Pan Gongsheng, Governor of the People's Bank of China: It is expected to further reduce the reserve requirement ratio by 0.25-0.5 percentage points before the end of the year based on market liquidity conditions

Pan Gongsheng, Governor of the People's Bank of China, stated at the 2024 Financial Street Forum Annual Meeting that on September 27th, the reserve requirement ratio was reduced by 0.5 percentage points. It is expected that by the end of the year, depending on market liquidity conditions, the reserve requirement ratio will be further reduced by 0.25-0.5 percentage points. The 7-day reverse repurchase operation rate in the open market was lowered by 0.2 percentage points, and the medium-term lending facility rate decreased by 0.3 percentage points. This morning, commercial banks have already announced a reduction in deposit rates, and it is expected that the loan market quoted rates to be announced on the 21st will also decrease by 0.2-0.25 percentage points

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