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market.\nThe reserve requirement ratio (RRR) – the amount of cash that commercial banks must hold as reserves – and the mortgage rate for existing housing would be cut by half a percentage point, according to People’s Bank of China governor Pan Gongsheng.\nThe PBOC would also support the acquisition of real estate companies’ lands by studying measures to allow policy and commercial banks to grant loans to eligible companies to acquire the land, revitalise the stock of the land and ease the financial pressure on real estate enterprises.\nIf necessary, the central bank may provide policy support, Pan added.\n“The reduction in existing mortgage interest rates is expected to benefit 50 million households or 150 million people, reducing household interest expenses by an average of about 150 billion yuan per year, which will efficiently boost consumption and investment,” Pan said during a joint press conference alongside Li Yunze, minister of the National Administration of Financial Regulation, and Wu Qing, chairman of the China Securities Regulatory Commission (CSRC).\nThe Hang Seng Index in Hong Kong responded to the announcements by posting its biggest gain since March 2023, rising by 4.1 per cent at the close to 19,000.56 on Tuesday.\nThe Shanghai Composite Index closed 4.2 per cent higher, while the CSI 300 Index advanced by 4.3 per cent.\nThe yuan also rallied on Tuesday, with offshore rate surging beyond 7.03 per US dollar.\nThis is the most significant PBOC stimulus package since the early days of the pandemic. But on its own, it may not be enough\nJulian Evans-Pritchard, Capital Economics\n“This is the most significant PBOC stimulus package since the early days of the pandemic. But on its own, it may not be enough,” said Julian Evans-Pritchard, head of China economics at Capital Economics.\n“The thinking was clearly that the confidence boosting effect of revealing everything in one go would help make the stimulus package more than just the sum of its parts.”\nPan said the seven-day reverse repo rate would also be lowered from 1.7 per cent to 1.5 per cent, which could effectively lower the medium-term lending facility by 0.3 percentage point and the loan prime rate by between 0.2 and 0.25 percentage point.\nMeanwhile, the central bank governor said that the PBOC would guide a smooth rate transmission to ensure stable net interest margins (NIM) for commercial banks, in an attempt to address analysts’ concerns that the rate cut could hurt commercial banks’ NIM.\nChina is also “studying” a state-backed stabilisation fund, which could shore up confidence in its equity markets, Pan said.\nThe down payment ratio on second home purchases would also be reduced from 25 per cent to 15 per cent following a similar move for first home purchases earlier in the year, he added.\nPan reiterated support for a 300 billion yuan (US$42.5 billion) fund that was set up in May to encourage local governments to buy up unsold homes and convert them into subsidised housing. The loan, of which 60 per cent was funded by the central bank, would see the ratio lifted to 100 per cent, according to Pan.\n\n\n\n\nPolicymakers intended the new measures to support the development of China’s economy, to promote modest price increases, strike a balance between economic growth and the sustainability of the banking sector and maintain the yuan exchange rate at a reasonable equilibrium level, Pan added.\nLi from the National Administration of Financial Regulation, meanwhile, said the authorities planned to increase core tier 1 capital for China’s six large commercial banks in a gradual manner.\n“We feel [Tuesday’s] measures are a step in the right direction, especially as multiple measures have been announced together rather than spacing out individual piecemeal measures to a more limited effect,” said Lynn Song, chief economist for Greater China at ING.\n“We continue to believe that there is still room for further easing in the months ahead as most global central banks are now on a rate-cut trajectory.\n“If we see a large fiscal policy push as well, momentum could recover heading into the fourth quarter.”\nTuesday’s announcements came after rising calls to arrest weakening economic momentum in China.\nMainly dragged by a prolonged property crisis, the world’s second-largest economy has yet to show an obvious rebound in growth, with domestic consumption remaining depressed and trade frictions with the West on the rise.\nThere is a clearer direction for monetary policy easing, but this alone is certainly inadequate\nZhu Tian, China Europe International Business School\nThe cut to the RRR is expected to provide liquidity of about 1 trillion yuan (US$141 billion) into the market, according to Pan.\nPan said with the RRR for the banking sector around 6.6 per cent, the PBOC still had more room to cut compared to the international level, and that the central bank may lower the rate by a quarter or half a percentage point by the end of the year.\nAs part of the new monetary tools to support stock market, specialised refinancing facilities would be created to guide banks to provide loans to listed companies and major shareholders to support buy-backs and stake increases.\nCSRC chairman Wu also said on Tuesday that the total amount of long-term capital in China’s capital markets was insufficient, and that the mechanisms for long-term capital remaining invested had not been fully formed.\nThe CSRC and other departments would, he added, encourage more long-term capital into the markets.\nEarlier this month, President Xi Jinping subtly toned down China’s focus on achieving its annual economic growth goals this year, including the “around 5 per cent” target for China’s gross domestic product, from “must remain firmly committed” to “strive to fulfil”.\n\n\n\n\nLast week, the US Federal Reserve kicked off a rate-cutting cycle, which eased the room for monetary policies in China.\n“There is a clearer direction for monetary policy easing, but this alone is certainly inadequate,” said Zhu Tian, an economics professor with the China Europe International Business School in Shanghai.\n“The key is helping the market build a stronger expectation that monetary policies will continue to be eased in the future and that more support is on the way.\n“Such market expectation and confidence are still rather weak. In addition, fiscal policy, in particular, more expenditure and borrowings by the central government, must also be strengthened in tandem to solve the liquidity woes facing local governments and developers, as well as the various businesses whose profitability is also impeded.”\nPan also warned against any one-sided bets on the yuan’s movement.\n“We must prevent the foreign exchange market from forming unilateral, consistent expectations that could become self-fulfilling and also guard against the risk of exchange rate overshooting or over-adjustment,” he said.\nIn the first half of the year, the hedging ratio of Chinese traders reached 27 per cent, while the proportion of yuan settlements in goods trade stood at 30 per cent, according to PBOC.\nNomura Global Market analyst Lu Ting said a rising yuan settlement ratio implied less exposure to foreign exchange volatility.\n“It means half of enterprises are less affected by foreign exchange risks. When calculating exchange settlement ratios, the proportion of yuan settlement has to be taken into account,” said Lu.