The central bank decided to cut RMB benchmark deposit and lending rates of financial institutions since July 6. The one-year benchmark deposit rate cut by 0.25 percentage points year benchmark lending interest rate cut by 0.31 percentage points.
 
I remember just entered in July, the central bank came a sound monetary policy to support the real economy, policy signals. Previously been flying around the asymmetric adjustment of deposit and lending rates, finally promulgated introduced.
 
Bank half year loan ratio test pressure has passed, the interest rate adjustment in the savers to attract deposits to boost the confidence of the loan development for enterprises. Economic circles the South Fund chief strategist Yang Delong, he believes that this cut interest rates to curb the rapid economic growth to decline, the market "timely rain".
I believe that the central bank cut interest rates for two consecutive months, the cumulative effect is gradually reflected; the second half of this year, as a capital-intensive industry, the steel will gradually dispel the decline continued for a long time in the line and usher in the spring.
 
Monetary policy to support the real economy
 
Deposit ratio test pressure of the bank six months passed, and continuous policy of interest rate adjustment will express the domestic into the easing cycle, people are more sensitive for the June CPI rumors will break three percent say the current one-year deposit interest rate 3%, or very attractive. In addition, the loan interest rate of 6 percent a year is all of a sudden straight down 0.31% 0.25% 0.06% lower than the previous symmetry, capital requirements rely heavily on both to reduce the operating costs for the larger growth-oriented enterprises. also increased the burden of the intensity of.
 
Downstream of the steel industry, for example, terminal manufacturing, is typical of the real economy, they need to buy steel as a raw material. This reflects itself is the capital-intensive enterprises.
 
The Pearl River Delta region is home appliance manufacturing-intensive region, some time ago, the companies have ushered in the "home appliances to the countryside" policy support, this trip the arrival of the easing cycle will undoubtedly its formation of a double positive.
 
Automobile manufacturing, the rapid pace of development of urbanization, taking into account the traffic pressure and ambient air pollution pressure, Guangzhou earlier this month introduced the small and medium-sized passenger limit households to make, which makes the development of the automotive industry to cast a shadow. The arrival of the trip-intensive rate cut cycle, will the pressure on the stock large enterprises to reduce the burden of the cost of funds used.
 
In addition, the steel trade and industry in the middle reaches of the steel production, inventory pressure is equally clear. This trip to cut interest rates, the good itself, was also positive for the downstream industry's sense.
 
Short-term policy effects difficult reverse lay a solid foundation is the most appropriate.
 
Significantly slow down the momentum of economic development at home and abroad, domestic commodity prices continued to drop the price of coal, oil, steel and other showed a weak weaker trend.
 
Brent, a marked decline in New York crude oil prices has people once reverie domestic refined oil prices down again in July. New York crude oil prices had fallen below $ 80 in late June / barrel, but then upgrade because of Iran tensions, rapid rebound in international oil prices.
 
Coal prices have fallen substantially, the increase in the profits of the coal industry has fallen sharply. January to May, Shanxi coal industry profit of 40.08 billion yuan, an increase of 3.2 percent, 33.6 percentage points lower than the same period last year; Shanxi five Coal Group profit and rare negative growth. Current coal prices an Ai Hong, coal-rich province was lost.
 
Iron and steel industry, since the beginning of a slow down in mid-April, steel prices have been in decline decline. Shanghai region 1500 hot-rolled carbon steel volume since 4360 yuan/ton to 4080 yuan/ton; Foshan music from the region 1.0-2.0mm cold-rolled carbon steel volume from 5010 yuan/ton, down to 4620 yuan/ton; Guangzhou area 25mm three threads from 4440 yuan/ton to 4130 yuan/ton.
 
The long-standing, such as iron and steel industry, and recent domestic economic policy is steady growth, intensive interest rate cut is not expected to rebound margin in the Steel City, the short-term. I believe that, CPI is the weathervane of the domestic commodity prices, and whether this price benchmark fell below 3%, can be formed at a later stage counter, trend, to some extent affected the rebound of the steel market prices. Or the height of summer and consolidate the basis of the price, steel prices will usher in a good harvest in the fall and winter season.



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