[HIGHLIGHTS] The first reserve requirement ratio cut this year releases about 1 trillion yuan in medium- and long-term liquidity. Monetary policy will step up efforts to stabilize growth.

The first reserve requirement ratio cut this year releases about 1 trillion yuan in medium- and long-term liquidity. Monetary policy will step up efforts to stabilize growth.

The reduction in the statutory deposit reserve ratio doubled from 0.25 percentage points to 0.5 percentage points. The central bank also added a 500 billion yuan mortgage supplementary loan (PSL) quota to support affordable housing and public infrastructure for both emergency and emergency use. This RRR cut is also a reflection of the consistency of macro policy orientation and is expected to form a synergy with previous policies to promote economic recovery.