People's Bank of China Governor Pan Gongsheng said on Friday that the Chinese central bank “provided specific directions for stock buybacks and reloans to increase holdings, and it is the bottom line that credit funds cannot enter the stock market in violation of regulations.
Depending on market liquidity, reserve requirement ratio could be further reduced by 0.25 to 0.5 percentage points before the end of the year. The interest rate of 7-day reverse repo operation in the open market will be lowered by 0.2 percentage points. Interest rate of medium-term lending facilities could be reduced by 0.3 percentage points, depending on market liquidity. It is expected that the loan market prime rate could also fall by 0.2-0.25 percentage points.
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