The Golden Ten Data on December 10th reported that Huaxi Securities research report pointed out that this political bureau meeting re-mentioned the "Chính sách tiền tệ" that is moderately loose, and the market cannot help but associate it with the magnificent combination of monetary and fiscal policies from 2008 to 2010. Specifically, in this round of "Chính sách tiền tệ", it may be similar to it, not only the tone has changed, but the framework has also shifted from the previous cross-cycle (or a combination of cross-cycle and counter-cyclical) to counter-cyclical adjustment. This probably points to a larger adjustment in reserve requirements and policy "Lãi suất". Looking ahead to 2025, the magnitude of a single reduction in reserve requirements and interest rates in the "Chính sách tiền tệ" may not be less than 50bp and 20bp (the magnitude in 2024), and it is also possible to further increase the magnitude in extreme situations. The specific degree of looseness and duration may depend on the economic situation.
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Chứng khoán Huaxi: Vào năm 2025, RRR và cắt giảm lãi suất có thể không dưới 50bp và 20bp
The Golden Ten Data on December 10th reported that Huaxi Securities research report pointed out that this political bureau meeting re-mentioned the "Chính sách tiền tệ" that is moderately loose, and the market cannot help but associate it with the magnificent combination of monetary and fiscal policies from 2008 to 2010. Specifically, in this round of "Chính sách tiền tệ", it may be similar to it, not only the tone has changed, but the framework has also shifted from the previous cross-cycle (or a combination of cross-cycle and counter-cyclical) to counter-cyclical adjustment. This probably points to a larger adjustment in reserve requirements and policy "Lãi suất". Looking ahead to 2025, the magnitude of a single reduction in reserve requirements and interest rates in the "Chính sách tiền tệ" may not be less than 50bp and 20bp (the magnitude in 2024), and it is also possible to further increase the magnitude in extreme situations. The specific degree of looseness and duration may depend on the economic situation.