Pan Gongsheng, Governor of the People's Bank of China, stated at the 2024 Financial Street Holdings Forum Annual Meeting that on September 27, the reserve requirement ratio was lowered by 0.5 percentage points. It is expected that before the end of the year, depending on the market liquidity situation, the reserve requirement ratio will be further lowered by 0.25 percentage points to 0.5 percentage points; the seven-day reverse repurchase operation rate in the open market will be lowered by 0.2 percentage points; and the medium-term lending facility rate will decrease by 0.3 percentage points.

Pan Gongsheng also revealed that several mainland state-owned commercial banks announced a reduction in deposit interest rates this morning. It is expected that the Loan Prime Rate (LPR) announced next Monday (the 21st) will also decrease by 0.2 percentage points to 0.25 percentage points. (ta/w)

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