China's central bank said recently it would reduce the benchmark loan interest rate and the reserve requirement ratio for commercial banks by 0.27 percentage points and 1 percentage point respectively from Sept. 25. Under the circumstances of international financial turmoil, what are the special connotations of the new policies?

　　The benchmark interest rate for one year yuan denominated loans will be adjusted down by 0.27 percentage points from Tuesday, its first downward movement since October 2004. and the ratio of deposit lenders will be down 1 percentage point from Sept. 25, the first downward movement in a period of nine years. But it is worth noting that the deposit interest rate is not adjusted this time. Analysts say that there are no signs of an interest reduction cycle so far.

　　Comparatively speaking, the adjustment of the ratio of deposit lenders is more meaningful. As the six major banks of China with deposits accounting for 80% of the total are not to change the rates this time, the amount of money released capital is rather limited.

　　But considering that small and medium-sized banks can better serve SMEs, the adjustment can better support SMEs. As Ningbo has relatively a large number of SMEs, the adjustment of the ratio of deposit lenders is particularly meaningful.

编辑： 陈佳

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