when ppl fear, u become more greedy 😊

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The 2024 Financial Street Forum annual meeting opened today, with the theme of “Trust and Confidence - Jointly Discussing Financial Opening, Cooperation, and Sharing for Stable Economic Development”.Governor of the People's Bank of China, Pan Gongsheng, Director of the China Banking and Insurance Regulatory Commission, Li Yunze, Chairman of the China Securities Regulatory Commission, Wu Qing, and Director of the State Administration of Foreign Exchange, Zhu HexinAttended the opening ceremony and delivered speeches.
The main key points are as follows:
Governor of the People's Bank of China, Pan Gongsheng:
1. Seize the opportunity to further reduce the reserve requirement ratio by 0.25-0.5 percentage points. It is expected that the LPR announced on the 21st will also decrease by 0.2-0.25 percentage points.
2. The People's Bank of China provides specific directional share buybacks, shareholdings, and reloans. It is the bottom line that credit funds cannot illegally enter the stock market.
3. The policy documents on share buybacks, shareholdings, and special reloans were released and implemented today.
4. Two tools to support the stable development of capital markets are completely based on market principles, and the convenience of mutual exchange is not direct financial support provided by the People's Bank of China.
Will consider promoting a reasonable increase in prices as an important factor, paying more attention to the role of price-based regulatory tools such as interest rates.
Chairman Li Yunze of the China Banking and Insurance Regulatory Commission:
Supporting eligible insurance institutions to establish new securities investment funds, with several insurance companies currently applying.
The newly signed intention funds of financial asset investment companies have exceeded 250 billion yuan.
Supporting large banks to accelerate the replenishment of core Tier 1 capital to expand crediting growth space.
Chairman Wu Qing of the China Securities Regulatory Commission:
Further deepen reforms of the capital markets, research and develop...