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].

0:00 南方财经全媒体记者李依农 上海报道 央行宣布降准降息 5月7日上午，国新办举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况。中国人民银 行行长潘功胜在发布会上表示，中国人民银行将加大宏观调控强度，推出10项政策，进一步实施好适度 宽松的货币政策，推动经济高质量发展。如何看待央行在当前时点宣布降息降准？当前外部环境仍不稳 定，降息会否加大人民币汇率的阶段性贬值压力？央行在稳汇率与宽货币之间将如何平衡？我们来连线 东方金诚首席宏观分析师王青。 降息降准有力对冲外部波动 王青：展望未来，外部环境急剧变化带来的影响还需要进一步评估，中美经贸谈判也将经历一个复杂曲 折的过程，在国内物价水平偏低的背景下，预计下半年央行还会继续实施降息降准，初步估计全年政策 性降息幅度会达到0.6个百分点，降幅较2024年扩大0.3个百分点，全年降准幅度将达到1个百分点，降幅 与2024年基本相当，而且后续央行有可能恢复公开市场国债净买入，替代降准向银行体系注入长期流动 性。综合各类因素，接下来货币政策在"适度宽松"方向还有充足空间，能够为有效对冲外部波动、稳定 宏观经济运行提供关键支撑。 金融监管发力八项增量政策 ...

Group 1 - Xanadu Mines Ltd has terminated its exclusive negotiation agreement with Zijin Mining Group due to the inability to finalize a control transaction within the agreed timeframe [1][2] - The company will restart the shareholder voting process regarding the exercise of a 25% put option, with a special meeting scheduled for June 4, 2025 [2][3] - If the put option is exercised, Xanadu can sell 19.125% of its interest in the Kharmagtai project to Zijin for $25 million, funded by a low-interest loan from Zijin [3] Group 2 - Xanadu is exploring other financing options and potential partnerships for the Kharmagtai project, while also discussing joint venture or equity financing for the Red Mountain project [4] - The company has received approval to issue up to 15% of its shares for financing as a backup plan [4] Group 3 - Almonty Industries Inc has signed a binding off-take agreement with U.S. defense contractor Tungsten Parts Wyoming, Inc. for the supply of tungsten oxide [5][6] - The agreement stipulates a minimum monthly purchase of 40 tons of tungsten oxide, which will be used for U.S. defense projects [6][7] - Almonty reported a revenue of CAD 28.8 million for the fiscal year 2024, a 28% increase from the previous year, but also a net loss of CAD 16.3 million [9][10] Group 4 - The company plans to relocate its registered office from Canada to the U.S., which has been approved by shareholders [10] - Almonty's stock price has increased approximately 285% over the past year, reaching a 52-week high of AUD 2.85 [10]

5月7日下午，中国人民银行召开全系统会议，深入学习贯彻4月25日中央政治局会议精神，全力推进一 揽子金融政策加快落地见效。中国人民银行党委书记、行长潘功胜主持会议并讲话。会议强调，中央政 治局会议对当前经济形势作出深刻分析，对下一步经济工作作出重要部署，中国人民银行系统要迎难而 上、迅速行动，实施好适度宽松的货币政策，用好用足存量政策，加力实施增量政策，充分释放政策效 应。要强化协同联动，全系统密切协作，不断巩固发展经济回升向好势头，促进经济高质量发展。中国 人民银行党委委员、副行长邹澜出席会议并发言。会议以视频形式召开，中国人民银行有关司局、各省 分行负责同志分别在主会场和分会场参加会议。(央行) ...

Core Viewpoint - The Chinese government is implementing a comprehensive financial policy package to stabilize the market and manage expectations, which includes monetary policy adjustments and regulatory measures aimed at supporting economic growth and market stability [5][6][7]. Monetary Policy Measures - The People's Bank of China (PBOC) will reduce the reserve requirement ratio for financial institutions by 0.5 percentage points, which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market, lowering the average reserve requirement ratio from 6.6% to 6.2% [5]. - The monetary policy aims for adequate liquidity, low financing costs, and a supportive overall monetary environment, with a focus on dynamic adjustments based on economic conditions [6]. Regulatory Policies - The National Financial Regulatory Administration will introduce eight incremental policies, including: 1. Accelerating the development of financing systems compatible with new real estate models. 2. Expanding the pilot scope for long-term investments by insurance funds. 3. Optimizing regulatory rules. 4. Implementing a comprehensive policy to support financing for small and private enterprises. 5. Developing policies to support the banking and insurance sectors in facilitating foreign trade. 6. Revising management measures for merger loans. 7. Expanding the establishment of financial asset investment companies to qualified national commercial banks. 8. Formulating opinions on the high-quality development of technology insurance [6]. Market Stability Efforts - The China Securities Regulatory Commission is committed to consolidating the market's recovery momentum by enhancing market monitoring and risk assessment, and supporting the Central Huijin Investment Company in stabilizing the market [6][7]. - A significant portion of A-share listed companies derive nearly 90% of their revenue from domestic markets, indicating strong resilience and adaptability amid economic fluctuations [7].

