SMM

At a press conference held by the State Council Information Office, People's Bank of China Governor Pan Gongsheng announced that the bank will soon reduce the reserve requirement ratio by 0.5 percentage points, injecting approximately 1 trillion yuan in long-term liquidity into the financial market. Additionally, there are plans to further reduce the reserve requirement ratio within the year, depending on market liquidity conditions. Meanwhile, PBoC will lower mortgage rates on existing home loans, with an expected overall reduction of about 0.5%, and unify the minimum down payment ratio for mortgages to 15%. Against the backdrop of the US Fed's recent significant rate cuts, the pressure for domestic policy easing has eased. Under the expected impact of a series of policy measures, commodity futures prices have generally risen, with copper futures fluctuating upward in the short term due to fundamentals and macro factors.