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(ECNS) -- China’s central bank would consider further cutting commercial bank’s reserve requirement ratio (RRR) by the year-end depending on liquidity conditions, said the bank’s governor Pan Gongsheng on Friday at the Financial Street Forum 2024. People’s Bank of China, China’s central bank, lowered the RRR by 0.5 percentage points for financial institutions at the end of September. At the forum, Pan said four financial tools for the real estate market had been published already. Among them, reducing existing mortgage interest rates is expected to benefit 50 million households, cutting household interest expenses by about 150 billion yuan (about $21.08 billion) per year. The Securities, Funds and Insurance companies Swap Facility, or SFISF, had begun to accept applications from financial institutions and related policies about a special relending facility for stock buybacks would be published on Friday, he said. “The policy package has been recognized both at home and abroad since its release and implementation, strongly boosting social confidence and playing a better role in promoting the smooth operation of the economy and finance,” Pan said.
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