Today, Governor Pan of the People's Bank of China made three decisions in one go:

1. Reduce the deposit reserve ratio by 0.5% and the policy interest rate by 20 basis points;

2. Reduce the interest rate of existing mortgage loans by 50 basis points and unify the minimum down payment for mortgage loans (the down payment ratio for the second home is reduced from 25% to 15%);

3. Various innovative monetary policy tools are used to support the stock market;

The first and third items are mainly aimed at institutions: for example, a reduction in the deposit reserve ratio can release nearly 1 trillion yuan of funds;

The second item is to reduce the burden on residents and at the same time hope to stimulate the property market.