央行将推出10项政策加大宏观调控强度

Core Viewpoint - The People's Bank of China (PBOC) is implementing a comprehensive set of monetary policy measures to stabilize the market and expectations, focusing on maintaining liquidity and supporting economic growth through various targeted initiatives [1][2]. Group 1: Monetary Policy Measures - The PBOC will enhance macroeconomic control by introducing a package of ten specific monetary policy measures, categorized into quantity-based, price-based, and structural policies [1][2]. - Quantity-based policies include a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [2]. - Price-based policies involve a 0.1 percentage point reduction in the policy interest rate, lowering the 7-day reverse repurchase rate from 1.5% to 1.4%, which is anticipated to lead to a similar decrease in the Loan Prime Rate (LPR) [2]. - Structural policies aim to improve existing tools and create new ones to support sectors like technology innovation, consumption expansion, and inclusive finance [1][3]. Group 2: Specific Policy Details - The reserve requirement ratio for auto finance and financial leasing companies will be reduced from 5% to 0% [2]. - The interest rates for various structural monetary policy tools will be lowered by 0.25 percentage points, including a reduction from 1.75% to 1.5% for special structural tools and from 2.25% to 2% for pledged supplementary loans (PSL) [2]. - The personal housing provident fund loan rate will decrease by 0.25 percentage points, with the five-year rate for first-time homebuyers dropping from 2.85% to 2.6% [2]. - An additional 300 billion yuan will be allocated for technology innovation and technical transformation re-loans, increasing the total from 500 billion yuan to 800 billion yuan [3]. - A new 500 billion yuan re-loan for service consumption and elderly care will be established to encourage banks to increase credit support in these areas [3]. - The agricultural and small business re-loan quota will be increased by 300 billion yuan, complementing the interest rate reductions to support lending to agriculture, small, and private enterprises [3]. - The optimization of capital market support tools will merge 500 billion yuan for securities, funds, and insurance company swaps with 300 billion yuan for stock repurchase loans, totaling 800 billion yuan [3]. - A new risk-sharing tool for technology innovation bonds will be created, allowing the central bank to provide low-cost re-loan funds to purchase these bonds, thereby supporting long-term financing for technology innovation enterprises [3].