Yin Zhongli

Yin Zhongli

Yin Zhongli, born in Lujiang County, Anhui Province in 1967, graduated from the Graduate School of the Chinese Academy of social sciences with a doctorate and associate researcher. At present, he is a researcher of Institute of finance, Chinese Academy of Social Sciences, and deputy director of Financial Market Research Office of Institute of finance, Chinese Academy of social sciences. He was named "China's top ten financial figures in 2004" by Beijing Morning Post.

Profile

Yin Zhongli has worked in Shenzhen commercial bank, China investment bank, China Merchants Securities Company, listed companies, etc. He has rich experience in banking and securities, as well as rich financial practice experience and solid theoretical foundation. Long term attention to the stock market and real estate market. Now we are committed to the theory, policy and Practice Research of real estate finance and capital market.

Personal resume

Yin Zhongli has published more than 200 academic papers and financial comments in China Securities Journal, people's daily, 21st century economic report, southern weekend, finance and economics, bankers, international economic review and other newspapers and magazines. He published his monograph "capital storm" and participated in editing many economic works. Some viewpoints and policy suggestions have been paid attention to by relevant departments.

Appointment and removal information

In December 2017, he was elected member of the 12th Central Committee of the China Democratic League.

Related information

Controlling house price is the key

After several rounds of game between market and policy, the market has seen through the bottom line of government policy: "maintaining growth" is more important than "stabilizing housing prices". Since the bottom line of the policy is to "maintain growth", the Chinese government must rely on real estate investment to "maintain growth" before the world economy really recovers. Therefore, the market believes that: the government's regulation of house prices only makes it slow down the rate of rise, absolutely dare not let house prices fall; strict real estate regulation policy will not last too long. This is the market's expectation of real estate regulation in 2010. The real estate developers are not willing to sell the houses that have been built at a lower price. The developers who are short of funds would rather borrow money from the market at a high price to maintain the capital turnover than sell at a lower price.

The announcement of the central bank means that the market fluctuation has come to an end temporarily

The central bank announced last night (25th) that it has provided liquidity support to some financial institutions that meet the requirements of macro Prudential, which is an action of secretly giving some blood transfusion to the market liquidity. Now, what does the statement of "one bank, two sessions" mean to the market? Yin Zhongli, deputy director of the Financial Market Research Office of the Institute of finance, Chinese Academy of Social Sciences, made an analysis.

Yin Zhongli: the recent market fluctuation, as the relevant press spokesman of China Securities Regulatory Commission said, is mainly due to the liquidity of the market. The fluctuation of the inter-bank market has a lot to do with it. The party, the people's Republic of China and the people's Republic of China have issued some announcements at the same time, that is, some coordination has been made at a higher level. The short-term liquidity risk has been explored, and everyone's emotions should be able to be corrected in a timely manner.

Last night, Hu Xiaolian, vice governor of the central bank, also appeared in the news broadcast. He said that the central bank would continue to adhere to the premise of stable monetary policy and comprehensively use various corresponding tools to adjust the liquidity level of the banking system according to the liquidity of the market. In such a short period of time, the central bank has been exposed so intensively that it is rare for it to explain its thinking. Isn't this kind of thinking Does it mean that the central bank is still concerned about the current situation, or is there some concern?

Yin Zhongli: it should be said that there are short-term seasonal factors leading to the unprecedented outbreak of liquidity in this round. Because at the end of every quarter, especially in the half year or the last few days of the year, it should be customary for banks to have such a tight situation of funds, which is the norm. This year, however, these conventional factors add up to new ones. But what the market is most worried about is the central bank's attitude towards the tight liquidity. It should be said that the pressure on the market is a little too much. However, after the fierce rebound in the market, it should be said that intensive measures have been taken to ease the market sentiment. It should be said that the attitude of the central bank has undergone some fine-tuning, which means that easing the market tension is of great benefit.

As the stock market plummeted, the central bank also sent out an urgent signal to maintain stability. Whether the central bank will change its iron face and continue to play the role of a wet nurse as it has in the past needs further observation. What are the differences in details and thinking between the statements of the CSRC and the CBRC and that of the central bank?

Yin Zhongli: the simultaneous statement of the three departments shows that coordination has been made at the State Council level, which is a very important signal. In addition, the central bank is responsible for providing market liquidity, which is its responsibility and mission. The CBRC is mainly responsible for the adjustment of asset structure and personnel arrangement. The CSRC is not in charge of the banks, but of the stock market. Relatively speaking, the liquidity tension in this round of inter-bank market has a closer relationship with the people's Bank of China and the CBRC, and a farther relationship with the CSRC. Therefore, the statement of the CSRC is more of a conventional, or forward-looking statement, which has little to do with short-term market fluctuations. The most important thing is that investors should see why their three financial related departments make statements at the same time. This is a problem we should pay attention to.

The market liquidity tension caused by the market fluctuation has been highly valued by the State Council, and corresponding measures have been taken. In other words, this kind of risk alarm has been removed. For the time being, it should be said that this market fluctuation has come to an end.

Yin Zhongli: the compression of financial management business has a great impact on banks

Yin Zhongli, deputy director of the Financial Market Research Office of the Financial Research Institute of the Chinese Academy of Social Sciences, said in the program "first information in the evening" broadcast by China Radio International global information on Friday that the impact of reducing or abandoning financial management business on banks is very big.

Yin Zhongli said that the killer for banks to attract depositors now is a variety of fancy financial products. If some banks with poor risk control ability can not continue to carry out financial management business, their ability to attract customers will decline, and their business will be affected accordingly.

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