央行三季度货币政策执行报告点评：货币政策工具箱扩容

Monetary Policy Insights - The People's Bank of China (PBOC) reduced the reserve requirement ratio by 0.5 percentage points, releasing approximately 1 trillion yuan in long-term liquidity[1] - The PBOC lowered the 7-day reverse repurchase rate by a total of 30 basis points in July and September[1] - The monetary policy toolbox has expanded significantly, including support for real estate and stock market stability measures[1] Economic Outlook - The PBOC's monetary policy is expected to become more proactive and flexible, with an emphasis on maintaining reasonable liquidity and promoting a moderate recovery in prices[1] - The upcoming political bureau meeting in November-December will likely set the tone for 2025's economic work arrangements[1] - Global inflation is declining slowly, and there are risks associated with the rapid economic slowdown in Europe and the US[2] International Considerations - The report highlights the need to closely monitor changes in overseas central bank policies, particularly the Federal Reserve's recent rate cuts[1] - The Fed's rate cuts of 50 basis points in September and 25 basis points in November have initiated a global easing cycle, with further cuts expected in December[1] Risk Factors - Potential risks include slow global inflation recovery, rapid economic downturns in Europe and the US, and increasing complexity in international relations[1]