宏观动态点评：央行降准0.5个基点，凸显发力稳增长决心

Monetary Policy Actions - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio effective September 27, 2024[2] - The weighted average reserve requirement ratio after the cut will be approximately 6.6%[2] Economic Implications - The decision to lower the reserve requirement is aimed at supporting economic growth while considering the current net interest margin of banks[2] - The reduction is expected to provide around 1 trillion yuan in long-term liquidity to the market, enhancing banks' willingness to lend[2] Market Confidence - This reduction is the largest since early this year, reflecting the central bank's commitment to stabilizing growth and boosting market confidence[2] - The rapid implementation of the policy, occurring just three days after the announcement, indicates a consistent macroeconomic policy approach[2] Future Outlook - There remains potential for further reductions in the reserve requirement ratio within the year, as the average ratio is still higher compared to major international economies[2] - The central government's recent meetings suggest a more proactive stance on fiscal and monetary policy adjustments to support economic stability[2]