【导读】捷克降息，全球等待美联储的政策决定 捷克降息25个基点 5月7日晚间，捷克决策者在通胀放缓超出预期后下调了利率，不过由于持续的价格压力和全球贸易风险，投资者现在可能面临货币宽松暂停期的延长。 捷克央行在周三的会议上将基准利率下调了0.25个百分点，至3.5%，与市场预期一致。 这是捷克央行今年第二次降息，去年快速降息之后，央行已转向"走走停停"的模式。由于服务类通胀顽固、工资上涨、房价攀升以及预算赤字扩大，一些 理事会成员表示，这可能是本轮宽松周期中的最后一次降息。 全球贸易紧张局势加剧也对依赖出口的捷克经济构成风险。央行官员指出，增长放缓可能带来通缩效应，但若出现类似疫情时期的供应链中断，也可能导 致价格再度上涨。 帕特里亚金融公司驻布拉格首席经济学家扬·布雷斯表示，美国总统特朗普有关关税的计划带来的不确定性，可能促使捷克央行在此次降息后"不会排除利 率保持稳定的可能性"。 周二公布的初步数据显示，捷克4月通胀同比放缓至1.8%，为2018年以来最低水平，且低于市场预期。然而，消费者价格增长主要受到波动性较大的食品 和燃料成本影响，而服务价格仍然处于高位。 今年以来，捷克经济信号复杂多变。通胀受食品 ...

欢迎扫描下方二维码关注： END 链接： 山西省关于调整个人住房公积金贷款利率的通知 来源山西人力资源工作者俱乐部 欢迎扫描下方二维码关注： 温馨提醒：蓝色柳林财税室为非官方平台，是由编者以学习笔记形式建立的平台，所有笔记写作记录的文章及转发 的法律法规仅供读者学习参考之用，并非实际办税费的标准，欢迎交流学习，共同分享学习经验成果。文章版权归 原作者所有，如有不妥，请联系删除。 ...

波兰央行将基准利率从5.75%下调至5.25%。 ...

捷克央行将基准利率下调25个基点至3.5%。 ...

本报记者 慈玉鹏 北京报道 国务院新闻办公室5月7日就"一揽子金融政策支持稳市场稳预期"有关情况举行新闻发布会，中国人民银 行宣布，将实施十大政策支持稳市场稳预期。关于降低利率，中国人民银行行长潘功胜表示，将通过利 率自律机制引导商业银行相应下调存款利率。 西北地区某银行人士告诉记者，目前来看，无论是从应对外部冲击、提振实体经济的角度，还是从债务 风险化解的角度看，下一阶段商业银行存款利率下行趋势将延续。其中，长期利率的下调压力显然更明 显。 "这是因为：其一，在利率下行预期之下，商业银行会通过利率定价对被动负债进行主动引导，缩短存 款平均到期时间，以增加重定价的机动性；其二，长期利率下调空间更大，调整长期存款利率对于压降 付息成本效果更明显。"上述西北地区某银行人士表示。 潘功胜表示，人民银行还将进一步完善货币政策框架，持续强化利率政策的执行和监督。对于一些不合 理的、容易消减货币政策传导的市场行为，加强规范，畅通货币政策的传导机制，提升资源的配置效 率。 "上述政策措施将向金融机构提供规模可观的低成本的中长期资金，有利于降低金融机构的负债成本、 稳定净息差，政策效果还将进一步传导至实体经济，带动社会综合融 ...

Core Viewpoint - The People's Bank of China has updated the rates for re-lending and rediscounting, with the new rates for agricultural and small enterprise support loans set at 1.2% for 3 months, 1.4% for 6 months, and 1.5% for 1 year [1] Group 1 - The new re-lending rates aim to support agricultural and small enterprises [1] - The adjustments reflect the central bank's monetary policy stance to enhance liquidity in the economy [1] - The specific rates for different terms indicate a structured approach to financial support [1]

