According to the Research Reports from CITIC SEC, the Central Economic Work Conference was held in Beijing. Overall, the policymakers fully recognize the severe situation where external and internal pressures may significantly increase next year and have proposed a series of requirements such as stabilizing growth, stabilizing prices, stabilizing employment, and stabilizing people's livelihoods. From a fiscal policy perspective, the limits on various fiscal tools supporting the real economy will be comprehensively increased, the government's disposable financial resources will significantly improve, and the structure of fiscal expenditure will lean towards marginal consumption for people's livelihoods. From a monetary policy perspective, the meeting called for the implementation of moderately loose monetary policies and timely reserve requirement ratio and interest rate reductions. We expect the reverse repo rate to decrease by 40-50bps next year, with LPR and loan rates potentially seeing a larger decline.
中信证券：预计明年逆回购利率降幅为40-50bps，LPR和贷款利率降幅可能更大
CITIC SEC: It is expected that next year, the reverse repurchase rate will decrease by 40-50 basis points, and the drop in LPR and loan rates may be even larger.
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