人民银行推出十项货币政策措施

Core Viewpoint - The People's Bank of China (PBOC) is set to enhance macroeconomic regulation by implementing a comprehensive monetary policy package consisting of three main categories and ten specific measures aimed at increasing liquidity and supporting economic growth [1][2]. Group 1: Monetary Policy Measures - The PBOC will adopt quantity-based policies, including a 0.5 percentage point reduction in the reserve requirement ratio (RRR), which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market [1][2]. - Price-based policies will involve a 0.1 percentage point decrease in policy interest rates, lowering the 7-day reverse repurchase rate from 1.5% to 1.4%, which is anticipated to lead to a similar decline in the Loan Prime Rate (LPR) [1][2]. - Structural policies will include the optimization of existing monetary policy tools and the creation of new ones to support sectors such as technological innovation, consumption expansion, and inclusive finance [1][2]. Group 2: Specific Policy Details - The PBOC will lower the interest rates of structural monetary policy tools by 0.25 percentage points, affecting various special tools and the re-lending rate for agriculture and small enterprises [2]. - The personal housing provident fund loan rate will be reduced by 0.25 percentage points, with the five-year and above first home loan rate decreasing from 2.85% to 2.6% [2]. - An increase in the re-lending quota for technological innovation and technological transformation will raise the total from 500 billion yuan to 800 billion yuan [2]. Group 3: Capital Market Support - The PBOC has established two tools to support the stability of the capital market, which have been well-received and have helped boost investor confidence [3]. - The total quota for the two capital market support tools will be merged to 800 billion yuan, enhancing flexibility and accessibility for various market participants [4]. - The PBOC will support the China Securities Finance Corporation in maintaining market stability by providing sufficient re-lending support for stock market index funds [4]. Group 4: Technology Bond Market Initiatives - The PBOC is preparing to launch a "Technology Board" in the bond market to facilitate the issuance of technology innovation bonds by financial institutions and technology enterprises [4][5]. - A risk-sharing tool for technology innovation bonds will be created, allowing the PBOC to provide low-cost re-lending funds to support the issuance of long-term bonds [5]. - Nearly 100 market institutions are planning to issue over 300 billion yuan in technology innovation bonds, indicating strong market interest and participation [5].