央行降准点评：5年期LPR下调25个基点，再度加码稳地产

Monetary Policy Actions - The 5-year LPR was lowered by 25 basis points, marking the largest reduction in nearly four years[16] - The central bank's recent actions include a 0.5 percentage point cut in the reserve requirement ratio and a 0.25 percentage point reduction in re-lending and rediscount rates[5] - The LPR adjustment aims to reduce financing costs for the real economy while minimizing exchange rate volatility[2] Economic Context - The decision to lower the LPR follows a weak performance in the real estate market, with major developers experiencing a continued decline in sales[16] - The CPI and PPI showed negative year-on-year growth in December 2023 and January 2024, indicating potential for further monetary policy easing[5] - The LPR's downward space is primarily determined by bank interest margins, which have been buffered by previous rate cuts[2] Market Implications - The reduction in LPR is expected to boost market confidence and support the stabilization of the real estate sector[16] - The central bank's focus remains on maintaining price stability and promoting moderate price recovery as key considerations for monetary policy[5] - Future policy tools, such as the PSL, are anticipated to be reintroduced to further support economic stability[5]