Aktuell: China senkt Zinsen, EZB deutet Bazooka an

Chinas Notenbank hat soeben angekündigt, die Reserveanforderungen für Chinas Banken zu senken. Mit Wirkung ab 16.März fallen die Reserveanforderungen für Kredite, die Chinas Banken vergeben, um 0,5% bis 1,0%. Für einige Banken werden die Reserveanforderungen um zusätzlich 1% gesenkt.Insgesamt werden damit 550 Milliarden Yuan an Liquidität freigesetzt!

Und die EZB hat in Gestalt des irischen Notenbankchefs Lane angekündigt, weitere Maßnahmen zu ergreifen. So schrieb Lane unter dem Titel „The Monetary Policy Package: An Analytical Framework“:

„We will not tolerate any risks to the smooth transmission of our monetary policy in all jurisdictions of the euro area. We clearly stand ready to do more and adjust all of our instruments, if needed to ensure that the elevated spreads that we see in response to the acceleration of the spreading of the coronavirus do not undermine transmission.“

Im folgenden Absatz begründet Lane, warum die EZB gestern die Zinsen nicht gesenkt, dies aber tun werde, wenn nötig:

„Let me touch on a final aspect. You may wonder why, unlike many other central banks in recent weeks, the ECB did not lower its key policy rates. Decisions about the short-term policy rate should be understood in the context of the nature and expected duration of the shocks facing the economy, as well as the transmission lag of the different monetary policy instruments. For instance, a move in the short-term rate is typically most powerful if it is expected to be persistent, given the importance of the expectations channel in determining the influence of the short-term policy rate on the overall yield curve. This persistence channel is less relevant in the context of the spreading of the coronavirus. While this major shock is hitting us at high speed, our baseline scenario is that it will be ultimately temporary in duration. Accordingly, we concluded that an easing of the monetary stance through the additional asset purchases and the considerable support for credit supply through the revised TLTRO programme is the more appropriate response. However, it should also be clear that, although the deposit facility rate (the main short-term policy rate) was maintained in yesterday’s decision at its current value of minus 50 basis points, the Governing Council retains the option of future cuts in the policy rate, if warranted by a tightening in financial conditions or a threat to our medium-term inflation aim.“

Chinas Notenbank

Von Max12Max – Eigenes Werk, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=53114101