\n","articleSection":"Policy","author":{"@type":"Person","name":"Ji Siqi","sameAs":"https://www.scmp.com/author/ji-siqi"},"dateCreated":"2024-09-24T09:13:56+08:00","dateModified":"2024-09-25T18:18:51+08:00","datePublished":"2024-09-24T09:14:00+08:00","description":"Rate cut, support to the acquisition of real estate companies’ land banks and new tools to boost capital markets among measures rolled out on Tuesday.","genre":"Economy","hasPart":{"@type":"WebPageElement","cssSelector":".piano-metering__paywall-container","isAccessibleForFree":"False"},"headline":"China fires policy bazooka to boost economy, led by mortgage-rate cut, property measures","image":{"@type":"ImageObject","height":{"@type":"QuantitativeValue","value":2730},"url":"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2024/09/24/5a2796ba-1a56-4a57-a954-c30ca038e429_8c92f3d7.jpg","width":{"@type":"QuantitativeValue","value":4095}},"inLanguage":"en-GB","isAccessibleForFree":"False","locationCreated":{"@type":"Place","name":"Beijing"},"mainEntityOfPage":"https://www.scmp.com/economy/policy/article/3279681/china-cut-rates-reserve-ratio-support-economy","publisher":{"@type":"NewsMediaOrganization","logo":{"@type":"ImageObject","height":{"@type":"QuantitativeValue","value":512},"url":"https://assets-v2.i-scmp.com/production/icons/scmp-icon-512x512.png","width":{"@type":"QuantitativeValue","value":512}},"name":"South China Morning Post"},"publishingPrinciples":"https://www.scmp.com/policies-and-standards"}</script><article class="article-list css-cru7id e1d6iglh0" data-qa="ArticlePage-Article"><div data-qa="ArticleList-Item" class="css-wv6nr3 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announces mortgage rate cut as part of new measures to boost economy</p></div></div></div></div><div class="e1hpd36k1 css-10srnd2 e1x11wau0" data-qa="SCMPYouTubeVideoFooter-VideoTitleContainer"><svg width="24" height="25" viewBox="0 0 24 25" fill="none" xmlns="http://www.w3.org/2000/svg" data-qa="SCMPYouTubeVideoFooter-StyledVideoRecorder" class="css-1nnwg93 e1x11wau1"><path fill-rule="evenodd" clip-rule="evenodd" d="M22 6.22926V18.4315L17.5463 13.9868V17.8655C17.5463 18.1618 17.4383 18.4248 17.2228 18.6531C17.0067 18.8829 16.7498 18.9967 16.4537 18.9967H3.13414C2.80989 18.9967 2.53968 18.8829 2.32425 18.6531C2.10808 18.4248 2 18.1618 2 17.8655V6.79519C2 6.49893 2.10808 6.23665 2.32425 6.00688C2.53968 5.77858 2.80989 5.66333 3.13414 5.66333H16.4537C16.7498 5.66333 17.0067 5.77858 17.2228 6.00688C17.4383 6.23665 17.5463 6.49893 17.5463 6.79519V10.674L22 6.22926Z" fill="#001246"></path></svg><div data-qa="SCMPYouTubeVideoFooter-VideoTitle" class="css-0 e1x11wau2">China announces mortgage rate cut as part of new measures to boost economy</div></div></div></div></div></div><div data-qa="GenericArticle-ContentContainer" class="css-wvfhp ea45u6l28"><div data-qa="GenericArticle-Author" class="css-plhgzi ea45u6l15"><div data-qa="AuthorNames-AuthorNamesContainer" class=" er6t7fe31 css-1fl3ncg eybiz6w3"><a target="_self" class="e163ld431 css-uvyeg2 ecgc78b0" href="/author/ji-siqi" data-qa="BaseLink-renderAnchor-StyledAnchor">Ji Siqi</a><span data-qa="AuthorNames-renderLocations-AuthorLocation" class="css-1sn2av9 eybiz6w0">in <!-- -->Beijing</span><span data-qa="AuthorNames-renderCommaOrAnd-AndSeparator" class="css-1md3kj8 eybiz6w1">and</span><a target="_self" class="e163ld431 css-uvyeg2 ecgc78b0" href="/author/frank-chen" data-qa="BaseLink-renderAnchor-StyledAnchor">Frank Chen</a><span data-qa="AuthorNames-renderLocations-AuthorLocation" class="css-1sn2av9 eybiz6w0">in <!-- -->Shanghai</span></div></div><div data-qa="GenericArticle-PublishDateTime" class="css-mbzp8v ea45u6l14"><div class=" er6t7fe25 css-1qbx4v2 efakuk42" data-qa="Article20Date-Container"><time dateTime="2024-09-24T01:14:00.000Z" data-qa="Article20Date-PublishedDate" class="css-0 efakuk41">Published: <!-- -->9:14am, 24 Sep 2024</time><time dateTime="2024-09-25T10:18:51.000Z" data-qa="Article20Date-UpdatedDate" class="css-m6ip7c efakuk40">Updated: <!-- -->6:18pm, 25 Sep 2024</time></div></div><div data-qa="GenericArticle-Correction" class="css-1ou8zht ea45u6l11"></div><div data-qa="GenericArticle-Content" class="css-1nbm1qt ea45u6l10"><section class="er6t7fe38 css-19sk4h4 e1pqt1t0" data-qa="ContentBody-ContentBodyContainer"><div class="js-reading-0-percent-completion-tracker css-19icq8a ekyy9du0" data-qa="useTrackViewedPercentageRender-trackViewedPercentageRenders-TrackPercentageBlock"></div><p datatype="p" data-qa="Component-Component" class="e8zc9q40 css-1c6uqr6 ec74h0k1">China announced a suite of new heavyweight policies to boost the economy on Tuesday, including cuts to the mortgage rate for existing housing and its reserve requirement ratio, while it also planned to roll-out new tools to support the stock market.</p><div data-qa="InlineAdSlot-Container" class=" css-zl1inp e11v3ui14"><div class="e11v3ui10 e11v3ui13 css-y2bwcc e1flwkbl0" data-qa="AdSlot-Container"><div data-qa="AdSlot-Label" class="css-1t8iakn e1flwkbl3">Advertisement</div><div data-qa="AdSlot-AdSlotContainer" class="css-0 e1flwkbl2"></div></div></div><p datatype="p" data-qa="Component-Component" class="e8zc9q40 css-1c6uqr6 ec74h0k1">The reserve requirement ratio (RRR) – the amount of cash that commercial banks must hold as reserves – and the mortgage rate for existing housing would be cut by half a percentage point, according to People’s Bank of China governor Pan Gongsheng.</p><p datatype="p" data-qa="Component-Component" class="e8zc9q40 css-1c6uqr6 ec74h0k1">The PBOC would also support the acquisition of real estate companies’ lands by studying measures to allow policy and commercial banks to grant loans to eligible companies to acquire the land, revitalise the stock of the land and ease the financial pressure on real estate enterprises.</p><p datatype="p" data-qa="Component-Component" class="e8zc9q40 css-1c6uqr6 ec74h0k1">If necessary, the central bank may provide policy support, Pan added.</p><p datatype="p" data-qa="Component-Component" class="e8zc9q40 css-1c6uqr6 ec74h0k1">“The reduction in existing mortgage interest rates is expected to benefit 50 million households or 150 million people, reducing household interest expenses by an average of about 150 billion yuan per year, which will efficiently boost consumption and investment,” Pan said during a joint press conference alongside Li Yunze, minister of the National Administration of Financial Regulation, and Wu Qing, chairman of the China Securities Regulatory Commission (CSRC).</p><div data-qa="InlineAdSlot-Container" class=" css-zl1inp e11v3ui14"><div class="e11v3ui10 e11v3ui13 css-gy323d e1flwkbl0" data-qa="AdSlot-Container"><div data-qa="AdSlot-Label" class="css-1t8iakn e1flwkbl3">Advertisement</div><div data-qa="AdSlot-AdSlotContainer" class="css-0 e1flwkbl2"></div></div></div><p datatype="p" data-qa="Component-Component" class="e8zc9q40 css-1c6uqr6 ec74h0k1">The Hang Seng Index in Hong Kong responded to the announcements by posting its biggest gain since March 2023, rising by 4.1 per cent at the close to 19,000.56 on Tuesday.</p><p datatype="p" data-qa="Component-Component" class="e8zc9q40 css-1c6uqr6 ec74h0k1">The Shanghai Composite Index closed 4.2 per cent higher, while the CSI 300 Index advanced by 4.3 per cent.</p></section></div><div data-qa="GenericArticle-PaywallContainer" class="css-1kfpym9 ea45u6l1"><div class="er6t7fe18 piano-metering__paywall-container css-1e938sv e1x97qwg1" data-qa="ArticlePaywallContainer-Container"><div data-qa="ArticlePaywallContainer-LoadingContainer" class="css-hu4lls e1x97qwg2"><div class="css-1px2vm1 e1hb2u5e0" 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...helpersUseContentSponsorContent\n ...helpersCheckIsMainTopicContent\n ...contentSchemaRenderContent\n}\n\nfragment articleTitleArticle on Article {\n types {\n value {\n name\n id\n }\n }\n authors {\n name\n id\n }\n}\n\nfragment articleTopicContent on Content {\n __isContent: __typename\n topics {\n ...topicLinkTopic\n id\n }\n}\n\nfragment articleTopicFollowWidgetArticle on Article {\n topics {\n ...topicLinkTopic\n ...entityFollowButtonBase\n disableFollow\n entityId\n name\n entityUuid\n id\n }\n}\n\nfragment articleTopicWidgetArticle on Article {\n entityId\n sponsorType\n firstTopic {\n ...entityLink\n ...followButtonBase\n name\n disableFollow\n contents(first: 4, orderBy: {field: PUBLISHED_DATE, direction: DESC}) {\n edges {\n node {\n __typename\n entityId\n ...articleWidgetContent\n id\n }\n }\n }\n id\n }\n}\n\nfragment articleTopicsContent on Content {\n __isContent: __typename\n topics {\n ...topicLinkTopic\n ...entityFollowButtonBase\n entityId\n entityUuid\n name\n id\n }\n}\n\nfragment articleVocabBoxArticle on Article {\n glossary {\n term\n translation\n description {\n json\n }\n }\n ...contentSchemaRenderContent\n}\n\nfragment articleWidgetContent on Content {\n __isContent: __typename\n entityId\n urlAlias\n ... on Article {\n sponsorType\n }\n ...entityLink\n ...hooksContentItemProvidersContent_2aLOLQ\n}\n\nfragment atomsCurrentArticleAtomBase_3o8td4 on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Article {\n ...articleSeoArticle_3o8td4\n ...contentShareWidgetContent\n ...headerContentBookmarkArticle\n ...headerContentCommentTrigger\n ...helpersCheckIsStyleArticle\n ...helpersUseSharingUrl\n ...articleShareWidgetArticle\n ...hooksTrackPageViewArticle\n ...hooksContentInterestArticle\n ...hooksUseCurrentArticleIdsArticle\n ...hooksUseNotificationReadStatusArticle\n ...onboardingNewsletterSubscriptionArticle\n }\n}\n\nfragment atomsCurrentNotificationSectionAtomBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Section {\n fullSectionPath {\n ...hooksUseNotificationsSection\n id\n }\n }\n ... on Article {\n sections {\n value {\n ...hooksUseNotificationsSection\n id\n }\n }\n }\n}\n\nfragment atomsCurrentStyleCardCarouselWidgetSectionsAtomBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Article {\n sections {\n value {\n entityId\n name\n id\n }\n }\n }\n ... on Section {\n fullSectionPath {\n entityId\n name\n id\n }\n }\n}\n\nfragment atomsCurrentTakeoverAdSectionsAtomBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Article {\n sections {\n value {\n entityId\n id\n }\n }\n }\n ... on Section {\n fullSectionPath {\n entityId\n id\n }\n }\n}\n\nfragment authorAvatarAuthor on Author {\n ...entityLink\n entityId\n entityUuid\n name\n image(filter: {type: AUTHOR_IMAGE}) {\n style(filter: {style: \"300x300\"}) {\n url\n }\n }\n}\n\nfragment authorAvatarsArticle on Article {\n authors {\n entityId\n ...authorAvatarAuthor\n ...entityFollowButtonBase\n id\n }\n}\n\nfragment authorBioAuthor on Author {\n bio\n}\n\nfragment authorCardAuthor on Author {\n ...styleAuthorCardAuthor\n ...defaultAuthorCardAuthor\n ...plusAuthorCardAuthor\n}\n\nfragment authorNameAuthor on Author {\n ...entityLink\n name\n entityUuid\n}\n\nfragment authorNamesArticle on Article {\n authorLocations\n authors {\n entityId\n location\n ...authorNameAuthor\n id\n }\n}\n\nfragment authorRoleAuthor on Author {\n role {\n text\n }\n}\n\nfragment authorSocialLinksAuthor on Author {\n socialLinks {\n class\n title\n url\n }\n}\n\nfragment beforeYouGoActionWidgetContent on Content {\n __isContent: __typename\n ...shareArticle20Content\n ...articleShareWidgetArticle\n entityId\n urlAlias\n shortUrl\n headline\n socialHeadline\n}\n\nfragment blockquoteQuoteContent on Content {\n __isContent: __typename\n ...contentShareWidgetContent\n}\n\nfragment blockquoteQuoteGenericPostiesArticleContent on Content {\n __isContent: __typename\n ...contentShareWidgetContent\n}\n\nfragment blockquoteQuotePlusGenericArticleContent on Content {\n __isContent: __typename\n ...contentShareWidgetContent\n}\n\nfragment breadcrumbNewsletterArticleArticle on Article {\n types {\n value {\n name\n id\n }\n }\n}\n\nfragment buttonArticleSpeechInlineWidgetGenericButtonArticle on Article {\n entityId\n socialHeadline\n headline\n}\n\nfragment carouselArticleSeriesCarouselArticle on Article {\n entityId\n seriesContainer {\n entityId\n headline\n socialHeadline\n urlAlias\n series {\n __typename\n ... on Content {\n __isContent: __typename\n entityId\n urlAlias\n ...articleSeriesCarouselContent\n }\n ... on Node {\n __isNode: __typename\n id\n }\n }\n ...entityLink\n id\n }\n}\n\nfragment checkersCheckContentContainsStarlingImageContent on Content {\n __isContent: __typename\n topics {\n entityId\n id\n }\n}\n\nfragment contentActionBarContent on Content {\n __isContent: __typename\n entityId\n createdDate\n updatedDate\n publishedDate\n readingTime\n ...articleCommentArticle\n ...helpersIsArticleVideoAsHeroArticle\n ...helpersGetContentTypeNameContent\n ... on Article {\n hasVideoContent\n }\n}\n\nfragment contentBodyContent_3o8td4 on Content {\n __isContent: __typename\n entityId\n body(customContents: $customContents, type: $bodyType) {\n json\n }\n ...contentSchemaRenderContent\n}\n\nfragment contentCoverImageContent_1OCN1a on Content {\n __isContent: __typename\n headline\n images {\n url\n title\n type\n size768x768: style(filter: {style: \"768x768\"}) {\n url\n }\n }\n}\n\nfragment contentCoverImageContent_3ndUvy on Content {\n __isContent: __typename\n headline\n images {\n url\n title\n type\n size540x360: style(filter: {style: \"540x360\"}) {\n url\n }\n }\n}\n\nfragment contentCoverImageContent_4isNar on Content {\n __isContent: __typename\n headline\n images {\n url\n title\n type\n landscape250x99: style(filter: {style: \"landscape_250_99\"}) {\n url\n }\n size540x360: style(filter: {style: \"540x360\"}) {\n url\n }\n }\n}\n\nfragment contentCoverImageContent_D9JlW on Content {\n __isContent: __typename\n headline\n images {\n url\n title\n type\n size80x80: style(filter: {style: \"80x80\"}) {\n url\n }\n }\n}\n\nfragment contentCoverVideoContent on Content {\n __isContent: __typename\n ... on Article {\n multimediaEmbed {\n json\n }\n ...contentSchemaRenderContent\n }\n}\n\nfragment contentHeadlineContent on Content {\n __isContent: __typename\n headline\n socialHeadline\n ...contentHeadlineTagContent\n ...helpersUseContentSponsorContent\n}\n\nfragment contentHeadlineTagContent on Content {\n __isContent: __typename\n ...hooksContentHeadlineTagContent\n}\n\nfragment contentLiveArticleArticle on Article {\n ...itemLiveArticleContentArticle\n}\n\nfragment contentLiveTagContent on Article {\n ...helpersCheckHasLiveTagArticle\n}\n\nfragment contentNewsletterArticleArticle on Article {\n entityId\n relatedLinks\n}\n\nfragment contentNewsletterWidgetContent on Content {\n __isContent: __typename\n topics {\n relatedNewsletters {\n ...helpersMassageToNewsletterItemNewsletter\n id\n }\n id\n }\n sections {\n value {\n relatedNewsletters {\n ...helpersMassageToNewsletterItemNewsletter\n id\n }\n id\n }\n }\n ... on Article {\n relatedNewsletters {\n ...helpersMassageToNewsletterItemNewsletter\n id\n }\n }\n}\n\nfragment contentPublishedDateContent on Content {\n __isContent: __typename\n publishedDate\n}\n\nfragment contentReadMoreButtonContent on Content {\n __isContent: __typename\n ...appButtonContent\n}\n\nfragment contentSchemaRenderContent on Content {\n __isContent: __typename\n ...blockquoteQuoteContent\n ...imageContent\n ...inlineWidgetContent\n ...photoGalleryWidgetContent\n ...scmpYoutubeContent\n}\n\nfragment contentShareWidgetContent on Content {\n __isContent: __typename\n entityId\n urlAlias\n shortUrl\n socialHeadline\n headline\n}\n\nfragment contentSponsorTagContent on Content {\n __isContent: __typename\n ...helpersUseContentSponsorContent\n}\n\nfragment contentSubHeadlineContent on Content {\n __isContent: __typename\n subHeadline {\n json\n }\n summary {\n json\n }\n ...contentSchemaRenderContent\n}\n\nfragment contentSummaryContent on Content {\n __isContent: __typename\n __typename\n summary {\n text\n }\n}\n\nfragment contentUpdatedDateContent on Content {\n __isContent: __typename\n updatedDate\n}\n\nfragment contextsArticleListContextProviderArticle on Article {\n entityId\n}\n\nfragment contextsContentReadMoreContextProviderContent on Content {\n __isContent: __typename\n ...helpersGetArticleTypeArticle\n ...helpersCheckIsStyleArticle\n ... on Article {\n sponsorType\n }\n}\n\nfragment copyLinkArticle20CopyLinkContent on Content {\n __isContent: __typename\n entityId\n urlAlias\n shortUrl\n headline\n socialHeadline\n}\n\nfragment defaultArticleDateContent on Content {\n __isContent: __typename\n ...hooksArticleDateUtilsContent\n}\n\nfragment defaultAuthorCardAuthor on Author {\n ...authorAvatarAuthor\n ...authorBioAuthor\n ...authorNameAuthor\n ...authorRoleAuthor\n ...entityFollowButtonBase\n ...followButtonBase\n}\n\nfragment entityFollowButtonBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Section {\n entityId\n name\n }\n ... on Author {\n entityId\n name\n disableFollow\n }\n ... on Topic {\n entityId\n name\n disableFollow\n }\n}\n\nfragment entityLink on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n