9月27日央行降准降息落地解读

Monetary Policy Actions - On September 27, the People's Bank of China (PBOC) lowered the reserve requirement ratio (RRR) by 0.5 percentage points, bringing the weighted average RRR to approximately 6.6%[2] - The PBOC also reduced the 7-day reverse repo rate from 1.70% to 1.50%[2] Economic Impact - The RRR cut is expected to release around 1 trillion yuan in available funds for banks, which can be used for loans or bond purchases, thereby supporting investment and consumption[3] - The reduction in interest rates is anticipated to lower loan market rates by 0.2 to 0.25 percentage points, with new residential mortgage rates expected to decrease even more significantly[3] Future Policy Outlook - There is potential for further RRR cuts of 0.25 to 0.5 percentage points before the end of the year, indicating a proactive approach to support government bond issuance and economic growth[3] - The current RRR of 6.6% allows for a theoretical reduction down to 5.0%, providing 1.6 percentage points of room for additional cuts[4] Market Confidence and Growth Projections - The significant interest rate cuts are expected to boost consumer and investment demand, addressing the issue of insufficient effective demand and improving economic growth momentum[4] - The measures are crucial for achieving the annual economic growth target of around 5.0%[4]