central bank in September will not be issued until a comprehensive policy of austerity, and the second increase will be difficult to have much impact on the stock market, bond market liquidity, after tested in the short term, in August is expected to .brewing backlash. .</ P> <P> SW reported that second-quarter economic data to remain high this led directly to control behavior: in the second quarter GDP growth rate reached 11.3%, reaching a new high over the years, 1 month to 6 months .Urban fixed asset investment growth rate was 31.3%, with continued rising trend. .</ P> <P> "liquidity contraction + administrative control" </ P> <P> report that, given the rebound in investment and credit this year, primarily driven by the impulse to invest in the local government, and after the completion of the share reform of state-owned banks .loans have been greatly enhanced, so the central bank will take a "liquidity contraction + administrative control" This more targeted approach. .</ P> <P> raised the reserve ratio will once again about to freeze 150 billion yuan of funds, together with reserve ratio increase in June and May a total of 3 times since the orientation of the central voting issue 250 billion yuan, the central bank through open .return of funds by means other than the market reached 550 billion yuan. .</ P> <P> central bank data show that 6 at the end of the excess reserves of financial institutions was 3.1%, reserve ratio increases twice the formal implementation of the policy, the static term bank excess reserve rate by 1 percentage point, the banking system .situation of excess liquidity and credit capacity will be significantly inhibited. .</ P> <P> no choice for the central bank to raise interest rates, the report that there are two reasons: the current over-investment is mainly caused by the local government investment impulse, rising costs of funds are less sensitive; RMB appreciation on the deposit interest rate .increased inhibition remains. .</ P> <P> Although the June Fed rate hike by 25 basis points since mid-July but the domestic one-year central bank bills and the 1-year LIBOR spreads have narrowed to less than 3%, if the deposit and lending rates will increase .stimulate the flow of hot money, increasing the pressure of excess domestic liquidity. .</ P> <P>.