entityId\n entityUuid\n urlAlias\n urlRedirect {\n toUrl\n id\n }\n application {\n entityId\n id\n }\n ... on Section {\n fullSectionPath {\n entityId\n id\n }\n parentSection\n }\n ...helpersAppBarVariantBase\n ...helpersApplicationBase\n ...helpersCheckIsPlusArticle\n ...helpersStyleSectionContent\n}\n\nfragment followButtonBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n ...entityFollowButtonBase\n entityId\n}\n\nfragment genericArticleContent on Content {\n __isContent: __typename\n entityId\n flag\n sections {\n value {\n entityId\n id\n }\n }\n ...articleBaseAdvertisingInfoArticle\n ...articleRelatedTopicsContent\n ...contentNewsletterWidgetContent\n ...globalCheckerContent\n ...helpersGetArticleTypeArticle\n ...hooksContentHelperContent\n ...shareArticle20Content\n}\n\nfragment genericArticleSpeechInlineWidgetGenericArticle on Article {\n entityId\n ...buttonArticleSpeechInlineWidgetGenericButtonArticle\n ...hooksShowGenericInlineWidgetByArticleArticle\n ...toolTipArticleSpeechWidgetToolTipArticle\n}\n\nfragment genericPostiesArticleContent_3o8td4 on Article {\n sections {\n value {\n name\n urlAlias\n id\n }\n }\n authors {\n name\n id\n }\n publishedDate\n additionalInfoBoxes {\n ...articleAdditionalInfoBoxArticle\n }\n ...genericPostiesArticleVocabBoxArticle\n ...blockquoteQuoteGenericPostiesArticleContent\n ...articleBaseAdvertisingInfoArticle\n ...contentBodyContent_3o8td4\n}\n\nfragment genericPostiesArticleVocabBoxArticle on Article {\n glossary {\n term\n translation\n description {\n json\n }\n }\n ...contentSchemaRenderContent\n}\n\nfragment geoLocationMainLocationArticle on Article {\n entityId\n entityUuid\n firstTopic {\n contents(first: 4, orderBy: {field: PUBLISHED_DATE, direction: DESC}) {\n edges {\n node {\n __typename\n entityId\n ...articleWidgetContent\n id\n }\n }\n }\n id\n }\n}\n\nfragment globalCheckerContent on Content {\n __isContent: __typename\n ...articlePianoPaywallContent\n}\n\nfragment headerContentBookmarkArticle on Article {\n entityId\n}\n\nfragment headerContentCommentTrigger on Article {\n ...articleCommentsTriggerArticle\n}\n\nfragment headerMorningStudioArticle on Article {\n ...articleSponsorContent\n ...subheaderMorningStudioSubheaderContent\n headline\n coverDesktop: image(filter: {type: COVER}) {\n url\n }\n coverMobile: image(filter: {type: COVER_MOBILE}) {\n url\n }\n}\n\nfragment headerNewsletterArticleArticle on Article {\n headline\n ...issuesNewsletterArticleArticle\n ...breadcrumbNewsletterArticleArticle\n ...widgetNewsletterArticleArticle\n}\n\nfragment helpersAppBarVariantBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n ...helpersCheckIsLiveArticle\n ...helpersCheckIsPlusPage\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsPostiesPage\n ...helpersCheckIsPostMagazineArticle\n ...helpersCheckIsStyleArticle\n ...helpersSectionContent\n ...helpersStyleSectionContent\n}\n\nfragment helpersApplicationBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsPostiesPage\n ...helpersCheckIsPlusPage\n}\n\nfragment helpersCheckArticleIsInSectionsArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersCheckArticleRenderTypeArticle on Article {\n ...helpersCheckCanShowInPlusPlatformArticle\n ...helpersCheckIsPlusArticle\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsPostMagazineArticle\n ...helpersCheckIsStyleArticle\n ...helpersGetArticleTypeArticle\n}\n\nfragment helpersCheckCanShowInPlusPlatformArticle on Article {\n ...helpersCheckArticleIsInSectionsArticle\n ...helpersCheckIsPlusArticle\n ...helpersCheckIsStyleArticle\n ...helpersGetArticleTypeArticle\n ...helpersUseContentSponsorContent\n}\n\nfragment helpersCheckHasLiveTagArticle on Article {\n flattenTypeIds\n liveArticle {\n status\n id\n }\n}\n\nfragment helpersCheckIfNewsSectionInFirstIndexSection on Section {\n name\n}\n\nfragment helpersCheckIsAmpEnabledArticle on Article {\n entityId\n types {\n value {\n entityId\n id\n }\n }\n sections {\n value {\n entityId\n id\n }\n }\n topics {\n sponsor {\n entityId\n id\n }\n id\n }\n disableOffPlatformContent\n sponsorType\n published\n ...helpersCheckIsPlusArticle\n ...helpersCheckIsPostiesArticle\n}\n\nfragment helpersCheckIsLiveArticle on Article {\n flattenTypeIds\n liveArticle {\n status\n id\n }\n}\n\nfragment helpersCheckIsMainTopicContent on Content {\n __isContent: __typename\n topics {\n entityId\n id\n }\n}\n\nfragment helpersCheckIsPlusArticle on Article {\n paywallTypes {\n entityUuid\n id\n }\n}\n\nfragment helpersCheckIsPlusPage on Page {\n urlAlias\n}\n\nfragment helpersCheckIsPostMagazineArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersCheckIsPostiesArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersCheckIsPostiesPage on Page {\n urlAlias\n}\n\nfragment helpersCheckIsStyleArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersGetArticleTypeArticle on Article {\n types {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersGetArticleTypeNameArticle on Article {\n types {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersGetContentTypeNameContent on Content {\n __isContent: __typename\n __typename\n ... on Article {\n ...helpersGetArticleTypeNameArticle\n }\n}\n\nfragment helpersGetPdfFileUrlArticle on Article {\n pdfFiles {\n url\n }\n}\n\nfragment helpersIsArchiveWallArticle on Article {\n ...helpersIsVelocityWallArticle\n createdDate\n publishedDate\n paywallTypes {\n entityId\n id\n }\n}\n\nfragment helpersIsArticleVideoAsHeroArticle on Article {\n multimediaEmbed {\n json\n }\n}\n\nfragment helpersIsVelocityWallArticle on Article {\n paywallTypes {\n entityId\n id\n }\n}\n\nfragment helpersMassageToNewsletterItemNewsletter on Newsletter {\n entityId\n name\n alternativeName\n description {\n text\n }\n summary {\n text\n }\n homepageDescription {\n text\n }\n}\n\nfragment helpersSanitizeArticleTypeEntityIdsArticle on Article {\n types {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersSanitizeAuthorTypesArticle on Article {\n authors {\n types\n id\n }\n}\n\nfragment helpersSanitizedAuthorEntityIdsArticle on Article {\n authors {\n entityId\n id\n }\n}\n\nfragment helpersSectionContent on Section {\n fullSectionPath {\n entityId\n id\n }\n}\n\nfragment helpersSendPdfFileTrackingArticle on Article {\n entityId\n pdfFiles {\n name\n }\n ...helpersGetArticleTypeArticle\n}\n\nfragment helpersStyleSectionContent on Section {\n fullSectionPath {\n entityId\n id\n }\n}\n\nfragment helpersUseContentSponsorContent on Content {\n __isContent: __typename\n topics {\n entityId\n sponsor {\n ...sponsorTagSponsor\n name\n type\n id\n }\n id\n }\n ... on Article {\n sponsorType\n }\n ...helpersCheckIsMainTopicContent\n}\n\nfragment helpersUseSharingUrl on Content {\n __isContent: __typename\n urlAlias\n}\n\nfragment hooksAmpRedirectArticle on Article {\n ...helpersCheckIsAmpEnabledArticle\n}\n\nfragment hooksArticleAcknowledgementGateOverlayArticle on Article {\n entityId\n}\n\nfragment hooksArticleDateUtilsContent on Content {\n __isContent: __typename\n createdDate\n publishedDate\n updatedDate\n}\n\nfragment hooksArticleSeoArticle on Article {\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsPostMagazineArticle\n ...helpersCheckIsStyleArticle\n ...hooksContentHeadlineTagContent\n ...helpersCheckIsAmpEnabledArticle\n entityId\n headline\n socialHeadline\n types {\n value {\n entityId\n id\n }\n }\n authors {\n entityId\n id\n }\n images {\n generic_og: style(filter: {style: \"og_image_scmp_generic\"}) {\n url\n }\n styles(filter: {styles: [\"og_image_posties_article\", \"og_postmag\", \"og_image_style\", \"og_image_scmp_analysis\", \"og_image_scmp_explainer\", \"og_image_scmp_editorial\", \"og_image_scmp_fact_check\", \"og_image_scmp_debate\", \"og_image_scmp_live\", \"og_image_scmp_obituary\", \"og_image_scmp_opinion\", \"og_image_scmp_review\", \"og_image_scmp_series\", \"og_image_scmp_generic\"]}) {\n url\n style\n }\n type\n }\n urlAlias\n}\n\nfragment hooksContentHeadlineTagContent on Content {\n __isContent: __typename\n ... on Article {\n types {\n value {\n name\n entityId\n description {\n text\n }\n id\n }\n }\n ...helpersCheckIsStyleArticle\n }\n