英语新闻丨降准降息提振市场信心

Rate cuts set to boost market confidence|降准降息提振市场信心Policy package expected to put economy on‘more favorable growth trajectory’一揽子政策将有力支持经济步入‘更有利的增长轨道’China's top financial regulators, in a move that went beyond market expectations, unveiled a potent combination of monetary easing measures on Tuesday, aimed at anchoring market confidence and underpinning economic recovery amid domestic and global headwinds, analysts said.24日，中国最高金融监管机构推出了一系列强有力的增量货币政策，力度超出市场预期。分析人士称，此举旨在稳定市场信心，在国内和全球经济逆风中支撑经济复苏。The forceful one-two punch, including cutting the reserve requirement ratio, key policy interest rates and existing mortgage loan interest rates, will foster a more enabling climate for the world's second-largest economy to hit this year's growth target, they added.分析人士补充，降低存款准备金率和政策利率、降低存量房贷利率等“双管齐下”的强有力措施，将为世界第二大经济体实现今年的增长目标创造更有利的环境。"Recent macroeconomic data pointing to a tepid recovery in domestic consumption and weak inflationary pressures have created space for policymakers to ramp up efforts to bolster the economy," said Ming Ming, chief economist at CITIC Securities.中信证券首席经济学家明明表示：“近期宏观经济数据显示，国内消费复苏乏力，通胀压力疲软，这为决策者加大力度刺激经济创造了空间。”"The gradual release of the policy package will help shore up market sentiment, unleash pent-up consumer demand, and drive a pickup in prices, putting the economy on a more favorable growth trajectory," he added.明明补充道：“逐步发布一揽子政策将有助于支撑市场情绪，释放被压抑的消费需求，推动物价回升，使经济走上更有利的增长轨道。”Pan Gongsheng, governor of the People's Bank of China, the nation's central bank, said at a news conference on Tuesday that the reserve requirement ratio — the amount of cash that banks are required to have on hand — will be reduced by 0.5 percentage point in the near term, which will free up about 1 trillion yuan ($142.2 billion) for new lending.中国人民银行行长潘功胜在24日的新闻发布会上表示，近期将下调存款准备金率0.5个百分点，向金融市场提供长期流动性约1万亿元（约1,422亿美元）。This marks the second time that the central bank has lowered the RRR this year, after implementing a 0.5 percentage point reduction in February, indicating that Chinese policymakers are proactively tapping into the policy space provided by the US Federal Reserve's interest rate cut last week, experts said.专家分析，继今年2月份下调存款准备金率（银行被要求持有的资金数量）0.5个百分点后，央行第二次下调存款准备金率，这表明中国决策者正在积极利用美联储上周降息所提供的政策空间。Following the latest reduction, the average reserve ratio for the banking sector will drop to around 6.6 percent. This level still leaves considerable flexibility to further lower the RRR if needed, when compared with other major global economies, Pan said.潘功胜表示，降准政策实施后，银行业平均存款准备金率将降至6.6% 左右。与全球其他主要经济体相比，这一水平仍有相当大的灵活性，可在必要时进一步降低存款准备金率。China's central bank will not shy away from further RRR cuts of 0.25 to 0.5 percentage point this year, depending on the prevailing market liquidity conditions, Pan added.潘功胜补充，根绝当前的市场流动性状况，央行今年有可能进一步下调存款准备金率0.25-0.5个百分点。The central bank also announced a reduction in its seven-day reverse repo rate — the short-term policy benchmark of interest rates — by 0.2 percentage point from the current 1.7 percent to 1.5 percent.央行还宣布，将7天期逆回购操作利率（短期政策利率）下调0.2个百分点，从目前的1.7%降至1.5%。This move is expected to drive down the medium-term lending facility rate by around 0.3 percentage point, with the loan prime rates also projected to follow suit, declining by 0.2 to 0.25 percentage point, Pan added.潘功胜表示，预计本次政策利率调整之后，将会带动中期借贷便利利率下调约0.3个百分点，预期贷款市场报价利率也将随之下行0.2-0.25个百分点。A new set of policies aimed at further stabilizing the real estate market was also unveiled at the news conference, including a 0.5 percentage point reduction in average existing mortgage rates and lowering the minimum down payment ratio from the current 25 percent to 15 percent on second homes, among others.新闻发布会上还公布了一系列旨在进一步稳定房地产市场的新政策，其中包括将存量房贷利率下调0.5个百分点，将二套房贷款最低首付比例由当前的25%下调到15%等。Guan Tao, global chief economist at BOCI China, said that Tuesday's policy package was more proactive and comprehensive than expectations and indicated policymakers' intention to deliver timely policy support, helping strengthen society's confidence in achieving the economic growth target of about 5 percent for the year.中银证券全球首席经济学家管涛认为，24日发布的一揽子政策比预期更加积极和全面，表明决策者及时提供政策支持的意图，有助于增强社会对实现全年约5%的经济增长目标的信心。Guan said fiscal policy should synergize with accommodative monetary measures. Measures such as expanding this year's government deficit to boost fiscal spending and optimizing the fiscal spending structure to improve people's livelihoods are worth consideration, especially in light of households' reluctance to consume and invest due to debt burdens.管涛表示，财政政策应与宽松的货币政策协调配合。扩大今年的政府赤字以增加财政支出、优化财政支出结构从而改善民生等措施值得考虑，尤其是在家庭因债务负担而不愿消费和投资的情况下。China's stock and foreign exchange markets reacted positively to the policy release, with the benchmark Shanghai Composite Index jumping 4.15 percent to Tuesday's close at 2,863.13 points, the biggest rise in about four years.政策发布后，中国股市和外汇市场反应积极，上海证券综合指数大涨4.15%，24日报2,863.13点，创四年多最大日涨幅。Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said the policies will provide much-needed support to homeowners by alleviating their debt burden and boosting consumer spending.东方金诚首席宏观分析师王青表示，这些政策将减轻房主的债务负担，促进消费支出，从而为房主提供急需的支持。Wang said the higher level of existing mortgage interest rates compared with new mortgages has triggered a notable wave of early loan repayments, posing a drag on household consumption.王青认为，存量房贷利率高于新发放房贷利率引发了显著的提前还贷潮，拖累了家庭消费。According to a central bank report released in July, the average monthly early repayment volume reached 387 billion yuan from September to December last year, which translates to an annualized early mortgage repayment of around 4.6 trillion yuan.央行7月发布的报告显示，去年9月至12月，月均提前还贷规模达3870亿元，对应年化提前偿还房贷金额约为4.6万亿元。While the mortgage rate cuts, on the other side, will have a tangible impact on bank earnings, the authorities are likely to take a balanced approach, such as orderly adjustments to deposit rates to ensure the banking sector's resilience, Wang said.王青表示，虽然存量房贷利率下调会对银行利润产生实际影响，但当局可能会采取平衡的做法，比如有序下调存款利率，以确保银行业的抗风险能力。policypackage一揽子政策reserve requirement ratio存款准备金率trajectoryn. 轨道market liquidity市场流动性mortgagen. 房贷，抵押借款