央行，最新！全力推进一揽子金融政策加快落地！

Core Viewpoint - The People's Bank of China (PBOC) is implementing a comprehensive set of monetary policies to support economic recovery and high-quality development in response to the current economic situation as analyzed in the Central Political Bureau meeting on April 25 [1][2]. Group 1: Quantity Policies - The first category of policies focuses on quantity measures, primarily through lowering the reserve requirement ratio (RRR) to increase long-term liquidity supply, with specific actions including: - A reduction of the RRR by 0.5 percentage points, expected to provide approximately 1 trillion yuan in long-term liquidity to the market [3]. - Adjusting the RRR for auto finance and financial leasing companies from 5% to 0% temporarily [3]. Group 2: Price Policies - The second category includes price measures aimed at lowering policy interest rates and structural monetary policy tool rates, with specific actions including: - A decrease in the policy interest rate by 0.1 percentage points, reducing the seven-day reverse repurchase rate from 1.5% to 1.4%, which is expected to lead to a similar drop in the Loan Prime Rate (LPR) [4]. - A reduction of 0.25 percentage points in the rates of structural monetary policy tools, such as the re-lending rate for agriculture and small enterprises from 1.75% to 1.5% [4]. - A decrease in the personal housing provident fund loan rate by 0.25 percentage points, with the five-year and above first home rate dropping from 2.85% to 2.6% [4]. Group 3: Structural Policies - The third category focuses on structural policies designed to enhance existing monetary policy tools and innovate new ones to support technology innovation, consumption expansion, and inclusive finance, with specific actions including: - An increase of 300 billion yuan in the re-lending quota for technology innovation and technological transformation, raising the total from 500 billion yuan to 800 billion yuan [5]. - Establishing a 500 billion yuan re-lending facility for service consumption and elderly care to encourage banks to increase credit support in these areas [6]. - Increasing the re-lending quota for agriculture and small enterprises by 300 billion yuan, along with a reduction in the re-lending rate to support banks in expanding loans to small and private enterprises [6]. - Optimizing two monetary policy tools supporting the capital market, merging the quotas for securities, funds, and insurance company swaps and stock repurchase loans to a total of 800 billion yuan [6]. - Creating a risk-sharing tool for technology innovation bonds, where the central bank provides low-cost re-lending funds to purchase these bonds, supporting technology innovation enterprises and equity investment institutions [6]. Implementation - The ten main policy measures across the three categories will be gradually disclosed and implemented on the PBOC's official website [7].