Economic Support Measures - The People's Bank of China (PBOC) lowered the reserve requirement ratio by 0.5 percentage points, expected to provide approximately 1 trillion yuan in long-term liquidity, impacting around 200 trillion yuan in deposits[14] - The central bank also reduced the 7-day reverse repo rate by 0.2 percentage points, potentially saving market participants between 500 billion to 750 billion yuan in interest expenses[16] - Six major banks will receive an increase in core Tier 1 capital to enhance their ability to serve the real economy[19] Real Estate Market Stabilization - Existing mortgage rates will be lowered to align with new loan rates, with an average reduction of about 0.5 percentage points, benefiting approximately 50 million households and reducing annual interest expenses by around 150 billion yuan[3] - The minimum down payment for second homes has been reduced from 25% to 15%[3] - Financing support policies for real estate companies have been extended until the end of 2026[3] Stock Market Support - New measures allow securities, fund, and insurance companies to swap low liquidity assets for high liquidity assets from the central bank, with an initial operation scale of 500 billion yuan[3] - A special loan program for stock buybacks and increases will provide 300 billion yuan in funding to commercial banks[3] - The China Securities Regulatory Commission (CSRC) issued guidelines to encourage long-term funds to enter the market, aiming to enhance investor returns[3] Market Reactions - Following the announcements, the Shanghai Composite Index surged by 4.15% on September 24, marking the largest single-day increase since July 2020[6] - On September 30, the index rose by 8.06%, achieving the highest single-day gain since October 2008, with total trading volume reaching 2.59 trillion yuan, a record high[7]
宏观专题：金融加力 干字当头 未来可期
Zhongyuan Securities·2024-10-08 02:30