2015年10月24日为何实施“双降”政策

2015年10月24日，中国人民银行宣布同时下调金融机构人民币贷款和存款基准利率，并对商业银行和农村合作金融机构等不再设置存款利率浮动上限。这一举措被市场称为“双降”，即降息和降准同时进行。那么，为何在这一时间点选择实施“双降”政策呢？

首先，从宏观经济角度看，当时中国经济正面临下行压力。国内外经济形势复杂多变，出口增长乏力，内需增长动力不足，经济增长速度有所放缓。为了稳定经济增长，提振市场信心，降息成为了一种有效的货币政策工具。通过降低贷款成本，鼓励企业加大投资，刺激经济增长。

On October 24, 2015, the People's Bank of China announced a simultaneous cut in the benchmark lending and deposit interest rates for financial institutions, while removing the floating ceiling for deposit interest rates for commercial banks and rural cooperative financial institutions. This measure, known as a "double cut" in the market, refers to the concurrent implementation of interest rate cuts and reserve ratio reductions. So, why was the "double cut" policy chosen at this particular time?

From a macroeconomic perspective, the Chinese economy was facing downward pressure at that time. The domestic and international economic situations were complex and volatile, with sluggish export growth and insufficient domestic demand growth, leading to a slowdown in economic growth. To stabilize economic growth and boost market confidence, cutting interest rates became an effective monetary policy tool. By reducing the cost of loans, it encouraged enterprises to increase investment and stimulate economic growth.

其次，降准也是应对当时经济形势的必要举措。降准能够释放流动性，增加银行体系的可用资金，有助于缓解市场资金紧张状况。通过降准，银行可以更有力地支持实体经济，特别是小微企业、“三农”等薄弱环节，促进经济结构的优化升级。

Additionally, a reserve ratio reduction was also a necessary measure to respond to the economic situation at that time. Such a reduction could release liquidity, increase the available funds in the banking system, and help alleviate market liquidity constraints. Through reserve ratio reductions, banks could provide stronger support to the real economy, especially in weak links such as small and micro businesses and agriculture, rural areas, and farmers, promoting the optimization and upgrading of the economic structure.

最后，从市场预期来看，“双降”政策的实施也有助于稳定市场预期。在经济增长放缓的背景下，市场对于未来的不确定性增加。通过“双降”政策，央行向市场传递了明确的政策信号，即保持货币政策的连续性和稳定性，引导市场预期向好。

Lastly, from the perspective of market expectations, the implementation of the "double cut" policy also helped stabilize market expectations. Against the backdrop of slowing economic growth, uncertainty about the future increased in the market. Through the "double cut" policy, the central bank sent a clear policy signal to the market, namely maintaining the continuity and stability of monetary policy and guiding market expectations to improve.

综合来看，2015年10月24日实施“双降”政策是央行针对当时经济形势作出的重要决策。通过降息和降准的组合拳，央行旨在稳定经济增长、缓解市场资金紧张、优化经济结构，并引导市场预期向好。这一政策的实施对于促进经济平稳健康发展具有重要意义。

Overall, the implementation of the "double cut" policy on October 24, 2015, was an important decision made by the central bank in response to the economic situation at that time. Through the combined measures of interest rate cuts and reserve ratio reductions, the central bank aimed to stabilize economic growth, ease market liquidity constraints, optimize the economic structure, and guide market expectations towards improvement. The implementation of this policy was of significant importance for promoting the stable and healthy development of the economy.