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the accuracy has been lowered!

according to the official website of the central bank, the people's bank of china adheres to a supportive monetary policy stance, increases the intensity of monetary policy control, improves the accuracy of monetary policy control, and creates a good monetary and financial environment for china's stable economic growth and high-quality development. the people's bank of china has decided to lower the deposit reserve ratio of financial institutions by 0.5 percentage points starting from september 27, 2024 (excluding financial institutions that have implemented a 5% deposit reserve ratio). after this reduction, the weighted average deposit reserve ratio of financial institutions will be approximately 6.6%.

on the same day, the central bank issued an announcement that in order to increase the counter-cyclical adjustment of monetary policy and support stable economic growth, starting from september 27, the open market 7-day reverse repurchase operation interest rate will be adjusted from the previous 1.70% to 1.50%. the operating interest rates for the 14-day reverse repurchase and temporary forward and reverse repurchase operations in the open market will continue to be determined by adding or subtracting points to the 7-day reverse repurchase operating interest rate in the open market, and the range of additions and subtractions will remain unchanged.

according to xinhua news agency, on september 26, the political bureau of the cpc central committee held a meeting to analyze and study the current economic situation and plan the next step of economic work.

the meeting pointed out that we should seize key points and take the initiative to effectively implement existing policies, step up efforts to launch incremental policies, further improve the pertinence and effectiveness of policy measures, and strive to complete the annual economic and social development goals and tasks.

in addition, the meeting also emphasized the need to increase counter-cyclical adjustment of fiscal and monetary policies, ensure necessary fiscal expenditures, and effectively implement the "three guarantees" work at the grassroots level. it is necessary to issue and make good use of ultra-long-term special treasury bonds and local government special bonds to better play the role of government investment in driving investment. it is necessary to lower the deposit reserve ratio and implement a strong interest rate cut.

on september 24, central bank governor pan gongsheng announced that he would lower the deposit reserve ratio by 0.5 percentage points in the near future to provide long-term liquidity of approximately 1 trillion yuan.