5.7一揽子金融政策解读：降息降准稳楼市股市，提振内需促关税谈判

Monetary Policy Insights - The central bank has decided to implement a comprehensive reserve requirement ratio (RRR) cut of 0.5 percentage points, expected to release approximately 1 trillion yuan in liquidity, promoting stable growth in loans for households and enterprises[2] - A simultaneous reduction of 0.25 percentage points in the interest rates of structural monetary tools such as re-loans for agriculture and small enterprises will help lower the cost of liabilities for commercial banks, stabilizing net interest margins and enhancing the efficiency of interest rate transmission[2] - The expectation for continued active use of RRR cuts in the second half of the year remains, with an annual forecast of 100-150 basis points (BP) in total[2] Real Estate and Consumption - Policy interest rates have been reduced by 10 basis points (BP) and public housing loan rates by 25 BP to stabilize the real estate market, which is crucial for supporting domestic demand[3] - The creation of 500 billion yuan in service consumption and pension re-loans aims to stimulate demand for durable goods and services, particularly in the post-real estate cycle[3] - The recent downward trend in the real estate market, especially in second and third-tier cities, indicates that policy support is still needed to maintain stability[3] Economic Strategy and Trade Relations - The "stable exchange rate - stable real estate - promote domestic demand" cycle is expected to strengthen, providing a basis for China to engage in equal trade negotiations with the U.S.[3] - The Ministry of Commerce has signaled a willingness to engage in talks with the U.S., emphasizing mutual respect and benefit as prerequisites for dialogue[3] - The combination of stable real estate policies and measures to boost consumption and investment is enhancing market confidence in China's ability to manage external shocks[3] Capital Market Support - The central bank is increasing support for technological innovation and transformation with an additional 300 billion yuan in re-loans, alongside the creation of risk-sharing tools for tech innovation bonds[4] - The China Securities Regulatory Commission (CSRC) plans to introduce further reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance market inclusivity and adaptability[4] - A combined monetary policy tool worth 800 billion yuan is aimed at stabilizing capital market expectations and mitigating potential market volatility risks[4]