PBOC'S PAN:

CHINA TO CUT THE RRR FURTHER BY 25 TO 50 BPS BASED ON MARKET LIQUIDITY BEFORE END-2024, AND TO CUT LPR BY 20 TO 25 BPS ON OCT.21.

MONETARY POLICY STRUCTURE TO BE ENHANCED, PRIORITIZING A MODERATE INCREASE IN PRICES.

MACROECONOMIC POLICY NEEDS TO TRANSITION FROM INVESTMENT-CENTRIC TO A BALANCE BETWEEN INVESTMENT AND CONSUMPTION FOR DYNAMIC EQUILIBRIUM.