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Many market participants to determine the : the interest rates on the stock market stimulation effect is limited

Many market participants to determine the : the interest rates on the stock market stimulation effect is limited, at least far less than the last last November 24th stimulus efforts. I agree with that, but I think, to cut the maximum effect on the stock market is blocked by the adjustment of space. Understand the technical analysis of the people are very clear, before the Spring Festival, China stock market has entered a round of the weekly level adjustments, but also in the process of contour level adjustment in a daily level rebound, the stock A Shanghai Composite Index seems to be a two high form. This form is really ugly, if not a little good news stimulation, as long as again Guaitou downward adjustment, the market will be very easy to be understood as m appear, the adjustment will increase the. However, with the rate cut to stimulate the news, have improved slightly stimulated PMI data, the current round of the weekly level adjustments will no longer panic, at least high sideways completed increase the adjustment of probability. But , the problem now is not in the stock market, but in the money market interest rates are too high. Since period of time, the money market interest rate always hovering above 4%. If the money market interest rate not under pressure to near the deposit interest rate, currency speculation spoiler will make the central bank’s interest rate policy discount. Because, the decline in deposit rates will increase the spread between deposit rates and money market interest rate, thereby improving the currency speculation returns. last time the central bank to cut interest rates, especially to before the Spring Festival, currency speculation returns as high as 5% or above. This is a very bad phenomenon, it will make more money out of the deposit market, and the flow of currency speculation market. So that the real economy mortgage availability affected, at least will push the high lending rate. So that the monetary policy conduction problems. We emphasize again, currency speculation belongs to finance financial idle, idle size becomes larger, the degree of financial health is poor, the real economy management difficulty is greater also. so we have always stressed that, China financial problem is not the currency total quantity problem, but the problem of financial structure, financial shortterm financial problems, is not effective capital formation problem, which can be used for the real economy longterm funds to fewer problems; on the contrary, financial arbitrage funds too much, too much shortterm funds. The shortterm funds, deposit and loan maturity mismatch more serious; and the deposit and loan maturity mismatch more serious, shortterm funds more demand. This is also the key reason why money market interest rates remain high. has said, the stock market speculation is not arbitrage? On! But the hedge or arbitrage. The stock market arbitrage sets of stock price difference is formed, this is a process of capital pricing must experience, no stock frequent and effective trading, the price of capital would not be formed, the listing Corporation value cannot be fully reflected, equity financing the core capital as the most important financial set will be blocked, it will cost is high. Moreover, the stock market arbitrage capital whether to buy sell, direct


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