Let's take a look at the news of the central bank's reserve requirement ratio cut and interest rate cut.
🔶Rest requirement ratio cut:
The deposit reserve ratio will be lowered by 0.5 percentage points in the near future, providing about 1 trillion yuan of long-term liquidity to the financial market.
After the reserve requirement ratio cut, the deposit reserve ratio of large banks will be reduced from the current 8.5% to 8%, and that of medium-sized banks will be reduced from the current 6.5% to 6%;
Rural financial institutions have previously implemented 5%, and will not be adjusted this time. The average deposit reserve ratio of the banking industry is about 6.6%.
And before the end of the year, depending on the market liquidity situation, the central bank may further reduce the reserve requirement ratio by 0.25-0.5 percentage points.
🔶Rate reduction:
The 7-day reverse repurchase operation rate of the main policy interest rate will be reduced by 0.2 percentage points, from 1.7% to 1.5%. This will guide the loan market benchmark rate (LPR) and deposit rates to decline simultaneously.
It is estimated that this policy interest rate adjustment will lead to a reduction of about 0.3 percentage points in the medium-term lending facility (MLF) interest rate, and the LPR and deposit interest rates will decline symmetrically by 0.2-0.25 percentage points.
In terms of real estate-related policies: guide commercial banks to reduce the interest rate of existing mortgage loans to near the interest rate of newly issued loans, with an average reduction of about 0.5 percentage points, benefiting 50 million households and reducing the total interest expenditure of households by about 150 billion yuan per year on average.
The minimum down payment ratio for the first and second mortgage loans at the national level will be unified to 15%, and local governments will be allowed to formulate policies based on this.
At the same time, the deadlines of the "16 Financial Measures" and commercial property loans will be extended from December 31, 2024 to December 31, 2026; optimize the policy of refinancing for affordable housing; support the acquisition of real estate companies' existing land, etc.
The above content is for information sharing only and does not constitute any investment advice!
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