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multiple major policies are launched at the same time!

the state council information office held a press conference on the morning of september 24, and the main leaders of the people's bank of china, the financial regulatory bureau, and the china securities regulatory commission introduced the relevant situation of financial support for high-quality economic development. pan gongsheng, governor of the people's bank of china, said that according to the central decision-making and deployment, the people's bank of china will firmly adhere to the supportive monetary policy stance, increase the intensity of monetary policy regulation, and improve the precision of monetary policy regulation. three major policies were announced at the meeting:

first,lower the reserve requirement ratio and policy interest rate, and drive market benchmark interest rates downward.

second,lower the interest rates on existing mortgages and unify the minimum down payment ratio for mortgages.

third,create new policy tools to support stock market development.

pan gongsheng said,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; this year, the deposit reserve ratio may be further lowered depending on market liquidity conditions.

at the same time, he pointed out thatthe central bank's policy interest rate will be lowered, with the 7-day reverse repurchase rate cut by 0.2 percentage points from the current 1.7% to 1.5%., guide the loan market benchmark interest rate and deposit interest rate to decline simultaneously, and maintain the stability of the net interest margin of commercial banks.

in terms of mortgage loans, the interest rates of existing mortgage loans will be lowered and the minimum down payment ratio for mortgage loans will be unified.

guide commercial banks to lower the interest rates on existing mortgage loans to around the interest rates on new mortgage loans, with the average reduction expected to be around 0.5 percentage points.

the national minimum down payment ratio for second home mortgages will be reduced from 25% to 15%, and the minimum down payment ratio for first and second home mortgages will be unified.

according to data from the central bank, as of the end of the second quarter of 2024, the national interest rate for newly issued housing loans had dropped to 3.45%.