The central bank issued an announcement that in order to increase the intensity of countercyclical monetary policy regulation and support stable economic growth, starting from September 27, the 7-day reverse repurchase operation rate in the open market will be adjusted from the previous 1.70% to 1.50%. The operating rates of the 14-day reverse repurchase and temporary positive and reverse repurchase in the open market continue to be determined by adding or subtracting points from the 7-day reverse repurchase operation rate in the open market, and the range of additions and subtractions remains unchanged.
The People's Bank of China adheres to a supportive monetary policy stance, increases the intensity of monetary policy regulation, improves the precision of monetary policy regulation, and creates a good monetary and financial environment for China's stable economic growth and high-quality development. The People's Bank of China decided: From September 27, 2024, the deposit reserve ratio of financial institutions will be lowered by 0.5 percentage points (excluding financial institutions that have implemented a 5% deposit reserve ratio). After this reduction, the weighted average deposit reserve ratio of financial institutions is about 6.6%.
