行内偕作·快评号外：《2024年三季度货币政策执行报告》三大要点-加大调控强度，促进物价回升

Economic Outlook - The report indicates that China's economic development has strong resilience, significant potential, and solid support, but the foundation for economic recovery still needs to be consolidated[2] - Domestic economic growth has been weaker than market expectations, with PPI contracting for 25 consecutive months and retail sales and fixed asset investment growth dropping to year-low levels of 3.3% and 3.4% respectively[2] Inflation and Price Stability - CPI is expected to continue a moderate recovery, with PPI's decline also expected to narrow overall[3] - The report emphasizes that the economic transformation and industrial upgrading will lead to a more balanced supply-demand relationship, supporting price stability in the medium to long term[3] Monetary Policy Adjustments - The central bank has shifted to a more supportive monetary policy stance, increasing the intensity of monetary policy adjustments to promote price recovery[4] - In Q3, the central bank net purchased government bonds worth 1 trillion and 2 trillion in August and September respectively, and implemented a 0.5% reserve requirement ratio cut, releasing over 1 trillion in long-term liquidity[4] Credit and Financing - The report highlights the need to maintain reasonable credit growth, particularly in the real estate sector, with policies aimed at supporting housing demand and stabilizing the market[8] - The average weighted interest rate on loans decreased by 47 basis points year-on-year in September, with general and corporate loan rates dropping by 36 basis points and 31 basis points respectively[10] Interest Rate Policy - The report calls for a more market-oriented interest rate reform, with the central bank adjusting the 7-day reverse repo rate down by 30 basis points in Q3, influencing MLF and LPR rates[9] - The average interest rate on fixed deposits has only decreased by 0.5% from August 2019 to August 2024, significantly lower than the cumulative reduction in policy rates[10]