Market Interest Rates Seen Falling Thanks to PBOC Easing

In an article discussing how to invest in Q4:

Bank rate network analysts believe that, on average expected earnings in the fourth quarter of financial products will continue to decline. On the one hand, the abolition deposit ratio, loan assets pledged refinancing does make market funds face further easing, even a substantial easing; on the other hand, the real economy and the stock market "double downturn", making high-quality investment targets become scarce resources, The "asset shortage", in addition to high-end items have a stronger bargaining power to lower the cost of capital, even if there is a good project, it is difficult to obtain more substantial gains. Therefore, the status quo is expected to combine the funds and assets side face relaxed earnings decline analysis, bank financial income further downside.

"Investors in the choice of the fourth quarter and trust bank financial products, may tend to focus on investments in debt asset class products." Analyst wealth of general interest to the Economic Observer said.

Puyi wealth analysts believe most banks deposit ratio did not reach the previous regulatory limit (75%), the main factors constraining bank credit is not that the debt side, and that the asset side. In the background of the economic downturn, the credit risk capital to expand, the banks bad debt rate has soared this year, a lot of swallowed bank profits, Forced banking credit scale active control, and control risk. In addition to a small part of the credit risk control measures is good, bad debt rate, the bank benefited from higher loan outside, most banks were not affected. Credit assets pledged refinancing is to improve the central bank to commercial banks liquidity support, a major role in bank liabilities side. From the supply and demand theory, the banks, the supply increases, demand is subject to the "asset shortage" but not significantly improved, which will make the equilibrium price down, the performance of the bank more "no money" to high yields attract investors willingness to buy financial products is reduced. Meanwhile, the overall liquidity in the market has increased, the price of various types of assets will also be affected down, which will also lead to downward financial products and trust products yield. In the coming period the overall market risk-free interest rates will decline, the currency market will bear the brunt of the impact, and debt asset class may take the cattle, equity asset class will also be improved.

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