政在发声丨央行超预期“双降”：货币政策体现“未雨绸缪” ，总量结构价格工具协同发力稳增长

Monetary Policy Measures - The People's Bank of China (PBOC) announced a package of monetary policy measures, including a 0.5 percentage point reduction in the reserve requirement ratio (RRR), expected to provide approximately 1 trillion yuan in long-term liquidity to the market [1] - The policy rate was lowered by 0.1 percentage points, which is anticipated to lead to a similar decrease in the Loan Prime Rate (LPR) [1][2] - Structural monetary policy tools' rates were reduced by 0.25 percentage points, and the personal housing provident fund loan rate was also cut by 0.25 percentage points [1] Innovations in Financial Support - A significant innovation includes lowering the RRR for certain financial institutions, such as auto finance and financial leasing companies, to 0%, breaking the previously understood 5% implicit lower limit [3][4] - The establishment of a risk-sharing tool for technology innovation bonds aims to support direct financing for tech innovation, enhancing the PBOC's support for this sector [5] Economic Context and Future Outlook - The backdrop for these measures includes a 5.4% year-on-year GDP growth in Q1, but a decline in the manufacturing Purchasing Managers' Index (PMI) to 49.0% in April, indicating potential economic challenges [2] - Analysts expect further monetary easing, including potential additional rate cuts and RRR reductions, as the PBOC aims to maintain economic stability amid external uncertainties and domestic demand challenges [7][8]