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class="bds_tqq" data-cmd="sqq" title="分享到QQ好友"></a> <a href="#" class="bds_qzone" data-cmd="qzone" title="分享到QQ空間"></a> </div> <script>window._bd_share_config={"common":{"bdSnsKey":{},"bdText":"","bdMini":"2","bdMiniList":false,"bdPic":"","bdStyle":"0","bdSize":"16"},"share":{"tag":"share_1","bdSize":32,"bdCustomStyle":"http://ats.taiwan.cn/homepage2021/css/bgBdShare2021.css"}};with(document)0[(getElementsByTagName('head')[0]||body).appendChild(createElement('script')).src='http://103.249.53.35/gate/big5/bdimg.share.baidu.com/static/api/js/share.js?v=89860593.js?cdnversion='+~(-new Date()/36e5)];</script>  </div> </div> <div id="bdShareBtn"></div> </div>  </div> <div class="contentArea"> <div class=TRS_Editor><p>　　10月8日，中國人民銀行公告不開展公開市場操作，當日有1000億元14天逆回購到期，凈回籠1000億元。</p> <p>　　對此，央行解釋，目前銀行體系流動性總量處於較高水準，可吸收人民銀行逆回購到期、金融機構繳存法定存款準備金等因素的影響，故不開展公開市場操作。</p> <p>　　此前一日，央行宣佈從10月15日起，下調大型商業銀行、股份制商業銀行、城市商業銀行、非縣域農村商業銀行、外資銀行人民幣存款準備金率1個百分點，釋放約7500億元增量資金。</p> <p>　　交通銀行金融研究中心首席金融分析師鄂永健表示，此次降準主要目標在於通過降準置換本月4515億元即將到期的中期借貸便利（MLF）。置換後仍有一定余量可兼顧10月下旬的稅期和跨月流動性缺口。就凈投放量角度看，此舉並非大水漫灌，而是更加注重定向調控和保持市場流動性合理充裕，引導和推動信貸和社會融資規模合理增長。</p> <p>　　隨著央行年內第四次定向降準落地，當前市場流動性合理充裕，貨幣市場利率下跌。10月8日，上海銀行間同業拆放利率（Shibor）隔夜報2.5360%，下降11.7個基點；7天Shibor報2.6570%，下降10.9個基點；14天Shibor報2.7660%，下降70.7個基點；3個月Shibor報2.8360%，下降1.1個基點。</p> <p>　　但與此同時，銀行體系流動性並未完全傳導至實體經濟。國家金融與發展實驗室高級研究員費兆奇表示，這表現在前端利率和後端利率聯動性依然不強，社會融資成本依然較高。利率在不同市場的變化不同步，甚至出現倒挂。在此背景下，如何疏通貨幣政策傳導機制，引導銀行體系合理充裕的流動性支援實體經濟的發展，已十分迫切。</p> <p>　　鄂永健表示，貨幣政策正更加著重于引導和調整流動性流向，支援小微、民營和創新型企業，以提高政策有效性。在此之外，還需財政政策加大力度。</p> <p>　　費兆奇也認為，應以降低宏觀稅負為重點，加大積極財政政策實施力度，與貨幣政策形成合力。比如切實有效減少企業稅費負擔，推進個人所得稅改革等。運用積極財政政策，充分推動企業創新。持續加快推進財稅體制改革，矯正供需結構錯配和要素配置扭曲，不斷提高資源配置效率等。</p> <p>　　此外，專家表示，在經濟下行壓力較大時期，銀行風險偏好降低是順週期的市場化行為。為加大資金投放力度，保障實體經濟的有效融資需求，可完善具有逆週期性的風險補償機制，加大銀行結構性的信貸投放力度，更為有效地緩解中小企業的融資難問題。　(經濟日報記者李華林)</p></div> <div class="editor f14">[責任編輯：黃曉迪]</div> </div>  <div class="page-number"> <script type="text/javascript"> createPageHTML(1, 0, "t20181010_12099166", 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