央行重磅发声，一项利好政策即将落地

Core Viewpoint - The People's Bank of China (PBOC) is committed to maintaining a supportive monetary policy stance, implementing measures to enhance personal credit repair, and improving macro-prudential management in the real estate sector, which are expected to positively impact market liquidity and consumer purchasing power [1][3][4]. Monetary Policy - The PBOC will continue to adopt a moderately loose monetary policy, utilizing various tools to provide liquidity across short, medium, and long terms, while ensuring relatively loose social financing conditions [2][5]. - Recent monetary policy actions include a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point decrease in policy interest rates, leading to a historical low of 3.5% for the 5-year Loan Prime Rate (LPR) [5]. Personal Credit Repair - A new personal credit relief policy is being developed to assist individuals who have defaulted on loans due to COVID-19-related hardships but have since repaid their debts. This policy aims to remove certain negative credit records from the credit system, facilitating access to financing for affected individuals [2][4]. - The implementation of this policy is planned for early next year, which is expected to stabilize market expectations and restore consumer confidence [4]. Real Estate Financial Management - The PBOC is enhancing macro-prudential management tools related to real estate finance, including adjustments to down payment ratios and mortgage interest rates, to better control risks and support housing demand [2][7]. - Recent adjustments have seen the down payment ratio for first and second homes reduced to a minimum of 15%, with the authority to set interest rates now delegated to local governments [7]. Market Impact - The combination of loose monetary policy and credit repair initiatives is anticipated to lower financing costs and improve liquidity for market participants, aiding those affected by credit issues in regaining loan eligibility [9]. - These coordinated policies are expected to help stabilize market expectations and contribute to a recovery in the real estate market [9].