Recently，According to the latest data released by the People's Bank of China,，October 2022，China Development Bank、Export-Import Bank of China、The Agricultural Development Bank of China added 154.3 billion yuan in net new mortgage supplementary loans.。The balance of mortgage supplementary loans at the end of the period is 28024 billion yuan.。
Mortgage Supplemental Loan，That isPSL，Means approved by the State Council，To support key areas of the national economy、Weak links and development of social undertakings，Large amount of financing provided by the People's Bank of China to financial institutions in the form of pledge。And reverse repos、Standing Lending Facility(SLF)、Medium-term lending facility(MLF)、Re-lending is a monetary policy tool of the central bank.。The central bank was created in 2014.PSL，It mainly serves the transformation of shanty towns.、Construction of underground pipe gallery、Major water conservancy projects、“Walk out”And other key areas。Issued to the Development Bank、Agricultural Development Bank and Export-Import Bank。For loans that fall within the support area，The central bank is 100% of the loan principal%Provide financial support。In addition，PSLIt is a phased structural monetary policy tool.。
In recent years，Especially since February 2020.，PSLHas been shown as a net repayment。But this SeptemberPSLNet increase of 108.2 billion yuan，In October, the net new scale rose further to 154.3 billion yuan.。Look at the historical comparison，The net increase of more than 100 billion yuan in a single month is also at a relatively high level.。To this，Industry insiders believe that，This is expected to lead financial institutions to increase the weak links in the real economy.、Financing support in key areas，Help ease financing pressure，Drive effective investment，Help stabilize the macroeconomic market。
“At present, China's economy is at the key point of recovery.，PSLThe tool is similar to special refinancing.，Able to provide long term for specific bank、Low cost capital，Guiding financial institutions to support weak links in the real economy、Development of key areas and social undertakings。At the same time，Help to reduce the pressure of fiscal expenditure，By putting in long-term liquidity，Directional credit，It also helps to dredge the transmission of monetary policy.。”Zhou Maohua, a macro researcher in Everbright Bank's financial market department, said.。
In the view of the industry，At the same time of fiscal policy，Policy-based finance of quasi-fiscal nature is growing steadily again.。Its measures include the creation of more than 600 billion yuan of policy-oriented development financial instruments.、An additional 800 billion yuan in loans to support infrastructure、Add 200 billion yuan of special loans for guaranteed delivery, etc.，AndPSLMay be used to support the above areas。
“PSLIt is likely to be used to support the national special loan of 200 billion yuan.。Take into accountPSLIt has been mainly invested in real estate related fields.，And policy-oriented financial institutions have officially entered the market to resolve the real estate problem.，PSLIt is expected to provide a source of debt funds for policy banks.，Help real estate long-term mechanism policy tools to land faster and better。”CITIC Securities chief economist Mingming said.，Considering the history,PSLIt will also be used for underground pipe galleries.、Key water conservancy projects and other projects，Therefore, it is not excludedPSLThe possibility of being used for capital construction and other projects。IfPSLThe funds are used to support infrastructure projects.，So the futurePSLThe scale of new additions may be even higher.。
Tan Yiming, an analyst at Minsheng Securities, also thinks，Newly addedPSLIt is more likely to invest in guaranteed delivery.。He said in the research report.，In terms of the present，Considering that policy banks arePSLThe main distribution object，Since this year, it has also been an important starting point for stabilizing the macroeconomic market.，PSLFunds can supplement the liabilities of policy-oriented financial institutions to help ensure the delivery of buildings.。
Wang Qing, chief Macro Analyst of Dongfang Jincheng, said.，This timePSL“Come out again”，It is more likely to support infrastructure investment.。“After all，Support the construction of underground pipe galleries、Investment in infrastructure projects such as major water conservancy projects can be better reflectedPSLLong term、Low-cost policy tool attribute，And‘Guarantee the delivery of the building’To a large extent, special loans have the characteristics of short-term relief.。”
June 1，The State Council executive meeting pointed out，Financial support for infrastructure construction，We will increase the credit line of policy banks by 800 billion yuan.。June 29，Decision of the executive meeting of the State Council，Use policy、Development financial instruments，Raising 300 billion yuan by issuing financial bonds, etc.，It is used to supplement the capital of major projects including new infrastructure.。August 24，The executive meeting of the State Council pointed out again，On the basis of the project, 300 billion yuan of policy-oriented development financial instruments have been implemented.，Increase the quota by more than 300 billion yuan。
“Whether it is supporting infrastructure projects or guaranteeing the delivery of buildings.，It is a measure taken by the People's Bank of China to guide policy-oriented financial institutions to increase financing support in key areas.，It will further consolidate the foundation for steady growth in the fourth quarter。”Wang Qing thinks。Mingming said，On the whole，PSLThe launch is undoubtedly important.“Wide credit”Signal，It is expected that the follow-up central bank will continue to guide financial institutions to maintain the stability of total loan growth.，The probability of new RMB loans in the whole year exceeded 21 trillion yuan.；The growth rate of social finance is also expected to reverse the previous downward trend.。
The industry expects，Coming up，Monetary policy while maintaining the desirable financing environment，The use of structural monetary policy tools will be strengthened.，Increase support for industries and enterprises that have been greatly affected by the epidemic，Investment in infrastructure construction is expected to further increase.。【Source：Economic Daily】
