央行網站消息，為鞏固經濟回升向好基礎，保持流動性合理充裕，中國人民銀行決定于2023年9月15日下調金融機構存款準備金率0.25個百分點（不含已執行5%存款準備金率的金融機構）。本次下調后，金融機構加權平均存款準備金率約為7.4%。

The People's Bank of China, the country's central bank, announced on Thursday the second cut to the reserve requirement ratio this year, signaling that policymakers are decisively ramping up stimulus to reinforce the pickup in economic momentum, experts said.
專家表示，中國人民銀行（以下簡稱央行）14日宣布今年第二次下調存款準備金率，這表明政策制定者正在果斷加大刺激力度，以加強經濟勢頭的回升。

The move also highlights the central bank's top priority of stabilizing the domestic economic situation despite downward pressures on the renminbi amid monetary tightening in the United States, they said, and a further reduction in benchmark interest rates may come this year.
專家表示，此舉也突顯出，盡管在美國貨幣緊縮的情況下，人民幣面臨下行壓力，但央行的首要任務是穩定國內經濟形勢，今年可能會進一步下調基準利率。

The PBOC said in a statement on Thursday that it will reduce the RRR, which refers to the proportion of money that lenders must keep as reserves, by 0.25 percentage point, effective on Friday, following a cut in March. The change does not apply to those financial institutions that have already adopted a 5 percent RRR.
中國人民銀行在14日的一份聲明中表示，繼3月份下調存款準備金率后，決定于2023年9月15日下調金融機構存款準備金率0.25個百分點（不含已執行5%存款準備金率的金融機構）。

The cut will bring financial institutions' weighted average RRR to about 7.4 percent, according to the central bank.
央行表示，本次下調后，金融機構加權平均存款準備金率約為7.4%。

The move came amid signs of a nascent pickup in the country's economic momentum, with inflation and lending figures for August improving from July.
此舉正值中國經濟勢頭初顯回暖之際，8月份的通脹和貸款數據較7月份有所改善。

Zhou Maohua, an analyst at China Everbright Bank, said that implementing an RRR cut against this backdrop will help boost market confidence by showing that policymakers are determined to reinforce the pickup with ramped-up countercyclical adjustments.
中國光大銀行分析師周茂華表示，在這種背景下實施降準將有助于提振市場信心，這表明決策者決心通過加大逆周期調節力度來促進經濟升溫。

Experts close to the central bank said the move will release medium- to long-term liquidity of more than 500 billion yuan ($68.7 billion), which will meet the rising liquidity demand, as more than 1 trillion yuan in local government bonds is expected to be issued in September.
相關專家表示，此舉將釋放超過5000億元的中長期流動性，這將滿足不斷增長的流動性需求。預計9月份將發行超過1萬億元的地方政府債券。

The move will also reduce banks' funding costs, which will facilitate their lending to the real economy and promote further declines in financing costs, they said.
專家表示，此舉還將降低銀行的融資成本，這將促進銀行向實體經濟放貸，并促進融資成本的進一步下降。

Lou Feipeng, a researcher at Postal Savings Bank of China, said the RRR cut is "necessary and timely", as it will provide low-cost funding for banks and stabilize their profit margin, which is under pressure as they reduce interest rates on existing mortgages to ease homebuyers' debt burden.
中國郵政儲蓄銀行研究員婁飛鵬表示，降準是“必要和及時的”，此舉將為銀行提供低成本資金，并穩定其利潤率。由于銀行降低現有抵押貸款利率以減輕購房者的債務負擔，利潤率面臨壓力。

The latest cut occurred despite lingering uncertainties about the US Federal Reserve's rate hikes, which have weighed on the renminbi exchange rate. The PBOC statement said it will provide solid support for economic recovery while keeping the renminbi generally stable.
盡管美國聯邦儲備委員會加息導致的不確定性仍然存在，對人民幣匯率造成了壓力，但中國人民銀行仍宣布下調存款準備金率。中國人民銀行聲明稱，此舉將為經濟復蘇提供堅實的支持，同時保持人民幣的總體穩定。

"Foreign exchange rate fluctuations will not substantively constrain China's monetary policy adjustments," said Wang Qing, chief macroeconomic analyst at Golden Credit Rating International. "The latest RRR cut has once again indicated that the PBOC places the independence of monetary policy in a top priority position."
東方金誠經濟分析師王青表示：“匯率波動不會實質性地制約中國的貨幣政策調整。最新的降準再次表明，央行將貨幣政策的獨立性置于首要地位。”