权威解读！央行十箭齐发！降准降息即将落地

Core Viewpoint - The People's Bank of China (PBOC) has announced a comprehensive set of monetary policy measures aimed at stabilizing the market and expectations, including a combination of quantity, price, and structural policies to enhance liquidity and support economic growth [1][4]. Quantity Policies - The PBOC will reduce the reserve requirement ratio (RRR) by 0.5 percentage points, which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market [3][4]. - The current average RRR for commercial banks is 6.6%, and this reduction aims to lower banks' funding costs and enhance the stability of their liabilities [3][4]. - The RRR for auto finance and financial leasing companies will be reduced to 0%, significantly boosting their credit supply capabilities [4][5]. Price Policies - Starting May 8, the PBOC will lower the 7-day reverse repurchase rate from 1.50% to 1.40%, which is anticipated to lead to a corresponding decrease in the Loan Prime Rate (LPR) by about 0.1 percentage points [5][6]. - The PBOC will also reduce the rates for various structural monetary policy tools by 0.25 percentage points, including the rate for pledged supplementary loans (PSL) from 2.25% to 2% [6][7]. - The personal housing provident fund loan rates will be lowered 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 buyers [6][7]. Structural Policies - Five structural policies have been introduced, focusing on capital markets, technological innovation, and consumer support, with significant funding allocations such as 300 billion yuan for technology innovation loans and 500 billion yuan for service consumption and elderly care loans [9][10]. - The PBOC will merge the swap facility for securities, funds, and insurance companies with a stock repurchase loan program, totaling 800 billion yuan, to enhance liquidity in the capital market [9][10]. - A new risk-sharing tool for technology innovation bonds will be established, allowing the PBOC to provide low-cost loans to support the issuance of these bonds, thereby promoting the growth of high-quality technology enterprises [10][11].