乐生活After reading several articles about LPR, I still don’t understand a few points.
Firstly, according to the channel of credit interest rate transmission, "monetary policy interest rate – interbank market interest rate – real credit interest rate", the LPR reform mainly improves the first half. The change of MLF loan interest rate anchored can better reflect the market fluctuation than the previous anchored benchmark interest rate.
This improves the way interest rates are transmitted. It’s just "more market", not the same as being more effective, right?
Second, monetary policy blockade is mainly in the latter half, but the transmission efficiency in the latter half is also differentiated. Influenced by the tightening of monetary environment in the first half of last year, the average credit spreads of private enterprises increased by 1.27 percentage points in 2018, while the credit spreads of local state-owned enterprises and central enterprises increased by 0.36 and 0.21 percentage points respectively in the same period. In the first half of this year, after the relaxation of monetary environment, the credit spreads of private enterprises declined, but the credit spreads were median. The number is still above 300, and the spread between the issuance interest rate of state-owned enterprises and that of state-owned enterprises has increased from 90BP last year to 160BP.
That is to say, the tightening of the monetary environment makes private enterprises feel cold first, while the relaxation of the monetary environment makes it difficult for private enterprises to feel warm. Does this adjustment of the pricing mechanism of LPR have little effect on improving the financing environment of private enterprises, especially small and medium-sized enterprises?