flag\n sections {\n value {\n name\n id\n }\n }\n ...hooksContentHelperContent\n}\n\nfragment hooksContentHelperContent on Content {\n __isContent: __typename\n ...helpersSanitizeArticleTypeEntityIdsArticle\n ...helpersSanitizeAuthorTypesArticle\n ...helpersSanitizedAuthorEntityIdsArticle\n flag\n}\n\nfragment hooksContentInterestArticle on Article {\n entityId\n sentiment\n urlAlias\n types {\n value {\n name\n id\n }\n }\n topics {\n name\n id\n }\n}\n\nfragment hooksContentItemProvidersContent_2aLOLQ on Content {\n __isContent: __typename\n ...contentCoverImageContent_3ndUvy\n ...contentHeadlineContent\n ...contentSponsorTagContent\n ... on Video {\n __typename\n }\n}\n\nfragment hooksContentItemProvidersContent_2niEwz on Content {\n __isContent: __typename\n ...contentCoverImageContent_4isNar\n ...contentHeadlineContent\n ...contentSummaryContent\n ...contentSponsorTagContent\n ...contentUpdatedDateContent\n ... on Video {\n __typename\n }\n}\n\nfragment hooksContentItemProvidersContent_3JkJ9S on Content {\n __isContent: __typename\n ...contentCoverImageContent_1OCN1a\n ...contentHeadlineContent\n ...contentSponsorTagContent\n ... on Video {\n __typename\n }\n}\n\nfragment hooksContentItemProvidersContent_3n3tyT on Content {\n __isContent: __typename\n ...contentCoverImageContent_D9JlW\n ...contentHeadlineContent\n ...contentSponsorTagContent\n ... on Video {\n __typename\n }\n}\n\nfragment hooksContentItemProvidersContent_3wWJWe on Content {\n __isContent: __typename\n ...contentCoverImageContent_3ndUvy\n ...contentHeadlineContent\n ...contentPublishedDateContent\n ...contentSummaryContent\n ...contentSponsorTagContent\n ... on Video {\n __typename\n ...videoDurationOverlayVideo\n }\n}\n\nfragment hooksPaywallPromiseContent on Content {\n __isContent: __typename\n entityId\n ...helpersCheckIsPostiesArticle\n}\n\nfragment hooksPostiesArticleArticle_3o8td4 on Article {\n ...genericPostiesArticleContent_3o8td4\n ...helpersGetArticleTypeArticle\n}\n\nfragment hooksSeriesArticleSectionTagArticle on Article {\n sections {\n value {\n entityId\n name\n id\n }\n }\n types {\n value {\n entityId\n id\n }\n }\n}\n\nfragment hooksShowGenericInlineWidgetByArticleArticle on Article {\n ...helpersCheckIsPostiesArticle\n ...hooksPaywallPromiseContent\n entityId\n flag\n sections {\n value {\n entityId\n id\n }\n }\n types {\n value {\n entityId\n id\n }\n }\n topics {\n entityId\n id\n }\n}\n\nfragment hooksTrackCurrentItemBase_3o8td4 on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ...atomsCurrentArticleAtomBase_3o8td4\n ...atomsCurrentNotificationSectionAtomBase\n ...atomsCurrentTakeoverAdSectionsAtomBase\n ...atomsCurrentStyleCardCarouselWidgetSectionsAtomBase\n}\n\nfragment hooksTrackPageViewArticle on Article {\n entityId\n publishedDate\n headline\n sections {\n value {\n name\n id\n }\n }\n urlAlias\n authors {\n name\n id\n }\n entityUuid\n}\n\nfragment hooksUseCurrentArticleIdsArticle on Article {\n entityId\n entityUuid\n}\n\nfragment hooksUseNotificationReadStatusArticle on Article {\n entityId\n}\n\nfragment hooksUseNotificationsSection on Section {\n ...notificationSection\n entityId\n}\n\nfragment imageContent on Content {\n __isContent: __typename\n headline\n ...checkersCheckContentContainsStarlingImageContent\n}\n\nfragment infographicArticleArticle on Article {\n ...globalCheckerContent\n ...landingBannerInfographicArticle\n}\n\nfragment inlineArticleSeriesInlineArticle on Article {\n entityId\n seriesContainer {\n entityId\n headline\n socialHeadline\n urlAlias\n series {\n __typename\n ... on Content {\n __isContent: __typename\n entityId\n }\n ... on Node {\n __isNode: __typename\n id\n }\n }\n ...entityLink\n id\n }\n}\n\nfragment inlineWidgetContent on Content {\n __isContent: __typename\n ...contentNewsletterWidgetContent\n}\n\nfragment issuesDropdownNewsletterArticleArticle on Article {\n entityId\n}\n\nfragment issuesNewsletterArticleArticle on Article {\n types {\n value {\n entityUuid\n id\n }\n }\n ...issuesDropdownNewsletterArticleArticle\n}\n\nfragment itemLiveArticleContentArticle on Article {\n entityId\n urlAlias\n ...articleImageGalleryContent\n ...contentSchemaRenderContent\n ...contentShareWidgetContent\n}\n\nfragment landingBannerInfographicArticle on Article {\n ...articleSponsorContent\n ...articleShareWidgetArticle\n headline\n topics {\n ...entityLink\n name\n id\n }\n images {\n title\n url\n }\n coverHero: image(filter: {type: HERO}) {\n url\n }\n}\n\nfragment liveArticleArticle on Article {\n entityId\n entityUuid\n flag\n ...articleImageGalleryContent\n ...helpersCheckHasLiveTagArticle\n ...contentLiveArticleArticle\n ...globalCheckerContent\n ...newsletterWidgetLiveArticleArticle\n ...shareArticle20Content\n ...articleBaseAdvertisingInfoArticle\n}\n\nfragment liveBlogPostingLiveArticles_2w8PNF on Query {\n article(filter: {entityId: $entityId}) {\n urlAlias\n id\n }\n liveArticle(filter: {entityUuid: $entityUuid}) {\n customTimezone\n liveContents {\n entityId\n publishedDate\n title\n body {\n text\n }\n }\n id\n }\n}\n\nfragment magazinesStyleArticleMoreOnThisContentItemContent on Content {\n __isContent: __typename\n ...entityLink\n ...helpersCheckIsMainTopicContent\n ...hooksContentItemProvidersContent_3JkJ9S\n}\n\nfragment morningStudioArticleContent on Content {\n __isContent: __typename\n ...globalCheckerContent\n ...headerMorningStudioArticle\n}\n\nfragment morningStudioArticleFooterContent on Content {\n __isContent: __typename\n entityUuid\n topics {\n entityUuid\n id\n }\n}\n\nfragment newsletterArticleArticle on Article {\n ...contentNewsletterArticleArticle\n ...headerNewsletterArticleArticle\n ...issuesNewsletterArticleArticle\n ...widgetNewsletterArticleArticle\n}\n\nfragment newsletterWidgetLiveArticleArticle on Article {\n ...contentNewsletterWidgetContent\n}\n\nfragment notificationSection on Section {\n name\n}\n\nfragment onboardingNewsletterSubscriptionArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment pdfFileLinkPlusGenericArticleContent on Article {\n entityId\n ...helpersSendPdfFileTrackingArticle\n ...helpersGetPdfFileUrlArticle\n ...helpersGetArticleTypeArticle\n}\n\nfragment photoGalleryDialogContent on Content {\n __isContent: __typename\n __typename\n ...contentShareWidgetContent\n}\n\nfragment photoGalleryWidgetContent on Content {\n __isContent: __typename\n ...photoGalleryDialogContent\n}\n\nfragment pianoIntegrationArticle on Article {\n __typename\n contentLock\n createdDate\n entityId\n entityUuid\n headline\n publishedDate\n sponsor\n sponsorType\n urlAlias\n authors {\n name\n id\n }\n sections {\n value {\n entityUuid\n name\n id\n }\n }\n topics {\n name\n id\n }\n types {\n value {\n entityId\n name\n id\n }\n }\n ...helpersAppBarVariantBase\n ...hooksPaywallPromiseContent\n ...helpersIsArchiveWallArticle\n ...helpersIsVelocityWallArticle\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsPlusArticle\n ...helpersCheckCanShowInPlusPlatformArticle\n ...shareContentUnlockedArticle\n}\n\nfragment plusArticleAuthorBlockArticle on Article {\n ...articleDateContent\n ...authorNamesArticle\n authors {\n entityId\n ...authorAvatarAuthor\n id\n }\n}\n\nfragment plusArticleTitleArticle on Article {\n ...hooksContentHelperContent\n ...articleTitleArticle\n ...plusArticleTypeTitleContent\n ...helpersGetArticleTypeArticle\n}\n\nfragment plusArticleTypeTitleContent on Content {\n __isContent: __typename\n ...helpersGetArticleTypeArticle\n}\n\nfragment plusAuthorCardAuthor on Author {\n ...authorAvatarAuthor\n ...authorNameAuthor\n ...authorBioAuthor\n 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articleGeoLocationWidget on Article {\n topics {\n types\n id\n }\n ...geoLocationMainLocationArticle\n}\n\nfragment articleImageGalleryContent on Content {\n __isContent: __typename\n ...helpersCheckIsStyleArticle\n entityId\n urlAlias\n shortUrl\n headline\n socialHeadline\n}\n\nfragment articleLeadingArticle on Article {\n entityId\n displaySlideShow\n ...articleLeadingImagesContent\n ...contentCoverVideoContent\n ...contentSchemaRenderContent\n ...helpersIsArticleVideoAsHeroArticle\n}\n\nfragment articleLeadingImagesContent