一周综评与展望：一揽子政策持续兑现

Policy Implementation - The recent financial policy actions include a 25 basis point reduction in both the 1-year and 5-year Loan Prime Rates (LPR), bringing them to 3.1% and 3.6% respectively, marking the largest cut this year[1] - The People's Bank of China (PBOC) conducted a 700 billion yuan Medium-term Lending Facility (MLF) operation with a maximum bidding rate of 2.30% and a minimum of 1.90%, maintaining the MLF rate from September[1] - Since the beginning of 2024, the cumulative reductions in LPR have reached 35 basis points for the 1-year and 60 basis points for the 5-year, indicating a significant easing compared to the previous two years[1] Foreign Exchange and Market Stability - The State Council reported that China's international balance of payments showed five key characteristics, including a net inflow of cross-border funds and a balanced foreign exchange settlement[1] - The recent fluctuations in the RMB have prompted the State Administration of Foreign Exchange to introduce measures to stabilize the exchange rate, including promoting the use of derivatives to manage foreign exchange risks[1] International Cooperation - President Xi Jinping emphasized financial cooperation at the BRICS+ leaders' dialogue, focusing on establishing a payment system among BRICS nations to reform the existing global payment framework[2] - The meeting aims to foster a cooperative framework driven by political security, economic finance, and cultural exchanges for the long-term development of BRICS cooperation[2] Risk Factors - Potential risks include geopolitical tensions exceeding expectations, economic data falling short, and significant volatility in overseas markets[3]