Core Viewpoint - The report from Shenwan Hongyuan indicates that the performance of A-share insurance companies in Q1 2025 was impacted by rising long-term interest rates and market volatility, leading to a decline in total investment returns and a mixed profit performance across the sector [1][2]. Group 1: Profit Performance - A-share insurance companies achieved a total net profit of 841.76 billion yuan in Q1 2025, representing a year-on-year growth of 1.4%, which was below expectations of 7.9% [2]. - The contribution to profit from insurance services, investment performance, and other pre-tax profits was 75.5%, 16.7%, and 7.8% respectively [2]. - Total investment returns decreased by 11% year-on-year due to significant negative contributions from fair value changes amid stock and bond market pressures [1][2]. Group 2: New Business Value (NBV) Performance - The NBV growth rate for listed insurance companies in Q1 2025 ranged from 4.8% to 67.9%, continuing a growth trend [3]. - New business volume increased by 2.9% year-on-year to 246.84 billion yuan, with growth rates for individual companies varying between -19.5% and 130.8% [3]. - Factors affecting performance included adjustments in preset interest rates, product structures, commission rates, and the fluctuating focus on financial products [3]. Group 3: Property Insurance Performance - The premium growth rate for the "old three" major property insurers was between 1.0% and 7.6% in Q1 2025, with the combined ratio (CR3) decreasing by 0.6 percentage points to 63.8% [4]. - The combined operating ratio (COR) improved more than expected, with notable reductions for major insurers such as PICC and Ping An [4]. Group 4: Investment Yield and Asset Allocation - The annualized total investment yield for listed insurance companies in Q1 2025 varied, with New China Insurance at 5.7% (up 1.1 percentage points) and China Life at 2.75% (down 0.48 percentage points) [5]. - The proportion of FVOCI (Fair Value Through Other Comprehensive Income) assets increased for most insurers, reflecting a strategic shift in asset allocation amid market conditions [5]. Group 5: Recommended Stocks - The report recommends stocks including New China Insurance (601336.SH), PICC (601319.SH), China Property Insurance (02328), China Taiping (601601.SH), Ping An (601318.SH), and China Life (601628.SH) as potential investment opportunities [6].

Group 1 - The People's Bank of China announced a reduction in the personal housing provident fund loan interest rate by 0.25 percentage points, with the new rate for first-time homebuyers over five years dropping from 2.85% to 2.6% [1] - The central bank also implemented a 0.5 percentage point reserve requirement ratio cut, injecting approximately 1 trillion yuan into the market, and lowered the policy interest rate by 0.1 percentage points [1] - The interest rate adjustment applies to both new and existing housing provident fund loans, with existing loans set to be adjusted starting January 1, 2026 [1] Group 2 - The reduction in housing provident fund loan interest rates is aimed at supporting consumer spending, aligning with the previously announced "Special Action Plan to Boost Consumption" [2] - Experts believe that lowering the housing provident fund interest rate will effectively reduce the threshold for home purchases, stimulate housing consumption, and address the interest rate differential between provident fund loans and commercial loans [2] - This measure is expected to release potential demand for both rigid and improved housing needs, contributing to the sustained healthy development of the real estate market [2]

Group 1 - The People's Bank of China announced a reduction in personal housing provident fund loan rates by 0.25 percentage points, a reserve requirement ratio cut of 0.5 percentage points, and a policy interest rate reduction of 0.1 percentage points, providing approximately 1 trillion yuan in long-term liquidity to the market [1] - After the adjustment, the interest rate for first-time homebuyers on loans with a term of over 5 years will decrease from 2.85% to 2.6%, with corresponding adjustments for other terms [1] - For a loan principal of 1 million yuan over 30 years, the monthly payment will decrease from 4,136 yuan to 4,003 yuan, resulting in a total repayment reduction of 50,000 yuan [1] Group 2 - The majority of personal commercial housing loan rates are based on the Loan Prime Rate (LPR), which is expected to decrease by approximately 0.1 percentage points following the policy interest rate cut [2] - The weighted average interest rate for newly issued commercial personal housing loans in the first quarter of 2025 was 3.11%, which could potentially drop to 3.01% due to the LPR adjustment [2] - For a 1 million yuan loan over 30 years, the total repayment amount will decrease from 1.54 million yuan to 1.52 million yuan, with a monthly payment reduction from 4,276 yuan to 4,221 yuan [2]

中国央行下调各期限常备借贷便利利率0.1%，5月8日起执行。 | 期限 | 利率 | | --- | --- | | 隔夜 | 2.25% | | 7天 | 2.40% | | 1个月 | 2.75% | ...