9月24日新闻发布会解读：宏观政策持续用力、更加给力

Monetary Policy - The central bank will lower the reserve requirement ratio by 0.5 percentage points, providing approximately 1 trillion yuan in long-term liquidity to the financial market[18] - The 7-day reverse repo rate will be reduced from 1.7% to 1.5%, aiming to guide loan market rates downwards while maintaining the stability of banks' net interest margins[20] - There is a possibility of further lowering the reserve requirement ratio by an additional 0.25-0.5 percentage points later this year, depending on market liquidity conditions[18] Real Estate Policies - Existing mortgage rates will be guided down to near the new loan rates, with an expected average reduction of about 0.5 percentage points[22] - The minimum down payment ratio for commercial personal housing loans will be unified at 15%, regardless of whether it is the first or second home[22] - The central bank will increase the support ratio for guaranteed housing re-loans from 60% to 100%, enhancing market incentives for banks and acquisition entities[22] Stock Market Support - Two new monetary policy tools will be introduced to support the stock market, including liquidity swaps for securities, funds, and insurance companies, and special re-loans for stock buybacks and increases[23] - The initial operation scale for liquidity swaps is set at 500 billion yuan, with the potential for expansion based on market conditions[23] Economic Outlook - The policies align with the central political bureau's directive for stronger macroeconomic support, emphasizing the need to monitor the ongoing effectiveness of these measures and improvements in economic fundamentals[5] - Risks include external uncertainties and potential delays in the transmission of macroeconomic policies to asset prices and the real economy[34]