央行：5月15日起降准，5月8日起下调个人住房公积金贷款利率

Monetary Policy Adjustments - The central bank has lowered the reserve requirement ratio (RRR) for financial institutions by 0.5 percentage points, effective from May 15, 2025, which is expected to provide approximately 1 trillion yuan in long-term liquidity to the financial market [1] - The RRR for auto finance companies and financial leasing companies has been reduced by 5 percentage points, enhancing their credit supply capabilities in specific sectors such as automotive consumption and equipment investment [1] - The personal housing provident fund loan interest rate has been decreased by 0.25 percentage points, with new rates set at 2.1% for loans under 5 years and 2.6% for loans over 5 years for first-time homebuyers [2] Structural Monetary Policy Tools - The central bank has introduced two new tools to support the stability of capital markets, with initial quotas of 500 billion yuan and 300 billion yuan for securities, funds, and insurance company swaps and stock repurchase loans, respectively [3] - The total quota for these tools has been merged to 800 billion yuan to better meet the needs of various institutions and enhance market stability [3] - An additional 300 billion yuan has been allocated to the re-loan quota for technological innovation and transformation, bringing the total to 800 billion yuan [3] Interest Rate Adjustments - The central bank has reduced the policy interest rate by 0.1 percentage points, which is expected to lead to a corresponding decrease in the Loan Prime Rate (LPR) [4] - Structural monetary policy tool rates have been lowered by 0.25 percentage points, potentially saving banks 15 to 20 billion yuan annually in funding costs [4] - The reduction in personal housing provident fund loan rates is projected to save residents over 20 billion yuan in interest payments annually, supporting housing demand and stabilizing the real estate market [4]