Core Viewpoint - The Chinese government has announced a comprehensive set of financial policies aimed at stabilizing the market and boosting confidence in response to the current economic uncertainties [2] Group 1: Monetary Policy Measures - The People's Bank of China (PBOC) has implemented a series of monetary policy measures, including a 0.5% reduction in the reserve requirement ratio, a 0.1% decrease in policy interest rates, and a 0.25% cut in structural monetary policy tool rates [3][11] - These measures are expected to provide approximately 1 trillion yuan in long-term liquidity to the financial market and reduce the overall financing costs for the real economy [3][11] - The reduction in housing provident fund loan rates is projected to save residents over 20 billion yuan annually in interest payments [3][11] Group 2: Support for Enterprises - The Financial Regulatory Administration plans to implement policies to support foreign trade development and expand financing mechanisms for small and micro enterprises to include all foreign trade companies [4][12] - Since the launch of the financing coordination mechanism for small and micro enterprises, over 67 million businesses have been visited, resulting in loans totaling 12.6 trillion yuan [4][12] - The PBOC will continue to implement a moderately loose monetary policy and enhance coordination with fiscal policies to promote high-quality economic development [4][12] Group 3: Capital Market Stability - The China Securities Regulatory Commission (CSRC) aims to enhance market monitoring and risk assessment, while supporting the Central Huijin Investment Ltd. to stabilize the capital market [6][7] - The PBOC will optimize two monetary policy tools to support the capital market, combining a total of 800 billion yuan for securities, funds, and insurance companies [7][11] - The CSRC is working on revising regulations to support mergers and acquisitions, thereby enhancing the innovation and risk resilience of listed companies [6][12] Group 4: Targeted Financial Support - Financial departments have introduced targeted policies to support key areas such as technological innovation, consumption, and real estate, including a 300 billion yuan increase in re-loan quotas for technological innovation [8][9] - A new 500 billion yuan re-loan facility for service consumption and elderly care has been established to encourage financial institutions to support sectors like hospitality and education [9][11] - The financial sector is actively working to stabilize real estate financing, with approved loans increasing to 6.7 trillion yuan, supporting over 16 million housing units [9][12]

中新社北京5月7日电 (冯玲玲)中国官方多次提及的"适时降准降息"，终于落地。分析认为，此次降准降 息将释放规模可观的中长期资金，有效提振市场信心，支持实体经济稳定增长。 中国央行行长潘功胜7日宣布推出一揽子货币政策措施。其中包括，降低存款准备金率0.5个百分点，向 市场提供长期流动性约1万亿元(人民币，下同)；下调政策利率0.1个百分点，降低个人住房公积金贷款 利率0.25个百分点等。 今年4月25日召开的中央政治局会议要求，"加紧实施更加积极有为的宏观政策，用好用足更加积极的财 政政策和适度宽松的货币政策""适时降准降息，保持流动性充裕，加力支持实体经济"。 东方金诚首席宏观分析师王青接受中新社采访时表示，此次降准降息是对中央政治局会议部署的具体落 实。着眼于应对外部环境变化，稳定国内宏观经济运行，中国的一揽子货币政策开始从数量、价格和结 构三个维度全面发力。 中国银行研究院研究员梁斯分析称，政策利率下调0.1个百分点，7天期逆回购利率将从1.5%调降至 1.4%，预计将带动贷款市场报价利率(LPR)同步下降0.1个百分点，这将降低中国企业和居民融资成本， 提振企业投资和居民消费，进一步增强经济发展韧性， ...

