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PBOC Pan Gongsheng: RRR to be Cut by 0.5 ppts, Policy Rate by 0.1 ppt
The Governor of the People's Bank of China (PBOC), Pan Gongsheng, unveiled a series of financial measures to stabilize markets and expectations. These include a 0.5 ppt reducti...
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PBOC Pan Gongsheng: RRR to be Cut by 0.5 ppts, Policy Rate by 0.1 ppt
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The Governor of the People's Bank of China (PBOC), Pan Gongsheng, unveiled a series of financial measures to stabilize markets and expectations. These include a 0.5 ppt reduction in the reserve requirement ratio (RRR) and a 0.1 ppt cut in policy rates, which is to lower the 7-day reverse repo rate from 1.5% to 1.4% on the open market. This is expected to drive the loan prime rate (LPR) down by approximately 0.1 ppt.

Besides, structural monetary policy tool rates will be reduced by 0.25 ppts, including various specialized structural tool rates and agricultural/ small business re-lending rates, from 1.75% to 1.5%, and the pledged supplementary lending (PSL) rate from 2.25% to 2%.

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