on Content {\n __isContent: __typename\n headline\n images {\n title\n url\n isSlideshow\n size660w: style(filter: {style: \"660w\"}) {\n url\n }\n size1320w: style(filter: {style: \"1320w\"}) {\n url\n }\n sizeLandscape250x99: style(filter: {style: \"landscape_250_99\"}) {\n url\n }\n size1280x720: style(filter: {style: \"wide_landscape\"}) {\n url\n }\n size1200x800: style(filter: {style: \"1200x800\"}) {\n url\n }\n size1020x680: style(filter: {style: \"1020x680\"}) {\n url\n }\n size768x768: style(filter: {style: \"768x768\"}) {\n url\n }\n }\n}\n\nfragment articleLinkingDataContent on Content {\n __isContent: __typename\n urlAlias\n sections {\n value {\n ...helpersCheckIfNewsSectionInFirstIndexSection\n ...entityLink\n name\n urlAlias\n urlRedirect {\n toUrl\n id\n }\n id\n }\n }\n}\n\nfragment articleListArticle_3o8td4 on Article {\n entityId\n ...articleDividerArticle\n ...articleFooterArticle\n ...articlePaginationCheckerArticle\n ...articlePaginationNavigationHistoryArticle_3o8td4\n ...articleRecommendationArticle\n ...articlePianoPaywallContent\n ...articleRenderArticle_3o8td4\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsStyleArticle\n ...contextsContentReadMoreContextProviderContent\n ...contextsArticleListContextProviderArticle\n}\n\nfragment articleMoreOnThisListArticle on Article {\n moreOnThisArticles {\n ...entityLink\n entityId\n headline\n socialHeadline\n urlAlias\n images {\n url\n style(filter: {style: \"237x147\"}) {\n url\n }\n }\n id\n }\n}\n\nfragment articleMoreOnThisListStyleArticle on Article {\n styleMoreOnThisArticles: moreOnThisArticles {\n ...entityLink\n ...magazinesStyleArticleMoreOnThisContentItemContent\n entityId\n id\n }\n}\n\nfragment articleMoreStoriesArticle on Article {\n moreOnThisArticles {\n entityId\n ...articleMoreStoriesItemArticle\n id\n }\n}\n\nfragment articleMoreStoriesItemArticle on Article {\n ...entityLink\n headline\n socialHeadline\n sections {\n value {\n name\n urlAlias\n id\n }\n }\n images {\n url\n size768x768: style(filter: {style: \"768x768\"}) {\n url\n }\n }\n}\n\nfragment articlePaginationCheckerArticle on Article {\n ...helpersCheckIsPostiesArticle\n ...helpersGetArticleTypeArticle\n}\n\nfragment articlePaginationNavigationHistoryArticle_3o8td4 on Article {\n entityId\n urlAlias\n ...hooksTrackCurrentItemBase_3o8td4\n}\n\nfragment articlePianoPaywallContent on Content {\n __isContent: __typename\n ...hooksPaywallPromiseContent\n}\n\nfragment articlePrintArticle on Article {\n ...contentShareWidgetContent\n}\n\nfragment articlePrintHeadlineMessageArticle on Article {\n printHeadline\n}\n\nfragment articleReadingTimeContent on Content {\n __isContent: __typename\n readingTime\n}\n\nfragment articleRecommendationArticle on Article {\n ...helpersCheckIsStyleArticle\n entityId\n moreOnThisArticles {\n ...helpersCheckIsStyleArticle\n entityId\n paywallTypes {\n entityId\n id\n }\n publishedDate\n sections {\n value {\n entityId\n id\n }\n }\n types {\n value {\n entityId\n id\n }\n }\n urlAlias\n urlRedirect {\n toUrl\n id\n }\n id\n }\n}\n\nfragment articleRelatedTopicsContent on Content {\n __isContent: __typename\n topics {\n ...topicLinkTopic\n ...entityFollowButtonBase\n entityId\n id\n }\n}\n\nfragment articleRenderArticle_3o8td4 on Article {\n entityId\n ...articleActionWidgetArticle\n ...articleAdditionalInfoBoxArticleContent\n ...articleAuthorBlockArticle\n ...articleAuthorDetailsContent\n ...articleBaseAdvertisingInfoArticle\n ...articleBeforeYouGoWidget\n ...articleCommentsTriggerArticle\n ...articleCorrectionsWidgetArticle\n ...articleDateContent\n ...articleFurtherReadingWidgetArticle\n ...articleImageGalleryContent\n ...articleLeadingArticle\n ...articleMoreOnThisListArticle\n ...articlePrintHeadlineMessageArticle\n ...articleReadingTimeContent\n ...articleRelatedTopicsContent\n ...articleSectionsContent\n ...articleSeriesArticle\n ...articleShareWidgetArticle\n ...articleSpeechInlineWidgetArticle\n ...articleSpeechPlayerPortalArticle\n ...articleSponsorContent\n ...articleTopicContent\n ...articleTopicFollowWidgetArticle\n ...articleTopicsContent\n ...articleTopicWidgetArticle\n ...articleVocabBoxArticle\n ...articleGeoLocationWidget\n ...authorAvatarsArticle\n ...authorNamesArticle\n ...contentActionBarContent\n ...contentBodyContent_3o8td4\n ...contentHeadlineContent\n ...contentLiveTagContent\n ...contentReadMoreButtonContent\n ...contentSchemaRenderContent\n ...contentSubHeadlineContent\n ...contentSummaryContent\n ...genericArticleContent\n ...globalCheckerContent\n ...helpersCheckArticleRenderTypeArticle\n ...helpersGetArticleTypeArticle\n ...hooksPostiesArticleArticle_3o8td4\n ...infographicArticleArticle\n ...liveArticleArticle\n ...morningStudioArticleContent\n ...newsletterArticleArticle\n ...pianoIntegrationArticle\n ...plusColumnsArticleContent\n ...plusGenericArticleContent\n ...postMagazineArticleContent\n ...seriesArticleArticle\n ...styleArticleContent\n}\n\nfragment articleSchemaContent_mN6kk on Query {\n article(filter: {entityId: $entityId}) {\n ...hooksContentHeadlineTagContent\n authorLocations\n contentLock\n createdDate\n headline\n publishedDate\n socialHeadline\n sponsorType\n updatedDate\n urlAlias\n authors {\n location\n name\n types\n urlAlias\n id\n }\n body(customContents: $customContents, type: $bodyType) {\n text\n }\n summary {\n text\n }\n subHeadline {\n text\n }\n corrections {\n correction {\n text\n }\n timestamp\n }\n images {\n isSlideshow\n height\n width\n url\n }\n sections {\n value {\n name\n id\n }\n }\n types {\n value {\n name\n id\n }\n }\n id\n }\n ...liveBlogPostingLiveArticles_2w8PNF\n}\n\nfragment articleSectionsContent on Content {\n __isContent: __typename\n sections {\n value {\n ...helpersCheckIfNewsSectionInFirstIndexSection\n ...entityLink\n name\n id\n }\n }\n}\n\nfragment articleSeoArticle_3o8td4 on Article {\n ...hooksArticleSeoArticle\n ...helpersCheckIsPostiesArticle\n ...helpersGetArticleTypeArticle\n entityId\n publishedDate\n updatedDate\n summary {\n text\n }\n subHeadline {\n text\n }\n body(customContents: $customContents, type: $bodyType) {\n text\n }\n keywords\n sections {\n value {\n name\n id\n }\n }\n topics {\n name\n entityId\n id\n }\n urlAlias\n authors {\n name\n id\n }\n images {\n style(filter: {style: \"768x768\"}) {\n url\n }\n }\n readingTime\n}\n\nfragment articleSeriesArticle on Article {\n seriesContainer {\n entityId\n id\n }\n ...inlineArticleSeriesInlineArticle\n ...carouselArticleSeriesCarouselArticle\n}\n\nfragment articleSeriesCarouselContent on Content {\n __isContent: __typename\n entityId\n ... on Article {\n seriesContainer {\n series {\n __typename\n ... on Content {\n __isContent: __typename\n entityId\n }\n ... on Node {\n __isNode: __typename\n id\n }\n }\n id\n }\n }\n ...entityLink\n ...hooksContentItemProvidersContent_3n3tyT\n}\n\nfragment articleShareWidgetArticle on Article {\n ...contentShareWidgetContent\n ...articleCommentsTriggerArticle\n ...articleSpeechInlineWidgetArticle\n}\n\nfragment articleSpeechInlineWidgetArticle on Article {\n entityId\n ...genericArticleSpeechInlineWidgetGenericArticle\n}\n\nfragment articleSpeechPlayerPortalArticle on Article {\n entityId\n ...articleSpeechInlineWidgetArticle\n}\n\nfragment articleSponsorContent on Article {\n topics {\n entityId\n sponsor {\n description {\n json\n }\n ...sponsorTagSponsor\n id\n }\n id\n }\n ...helpersUseContentSponsorContent\n ...helpersCheckIsMainTopicContent\n ...contentSchemaRenderContent\n}\n\nfragment articleTitleArticle on Article {\n types {\n value {\n name\n id\n }\n }\n authors {\n name\n id\n }\n}\n\nfragment articleTopicContent on Content {\n __isContent: __typename\n topics {\n ...topicLinkTopic\n id\n }\n}\n\nfragment articleTopicFollowWidgetArticle on Article {\n topics {\n ...topicLinkTopic\n ...entityFollowButtonBase\n disableFollow\n entityId\n name\n entityUuid\n id\n }\n}\n\nfragment articleTopicWidgetArticle on Article {\n entityId\n sponsorType\n firstTopic {\n ...entityLink\n ...followButtonBase\n name\n disableFollow\n contents(first: 4, orderBy: {field: PUBLISHED_DATE, direction: DESC}) {\n edges {\n node {\n __typename\n