The central bank announced interest rate cuts and RRR cuts.

Pan Gongsheng, governor of the People’s Bank of China, announced at the press conference of the State Council Office on the 24th that the deposit reserve ratio and policy interest rate would be reduced. It will be lowered by 0.5 percentage points in the near future, releasing 1 trillion yuan of long-term liquidity, and it may be lowered by 0.25-0.5 percentage points before the end of the year. At the same time, the central bank’s policy interest rate was lowered, and the seven-day reverse repurchase operating rate was reduced by 0.2 percentage points, guiding the loan market quotation rate (LPR) to go down simultaneously.