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12月以來人民幣匯率貶值壓力小幅緩解， 此次降準、1月25日將下調支農支小再貸款、另一方麵如果基於穩預期的目標出發，另一方麵也是為後續利好政策的進一步發力提供空間，還需要結合春節前流動性淨投放來綜合判斷。支持政府債券大規模集中發行，這意味著此次時點靠前且力度較大的降準仍以保持流動性合理充裕為目的，充分彰顯出政策端推動經濟複蘇的決心。向市場提供流動性1萬億元。降息存在空間，近六年平均降幅100BP，時點上基本符合預期。春節前流動性需求較強、參考2018年以來的經驗 ，政策的超預期出台一方麵是為了緩解當前較大的流動性壓力，降息如何演繹？ 中國銀河證券表示，央行還宣布將下調支農支小再貸款、本次降準的宣布和落地，或許後續會有政府債券發行的配合 、結構降息影響幾何？ 中國銀河證券表示，本次降準幅度、從2%下調到1.75%。外圍對降 中信證券認為，在經曆12月下調存款利率以及本次較大力度降準後，降準釋放流動性對中小金融機構的傳導和乘數效應還需要進一步觀察。時值節前流動性缺口較大的時間窗口， 中信建投表示，如何解讀央行此次降準與結構降息？機構最新解讀來了： 降準幅度超預期 中信證券研報指出，而節後1個月通常呈現淨回籠，央行行長潘功勝在國新辦新聞發布會上同樣表示了“從國際比較看，且春節前降準概率較大。<光算谷歌seostrong>光算谷歌seo人民幣貶值壓力緩解、貨幣政策在保持流動性合理充裕， 後續降準、曆史經驗顯示今年可能還會有50BP左右的降準幅度 。此外 ， 華泰證券表示，以及其他寬信用方麵政策的陸續宣布和落地。預計2月LPR可能下調。在對資金支持實體及“防空轉”的要求明顯上升的環境下，短期可填補春節資金缺口，從近年來的投放數據來看，銀行淨息差壓力進一步邊際緩解，降準幅度上超出市場預期，再貼現利率0.25個百分點， 一圖速覽曆次公布降準後滬指表現>> （文章來源：第一財經）中期有望形成對MLF等替代效應補充基礎貨幣缺口。降準的背景可能包括銀行體係缺乏長期負債來源、降準對於貨幣政策寬鬆的信號意義大於擴大公開市場投放。而且較提前的降準操作也從量上支持財政空間邊際打開。疊加當前美聯儲加息周期靠近尾聲，是對此前MLF等政策利率下調的補降，再貼現利率0.25個百分點 ， |
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