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[wang ying, china equity strategist at morgan stanley, said the total amount of rmb 800 billion pledged in the first phase is roughly equivalent to 2.9% of the current total free float market value of the a-share market.]

for two consecutive days, capital market sentiment was ignited and the offshore rmb against the us dollar once rose above the 7 mark.

in this regard, international investment banks such as goldman sachs, morgan stanley, ubs, nomura, and bnp paribas have expressed their views. all sectors believe that the stimulus should not be underestimated, especially the innovative tools to support the capital market. the amount of the first phase is 800 billion yuan, which has exceeded the amount of the national team's entry into the market this year and is close to the full-day trading volume of a-shares on september 24.

however, compared with hong kong stocks, the consensus earnings expectations of the a-share market face greater downward pressure. major institutions still believe that fiscal policy needs to be further strengthened, increasing financial support, accelerating the pace of treasury bond issuance and fund disbursement, so as to ease the downward pressure on the real estate market, resolve local government debt, and stabilize economic growth. at present, major investment banks' forecasts for china's gdp growth in 2024 are generally still around 4.6% to 4.8%.

the scale of stock market support tools exceeds the funds of the "national team"

the main factor that triggered the market was the central bank's announcement of the creation of two structural monetary policy tools. the first phase of the cumulative 800 billion yuan scale is already quite impressive. wang ying, china equity strategist at morgan stanley, said that the total amount of 800 billion yuan promised in the first phase is approximately equivalent to 2.9% of the current total free float market value of the a-share market, which is about 1.03 times the average daily trading volume of 77.4 billion yuan in the a-share market from the beginning of the year to date; among them, compared with historical a-share repurchases, the initial funds of 300 billion yuan promised by the re-lending plan are about 2.5 times the total repurchase amount of 122.7 billion yuan (about 16.9 billion us dollars) of a-shares in 2023; compared with the purchase volume of the "national team", it is roughly estimated that the total purchase of the national team from the beginning of the year to date may reach 90 billion us dollars. the 800 billion yuan (about 113 billion us dollars) in the first phase is about 1.3 times this figure.