文/《清华金融评论》 周茗一 2 0 25年5月7日9时，国务院新闻办公室举行新闻发布会。中国人民银行、 国家金融监督管理总局、中国证券监督管理委员会负责人介绍"一揽子金 融政策支持稳市场稳预期"有关情况，并答记者问。 央行发布3类10项措施 中国人民银行行长潘功胜介绍到， 今年以来各项宏观金融数据都比较不错，货币信贷呈现出"数量增加、价格下降、结构优化"的运行特 征。一季度末，社会融资规模同比增长8.4%、贷款同比增长7.4%（在贷款数据中，如果把地方专项债 置换地方融资平台贷款的影响进行还原，贷款同比增速将超过8%），广义货币供应量（M2）保持在 7%左右平稳增长，明显高于名义经济增速。同时，社会融资成本保持低位，普惠小微、制造业中长 期、科技型中小企业等贷款增速均快于全部贷款增速，信贷结构进一步优化。 从金融市场看，一季度表现良好。股市运行总体平稳，交易较为活跃，上证指数保持在3300点左右。债 券市场在经济信心提升的带动下自我校正。在岸、离岸人民币对美元汇率较去年末小幅升值1%左右， 跨境资本流动相对均衡。 4月份以来，尽管面临比较大的外部冲击，国内金融体系仍然保持稳健，金融市场展现出较强韧性。上 证 ...

Group 1: Financial Policy Overview - The State Council's recent announcement of a comprehensive financial policy aims to stabilize the market and manage expectations, reflecting a shift from emergency measures to deep institutional reforms in the capital market [6][17] - The policy framework, centered around the new "National Nine Articles," seeks to reconstruct market expectation management mechanisms through multi-dimensional institutional adjustments [6][7] Group 2: Mergers and Acquisitions - The China Securities Regulatory Commission emphasizes supporting listed companies in mergers and acquisitions (M&A) as a pathway for transformation and upgrading, which is crucial for enhancing risk resilience and international competitiveness [3][4] - M&A serves as a core engine for industrial upgrading, enabling companies to acquire advanced technologies and quality assets, thus facilitating rapid development in a fast-evolving technological landscape [3][4] Group 3: Monetary Policy Adjustments - The People's Bank of China announced a reduction in the reserve requirement ratio by 0.5 percentage points, expected to inject approximately 1 trillion yuan into the market, alongside a 0.1 percentage point decrease in policy rates [8][17] - This monetary policy adjustment is anticipated to stimulate financing demand from enterprises and households, promoting investment and consumption to counter external volatility [8][9] Group 4: Real Estate Market Support - The reduction of the personal housing provident fund loan rate by 0.25 percentage points, lowering the rate for first-time homebuyers to 2.6%, is expected to enhance the effectiveness of housing policies and support consumer demand [15][16] - The combination of reduced rates and increased liquidity from the reserve requirement cut is projected to bolster the stability of the real estate market, which remains a focus for commercial banks [14][15] Group 5: Public Fund Reforms - The new action plan for public fund development aims to enhance investor satisfaction by aligning fund performance with investor interests, shifting the focus from scale to returns [12][13] - Key highlights of the reform include improving the stability of fund investment behavior and expanding equity fund offerings to provide diverse investment options for investors [12][13]

Core Viewpoint - The People's Bank of China (PBOC) has announced a comprehensive set of monetary policy measures aimed at stabilizing the market and expectations, including a combination of quantity, price, and structural policies to enhance liquidity and support economic growth [1][4]. Quantity Policies - The PBOC will reduce the reserve requirement ratio (RRR) by 0.5 percentage points, which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market [3][4]. - The current average RRR for commercial banks is 6.6%, and this reduction aims to lower banks' funding costs and enhance the stability of their liabilities [3][4]. - The RRR for auto finance and financial leasing companies will be reduced to 0%, significantly boosting their credit supply capabilities [4][5]. Price Policies - Starting May 8, the PBOC will lower the 7-day reverse repurchase rate from 1.50% to 1.40%, which is anticipated to lead to a corresponding decrease in the Loan Prime Rate (LPR) by about 0.1 percentage points [5][6]. - The PBOC will also reduce the rates for various structural monetary policy tools by 0.25 percentage points, including the rate for pledged supplementary loans (PSL) from 2.25% to 2% [6][7]. - The personal housing provident fund loan rates will be lowered by 0.25 percentage points, with new rates set at 2.1% for loans under 5 years and 2.6% for loans over 5 years for first-time buyers [6][7]. Structural Policies - Five structural policies have been introduced, focusing on capital markets, technological innovation, and consumer support, with significant funding allocations such as 300 billion yuan for technology innovation loans and 500 billion yuan for service consumption and elderly care loans [9][10]. - The PBOC will merge the swap facility for securities, funds, and insurance companies with a stock repurchase loan program, totaling 800 billion yuan, to enhance liquidity in the capital market [9][10]. - A new risk-sharing tool for technology innovation bonds will be established, allowing the PBOC to provide low-cost loans to support the issuance of these bonds, thereby promoting the growth of high-quality technology enterprises [10][11].