Response to the outbreak, the central bank toolbox rich, RRR rate cut can be expected Public concerns about the novel coronavirus pneumonia epidemic is shifting the economic field.February 1, the central bank and other five ministries jointly launched a package of the New Deal, all roads point to the market concerned, into the "tonic" for the real economy and financial markets.In the First Financial Correspondent opinion, the measures currently published reflect the structural features and targeted, focusing on specific areas affected by the epidemic, industry, business and the target population, policy measures in order to hedge the market pessimism, eliminate public excessive tension.The first is "to maintain adequate liquidity and reasonable, and increase credit support to the currency.".The central bank February 1 statement, "is expected to continue to strengthen guidance, through open market operations, standing lending convenient, refinancing and rediscount and other monetary policy tools to provide ample liquidity to maintain reasonably adequate liquidity in the financial markets, maintaining the currency market interest rates running smoothly.The Peoples Bank branch on the Spring Festival holidays adjust the affected financial institutions, according to the actual situation due late January 2020, improving the deposit reserve assessment tolerance.Guide financial institutions to increase credit support the real economy, promote reasonable growth of money and credit."The industry believes that, compared to 2003 SARS period, now our policy tools and instruments more adequate emphasis on the operation of reverse cycle regulation, flexible and appropriate, but also more forward-looking, have sufficient clout to ensure adequate liquidity and reasonable, comply with market expectations.Reduce the social cost of financing both the full-year goal, but also small and medium enterprises need to solve the problem of sudden outbreak under.February 3 months after the A-share market opened and other financial markets, the interbank market will usher in the biggest one-day funds, the amount due after the Spring Festival in the history of about one trillion yuan for the financial markets and the real enterprises, especially small and micro enterprises in terms of financing costs, the pressure is not small.Although before the Spring Festival, the market ushered in the first full year drop quasi brought about 800 billion yuan of liquidity, but many experts still said that in the current context, the need for more large-scale delivery and cheaper funds."In addition to open market operations should also be injected through the new long-term fluidity MLF.February may be directed to continue its inclusive finance RRR, then put about 300 billion yuan of liquidity."CITIC Securities chief fixed-income analyst clearly told First Financial Correspondent.While ensuring the amount of money, the central bank also proposed a "safeguard the smooth operation of the money market interest rates.".China Minsheng Bank Institute chief researcher for the First Financial Correspondent Wen Bin said that the current one-year interest rate of 3 MLF.25% "to be moderately down five bases, LPR offer direct guide February 20 drops, more directly and effectively reduce the economic cost of financing entity, to deal with the epidemic of adverse effects on the economy, the real economy maintained steady and makes better."He also suggested that in the future to further improve the offer LPR mechanism, guide financial institutions through the RRR, interest rates, further reducing the cost of financing the real economy, financial services and increase credit support related fields.Last year, the central bank in terms of market-oriented interest rate reform, focusing on promoting the LPR reform, enhance marketization of interest rate, the interest rate transmission to clear the market lending rates, market interest rates have fallen a lot.For now, the market interest rates remained at an appropriate level, according to the National Interbank Funding Center data released in 2020 January 20 LPR 1 year 4.15%, more than 5 years of LPR 4.80%."The whole monetary policy space is quite large, this year, LPR is entirely space continued to decline 40-50 basis points."Obviously told First Financial Correspondent.