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<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>　　原標題：貨幣政策傳導效率明顯提升</p> <p>　　今年第一次降準後，4月的LPR情況備受市場關注。這是因為在我國當前的利率體系中，LPR報價是貸款市場利率之“錨”，具有很強的政策信號意義。</p> <p>　　“貨幣政策近期明顯加大了對穩增長的支援力度。”中國民生銀行首席研究員溫彬表示，近日召開的國務院常務會議部署了適時運用降準等貨幣政策工具，推動銀行增強信貸投放能力，進一步加大金融對實體經濟特別是受疫情嚴重影響行業和中小微企業、個體工商戶的支援力度，向實體經濟合理讓利，降低企業綜合融資成本。</p> <p>　　北京大學經濟政策研究所副所長顏色同樣表示，貨幣政策已充分發力穩增長。中央經濟工作會議已對2022年貨幣政策做出定調，貨幣政策重心已向穩增長轉變。因此，貨幣政策勢必會更加靈活，保持流動性合理充裕，並將保證整體利率穩中有降。</p> <p>　　此前，在連續19個月維持在3.85%不變後，2021年12月20日，1年期LPR降至3.8%，下調5個基點。這也是2019年8月央行啟動貸款市場報價利率改革後的第6次下降。2022年1月20日，1年期LPR再次下降10個基點，同時，5年期以上LPR下降5個基點，結束了連續20個月的“按兵不動”。</p> <p>　　對此，業內人士認為，LPR報價下調不僅會直接推動實體經濟融資成本下降，同時也體現了在經濟發展面臨需求收縮、供給衝擊、預期轉弱三重壓力背景下，貨幣政策正在及時加大逆週期調控力度，對穩定市場預期，緩解樓市下行壓力，帶動消費、投資修復性增長具有重要的信號作用。</p> <p>　　實際上，改革以來LPR報價逐步下行，較好地反映央行貨幣政策取向和市場資金供求狀況，已成為銀行貸款利率定價的主要參考，並已內化到銀行內部資金轉移定價（FTP）中，原有的貸款利率隱性下限被完全打破，貨幣政策傳導渠道有效疏通，“MLF利率→LPR→貸款利率”的利率傳導機制已得到充分體現。</p> <p>　　而去年12月1年期LPR報價下調，也打破了自2019年9月以來1年期LPR報價與1年期中期借貸便利（MLF）利率始終保持同步調整、點差固定在90個基點（0.9個百分點）的局面。這標誌著利率市場化再進一步，即在政策利率不變時，貸款利率能夠隨市場利率變化做出適時調整。這是貸款市場報價利率改革潛力持續釋放的體現，同時也是貨幣政策傳導效率提升的具體體現。</p> <p>　　數據顯示，2021年12月以來1年期和5年期以上LPR分別下行15個和5個基點，引導企業貸款利率下行。2022年3月，新發放的企業貸款利率為4.37%，比上年12月低8個基點。未來，央行將適時靈活運用多種貨幣政策工具，更好發揮總量和結構雙重功能，加大對實體經濟的支援。</p></div> <div class="editor f14">[責任編輯：李丹]</div> </div>  <div class="page-number"> <script type="text/javascript"> createPageHTML(1, 0, "t20220421_12428897", "htm"); </script> </div>  </div>   <div class="content-plus"> <div 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