Beijing time on June 7 evening news 0.25% from the people's Bank of China announced out cutting interest rates, rising stock markets in Europe and America on hearing the news.
People's Bank of China decided, beginning on June 8, 2012 cut RMB benchmark deposit and lending rates of financial institutions. Benchmark one-year deposit rate financial institutions 0.25%, benchmark one-year lending rate 0.25%.
Analysts said the rate cut heralds the Central Bank raised interest rates since October 2010 is really over, and some exceed market expectations. Interest rate cuts for commodities, including steel market is clearly belongs to the good, but once a rate cut is difficult to play a substantive role, bigger psychological effect. So the rate cut to boost the recent slight rebound in steel, steel price won't flip.
Professional Committee of China Federation of logistics and purchasing steel logistics Cheng Zhicheng, Deputy Secretary General, said this is the first time since December 23, 2008, nearly 42 months after rate cut, for iron and steel industry, are in an abyss of economic entities is concerned, this is a clear signal to rescue you? waiting to demand release of.
Other people in the industry said, judging from recent economic data May Manufacturing PMI data showed a significant decline, softened again CPI occurred in an economic downturn, slower M2, the CBRC prohibit brokerages and banking bills business innovation, the four State-owned banks May loan a significant increase, and industrial electricity consumption showed a significant decline in the value of industrial output, export orders do not have significantly increased. China has in the body and back of the stage of economic globalization, taking into account the end of the Fed's June distorting operations, or to launch a new round of quantitative easing measures or to launch a new round of distorting actions, a new commodity bull market is about to begin.
From the viewpoint of iron and steel, General overcapacity in stages, demand still far behind the supply of steel, and in order to alleviate the pressures of supply and demand in the short term is not easy. This rate cut will reverse the predicament of the steel industry-wide losses in the first quarter, positive outlook of steel prices.
China Steel net view: the saying goes: "Smith needed their own hard" steel market at the moment-could it not? In the case of bad fundamentals and constantly, macroscopic surface has the most positive have only helped to boost confidence in the market, steel city, better to look at the downstream demand eventually face, so merchants not be cutting interest rates to benefit go to his head.
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