央行“双降”之后，还有哪些政策值得期待

Core Viewpoint - The recent press conference on May 7 highlighted a comprehensive set of financial policies aimed at stabilizing the market and expectations, indicating a strong commitment from the authorities to support the economy amid increasing external pressures [1][2]. Monetary Policy - The conference signaled a clear shift towards further monetary easing, including measures such as reserve requirement ratio (RRR) cuts and interest rate reductions [2]. - Starting May 15, the RRR will be lowered by 0.5 percentage points, expected to inject approximately 1 trillion yuan into the market [2]. - The policy interest rates, including the 7-day reverse repurchase rate, will be reduced from 1.5% to 1.4%, with the Loan Prime Rate (LPR) anticipated to decrease by about 0.1 percentage points [2]. Structural Policies - New structural monetary policy tools will be introduced to support sectors like technology innovation, consumption expansion, and inclusive finance [3]. - The quota for technology innovation and technical transformation re-loans will increase from 500 billion yuan to 800 billion yuan, and a new 500 billion yuan re-loan for service consumption and elderly care will be established [3]. Economic Context - The need for enhanced counter-cyclical adjustments is emphasized due to increasing economic downward pressure from external shocks, particularly in the context of trade tensions [3][4]. - The financial market's stability is crucial, especially following significant fluctuations in international markets due to tariff policies [3]. Future Expectations - There is anticipation for new policy tools to be introduced, particularly those aimed at supporting technology innovation and stabilizing foreign trade [5][6]. - The implementation of counter-cyclical measures will depend on the intensity of external shocks, with expectations for a gradual acceleration in fiscal policy [6][7].