中国宏观：央行推出系列增量举措支持巩固内需，提振资本市场

Monetary Policy Actions - The People's Bank of China (PBOC) announced a 0.5 percentage point reduction in the reserve requirement ratio, injecting approximately CNY 1 trillion in long-term liquidity into the financial market[2] - The central bank lowered the 7-day reverse repurchase rate by 0.2 percentage points from 1.7% to 1.5%, aiming to guide down loan market rates and deposit rates[2] - PBOC's actions are intended to ensure market liquidity and reduce funding costs, supporting the real economy[2] Housing Market Support - The PBOC will lower existing mortgage rates to align with new mortgage rates, with an expected average reduction of around 0.5 percentage points[5] - The minimum down payment ratio for second homes has been reduced from 25% to 15%, aimed at stimulating demand in the housing market[5] - These measures are projected to benefit approximately 50 million households, reducing annual interest expenses by around CNY 150 billion[5] Capital Market Initiatives - New policy tools will be created to support the stock market, including liquidity swaps for securities, funds, and insurance companies[6] - Special re-loans will be introduced to guide banks in providing loans to listed companies and major shareholders for stock repurchases and increases[6] - These initiatives are expected to enhance the financing capabilities of non-bank financial institutions and boost market confidence[6] Economic Outlook - The PBOC's proactive monetary policy measures are expected to lower costs for enterprises and households, stabilize the housing and stock markets, and improve market expectations[6] - Further fiscal policies, including increased issuance of government bonds and higher deficit ratios, are anticipated to promote domestic demand and achieve balanced economic growth[6]