entityId\n ...articleWidgetContent\n id\n }\n }\n }\n id\n }\n}\n\nfragment articleTopicsContent on Content {\n __isContent: __typename\n topics {\n ...topicLinkTopic\n ...entityFollowButtonBase\n entityId\n entityUuid\n name\n id\n }\n}\n\nfragment articleVocabBoxArticle on Article {\n glossary {\n term\n translation\n description {\n json\n }\n }\n ...contentSchemaRenderContent\n}\n\nfragment articleWidgetContent on Content {\n __isContent: __typename\n entityId\n urlAlias\n ... on Article {\n sponsorType\n }\n ...entityLink\n ...hooksContentItemProvidersContent_2aLOLQ\n}\n\nfragment atomsCurrentArticleAtomBase_3o8td4 on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Article {\n ...articleSeoArticle_3o8td4\n ...contentShareWidgetContent\n ...headerContentBookmarkArticle\n ...headerContentCommentTrigger\n ...helpersCheckIsStyleArticle\n ...helpersUseSharingUrl\n ...articleShareWidgetArticle\n ...hooksTrackPageViewArticle\n ...hooksContentInterestArticle\n ...hooksUseCurrentArticleIdsArticle\n ...hooksUseNotificationReadStatusArticle\n ...onboardingNewsletterSubscriptionArticle\n }\n}\n\nfragment atomsCurrentNotificationSectionAtomBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Section {\n fullSectionPath {\n ...hooksUseNotificationsSection\n id\n }\n }\n ... on Article {\n sections {\n value {\n ...hooksUseNotificationsSection\n id\n }\n }\n }\n}\n\nfragment atomsCurrentStyleCardCarouselWidgetSectionsAtomBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Article {\n sections {\n value {\n entityId\n name\n id\n }\n }\n }\n ... on Section {\n fullSectionPath {\n entityId\n name\n id\n }\n }\n}\n\nfragment atomsCurrentTakeoverAdSectionsAtomBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Article {\n sections {\n value {\n entityId\n id\n }\n }\n }\n ... on Section {\n fullSectionPath {\n entityId\n id\n }\n }\n}\n\nfragment authorAvatarAuthor on Author {\n ...entityLink\n entityId\n entityUuid\n name\n image(filter: {type: AUTHOR_IMAGE}) {\n style(filter: {style: \"300x300\"}) {\n url\n }\n }\n}\n\nfragment authorAvatarsArticle on Article {\n authors {\n entityId\n ...authorAvatarAuthor\n ...entityFollowButtonBase\n id\n }\n}\n\nfragment authorBioAuthor on Author {\n bio\n}\n\nfragment authorCardAuthor on Author {\n ...styleAuthorCardAuthor\n ...defaultAuthorCardAuthor\n ...plusAuthorCardAuthor\n}\n\nfragment authorNameAuthor on Author {\n ...entityLink\n name\n entityUuid\n}\n\nfragment authorNamesArticle on Article {\n authorLocations\n authors {\n entityId\n location\n ...authorNameAuthor\n id\n }\n}\n\nfragment authorRoleAuthor on Author {\n role {\n text\n }\n}\n\nfragment authorSocialLinksAuthor on Author {\n socialLinks {\n class\n title\n url\n }\n}\n\nfragment beforeYouGoActionWidgetContent on Content {\n __isContent: __typename\n ...shareArticle20Content\n ...articleShareWidgetArticle\n entityId\n urlAlias\n shortUrl\n headline\n socialHeadline\n}\n\nfragment blockquoteQuoteContent on Content {\n __isContent: __typename\n ...contentShareWidgetContent\n}\n\nfragment blockquoteQuoteGenericPostiesArticleContent on Content {\n __isContent: __typename\n ...contentShareWidgetContent\n}\n\nfragment blockquoteQuotePlusGenericArticleContent on Content {\n __isContent: __typename\n ...contentShareWidgetContent\n}\n\nfragment breadcrumbNewsletterArticleArticle on Article {\n types {\n value {\n name\n id\n }\n }\n}\n\nfragment buttonArticleSpeechInlineWidgetGenericButtonArticle on Article {\n entityId\n socialHeadline\n headline\n}\n\nfragment carouselArticleSeriesCarouselArticle on Article {\n entityId\n seriesContainer {\n entityId\n headline\n socialHeadline\n urlAlias\n series {\n __typename\n ... on Content {\n __isContent: __typename\n entityId\n urlAlias\n ...articleSeriesCarouselContent\n }\n ... on Node {\n __isNode: __typename\n id\n }\n }\n ...entityLink\n id\n }\n}\n\nfragment checkersCheckContentContainsStarlingImageContent on Content {\n __isContent: __typename\n topics {\n entityId\n id\n }\n}\n\nfragment contentActionBarContent on Content {\n __isContent: __typename\n entityId\n createdDate\n updatedDate\n publishedDate\n readingTime\n ...articleCommentArticle\n ...helpersIsArticleVideoAsHeroArticle\n ...helpersGetContentTypeNameContent\n ... on Article {\n hasVideoContent\n }\n}\n\nfragment contentBodyContent_3o8td4 on Content {\n __isContent: __typename\n entityId\n body(customContents: $customContents, type: $bodyType) {\n json\n }\n ...contentSchemaRenderContent\n}\n\nfragment contentCoverImageContent_1OCN1a on Content {\n __isContent: __typename\n headline\n images {\n url\n title\n type\n size768x768: style(filter: {style: \"768x768\"}) {\n url\n }\n }\n}\n\nfragment contentCoverImageContent_3ndUvy on Content {\n __isContent: __typename\n headline\n images {\n url\n title\n type\n size540x360: style(filter: {style: \"540x360\"}) {\n url\n }\n }\n}\n\nfragment contentCoverImageContent_4isNar on Content {\n __isContent: __typename\n headline\n images {\n url\n title\n type\n landscape250x99: style(filter: {style: \"landscape_250_99\"}) {\n url\n }\n size540x360: style(filter: {style: \"540x360\"}) {\n url\n }\n }\n}\n\nfragment contentCoverImageContent_D9JlW on Content {\n __isContent: __typename\n headline\n images {\n url\n title\n type\n size80x80: style(filter: {style: \"80x80\"}) {\n url\n }\n }\n}\n\nfragment contentCoverVideoContent on Content {\n __isContent: __typename\n ... on Article {\n multimediaEmbed {\n json\n }\n ...contentSchemaRenderContent\n }\n}\n\nfragment contentHeadlineContent on Content {\n __isContent: __typename\n headline\n socialHeadline\n ...contentHeadlineTagContent\n ...helpersUseContentSponsorContent\n}\n\nfragment contentHeadlineTagContent on Content {\n __isContent: __typename\n ...hooksContentHeadlineTagContent\n}\n\nfragment contentLiveArticleArticle on Article {\n ...itemLiveArticleContentArticle\n}\n\nfragment contentLiveTagContent on Article {\n ...helpersCheckHasLiveTagArticle\n}\n\nfragment contentNewsletterArticleArticle on Article {\n entityId\n relatedLinks\n}\n\nfragment contentNewsletterWidgetContent on Content {\n __isContent: __typename\n topics {\n relatedNewsletters {\n ...helpersMassageToNewsletterItemNewsletter\n id\n }\n id\n }\n sections {\n value {\n relatedNewsletters {\n ...helpersMassageToNewsletterItemNewsletter\n id\n }\n id\n }\n }\n ... on Article {\n relatedNewsletters {\n ...helpersMassageToNewsletterItemNewsletter\n id\n }\n }\n}\n\nfragment contentPublishedDateContent on Content {\n __isContent: __typename\n publishedDate\n}\n\nfragment contentReadMoreButtonContent on Content {\n __isContent: __typename\n ...appButtonContent\n}\n\nfragment contentSchemaRenderContent on Content {\n __isContent: __typename\n ...blockquoteQuoteContent\n ...imageContent\n ...inlineWidgetContent\n ...photoGalleryWidgetContent\n ...scmpYoutubeContent\n}\n\nfragment contentShareWidgetContent on Content {\n __isContent: __typename\n entityId\n urlAlias\n shortUrl\n socialHeadline\n headline\n}\n\nfragment contentSponsorTagContent on Content {\n __isContent: __typename\n ...helpersUseContentSponsorContent\n}\n\nfragment contentSubHeadlineContent on Content {\n __isContent: __typename\n subHeadline {\n json\n }\n summary {\n json\n }\n ...contentSchemaRenderContent\n}\n\nfragment contentSummaryContent on Content {\n __isContent: __typename\n __typename\n summary {\n text\n }\n}\n\nfragment contentUpdatedDateContent on Content {\n __isContent: __typename\n updatedDate\n}\n\nfragment contextsArticleListContextProviderArticle on Article {\n entityId\n}\n\nfragment contextsContentReadMoreContextProviderContent on Content {\n __isContent: __typename\n ...helpersGetArticleTypeArticle\n ...helpersCheckIsStyleArticle\n ... on Article {\n sponsorType\n }\n}\n\nfragment copyLinkArticle20CopyLinkContent on Content {\n __isContent: __typename\n entityId\n urlAlias\n shortUrl\n headline\n socialHeadline\n}\n\nfragment defaultArticleDateContent on Content {\n __isContent: __typename\n ...hooksArticleDateUtilsContent\n}\n\nfragment defaultAuthorCardAuthor on Author {\n ...authorAvatarAuthor\n ...authorBioAuthor\n ...authorNameAuthor\n ...authorRoleAuthor\n ...entityFollowButtonBase\n ...followButtonBase\n}\n\nfragment entityFollowButtonBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Section {\n entityId\n name\n }\n ... on Author {\n entityId\n name\n disableFollow\n }\n ... on Topic {\n entityId\n name\n disableFollow\n }\n}\n\nfragment entityLink on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n entityId\n entityUuid\n urlAlias\n urlRedirect {\n toUrl\n id\n }\n application {\n entityId\n id\n }\n ... on Section {\n fullSectionPath {\n entityId\n id\n }\n parentSection\n }\n ...helpersAppBarVariantBase\n ...helpersApplicationBase\n ...helpersCheckIsPlusArticle\n ...helpersStyleSectionContent\n}\n\nfragment followButtonBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n ...entityFollowButtonBase\n entityId\n}\n\nfragment genericArticleContent on Content {\n __isContent: __typename\n entityId\n flag\n sections {\n value {\n entityId\n id\n }\n }\n ...articleBaseAdvertisingInfoArticle\n ...articleRelatedTopicsContent\n ...contentNewsletterWidgetContent\n ...globalCheckerContent\n ...helpersGetArticleTypeArticle\n ...hooksContentHelperContent\n ...shareArticle20Content\n}\n\nfragment genericArticleSpeechInlineWidgetGenericArticle on Article {\n entityId\n ...buttonArticleSpeechInlineWidgetGenericButtonArticle\n ...hooksShowGenericInlineWidgetByArticleArticle\n ...toolTipArticleSpeechWidgetToolTipArticle\n}\n\nfragment genericPostiesArticleContent_3o8td4 on Article {\n sections {\n value {\n name\n urlAlias\n id\n }\n }\n authors {\n name\n id\n }\n publishedDate\n additionalInfoBoxes {\n ...articleAdditionalInfoBoxArticle\n }\n ...genericPostiesArticleVocabBoxArticle\n ...blockquoteQuoteGenericPostiesArticleContent\n ...articleBaseAdvertisingInfoArticle\n ...contentBodyContent_3o8td4\n}\n\nfragment genericPostiesArticleVocabBoxArticle on Article {\n glossary {\n term\n translation\n description {\n json\n }\n }\n ...contentSchemaRenderContent\n}\n\nfragment geoLocationMainLocationArticle on Article {\n entityId\n entityUuid\n firstTopic {\n contents(first: 4, orderBy: {field: PUBLISHED_DATE, direction: DESC}) {\n edges {\n node {\n __typename\n entityId\n ...articleWidgetContent\n id\n }\n }\n }\n id\n }\n}\n\nfragment globalCheckerContent on Content {\n __isContent: __typename\n ...articlePianoPaywallContent\n}\n\nfragment headerContentBookmarkArticle on Article {\n entityId\n}\n\nfragment headerContentCommentTrigger on Article {\n ...articleCommentsTriggerArticle\n}\n\nfragment headerMorningStudioArticle on Article {\n ...articleSponsorContent\n ...subheaderMorningStudioSubheaderContent\n headline\n coverDesktop: image(filter: {type: COVER}) {\n url\n }\n coverMobile: image(filter: {type: COVER_MOBILE}) {\n url\n }\n}\n\nfragment headerNewsletterArticleArticle on Article {\n headline\n ...issuesNewsletterArticleArticle\n ...breadcrumbNewsletterArticleArticle\n ...widgetNewsletterArticleArticle\n}\n\nfragment helpersAppBarVariantBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n ...helpersCheckIsLiveArticle\n ...helpersCheckIsPlusPage\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsPostiesPage\n ...helpersCheckIsPostMagazineArticle\n ...helpersCheckIsStyleArticle\n ...helpersSectionContent\n ...helpersStyleSectionContent\n}\n\nfragment helpersApplicationBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsPostiesPage\n ...helpersCheckIsPlusPage\n}\n\nfragment helpersCheckArticleIsInSectionsArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersCheckArticleRenderTypeArticle on Article {\n ...helpersCheckCanShowInPlusPlatformArticle\n ...helpersCheckIsPlusArticle\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsPostMagazineArticle\n ...helpersCheckIsStyleArticle\n ...helpersGetArticleTypeArticle\n}\n\nfragment helpersCheckCanShowInPlusPlatformArticle on Article {\n ...helpersCheckArticleIsInSectionsArticle\n ...helpersCheckIsPlusArticle\n ...helpersCheckIsStyleArticle\n ...helpersGetArticleTypeArticle\n ...helpersUseContentSponsorContent\n}\n\nfragment helpersCheckHasLiveTagArticle on Article {\n flattenTypeIds\n liveArticle {\n status\n id\n }\n}\n\nfragment helpersCheckIfNewsSectionInFirstIndexSection on Section {\n name\n}\n\nfragment helpersCheckIsAmpEnabledArticle on Article {\n entityId\n types {\n value {\n entityId\n id\n }\n }\n sections {\n value {\n entityId\n id\n }\n }\n topics {\n sponsor {\n entityId\n id\n }\n id\n }\n disableOffPlatformContent\n sponsorType\n published\n ...helpersCheckIsPlusArticle\n ...helpersCheckIsPostiesArticle\n}\n\nfragment helpersCheckIsLiveArticle on Article {\n flattenTypeIds\n liveArticle {\n status\n id\n }\n}\n\nfragment helpersCheckIsMainTopicContent on Content {\n __isContent: __typename\n topics {\n entityId\n id\n }\n}\n\nfragment helpersCheckIsPlusArticle on Article {\n paywallTypes {\n entityUuid\n id\n }\n}\n\nfragment helpersCheckIsPlusPage on Page {\n urlAlias\n}\n\nfragment helpersCheckIsPostMagazineArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersCheckIsPostiesArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersCheckIsPostiesPage on Page {\n urlAlias\n}\n\nfragment helpersCheckIsStyleArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersGetArticleTypeArticle on Article {\n types {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersGetArticleTypeNameArticle on Article {\n types {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersGetContentTypeNameContent on Content {\n __isContent: __typename\n __typename\n ... on Article {\n ...helpersGetArticleTypeNameArticle\n }\n}\n\nfragment helpersGetPdfFileUrlArticle on Article {\n pdfFiles {\n url\n }\n}\n\nfragment helpersIsArchiveWallArticle on Article {\n ...helpersIsVelocityWallArticle\n createdDate\n publishedDate\n paywallTypes {\n entityId\n id\n }\n}\n\nfragment helpersIsArticleVideoAsHeroArticle on Article {\n multimediaEmbed {\n json\n }\n}\n\nfragment helpersIsVelocityWallArticle on Article {\n paywallTypes {\n entityId\n id\n }\n}\n\nfragment helpersMassageToNewsletterItemNewsletter on Newsletter {\n entityId\n name\n alternativeName\n description {\n text\n }\n summary {\n text\n }\n homepageDescription {\n text\n }\n}\n\nfragment helpersSanitizeArticleTypeEntityIdsArticle on Article {\n types {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersSanitizeAuthorTypesArticle on Article {\n authors {\n types\n id\n }\n}\n\nfragment helpersSanitizedAuthorEntityIdsArticle on Article {\n authors {\n entityId\n id\n }\n}\n\nfragment helpersSectionContent on Section {\n fullSectionPath {\n entityId\n id\n }\n}\n\nfragment helpersSendPdfFileTrackingArticle on Article {\n entityId\n pdfFiles {\n name\n }\n ...helpersGetArticleTypeArticle\n}\n\nfragment helpersStyleSectionContent on Section {\n fullSectionPath {\n entityId\n id\n }\n}\n\nfragment helpersUseContentSponsorContent on Content {\n __isContent: __typename\n topics {\n entityId\n sponsor {\n ...sponsorTagSponsor\n name\n type\n id\n }\n id\n }\n ... on Article {\n sponsorType\n }\n ...helpersCheckIsMainTopicContent\n}\n\nfragment helpersUseSharingUrl on Content {\n __isContent: __typename\n urlAlias\n}\n\nfragment hooksAmpRedirectArticle on Article {\n ...helpersCheckIsAmpEnabledArticle\n}\n\nfragment hooksArticleAcknowledgementGateOverlayArticle on 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People’s Bank of China, National Administration of Financial Regulation and the China Securities Regulatory Commission held a joint press conference on Tuesday. Photo: Reuters","url":"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2024/09/24/5a2796ba-1a56-4a57-a954-c30ca038e429_8c92f3d7.jpg","isSlideshow":true,"size660w":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/660w/public/d8/images/canvas/2024/09/24/5a2796ba-1a56-4a57-a954-c30ca038e429_8c92f3d7.jpg?itok=lKd8Cm39\u0026v=1727151639"},"size1320w":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/1320w/public/d8/images/canvas/2024/09/24/5a2796ba-1a56-4a57-a954-c30ca038e429_8c92f3d7.jpg?itok=_OA5u1yC\u0026v=1727151639"},"sizeLandscape250x99":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/landscape_250_99/public/d8/images/canvas/2024/09/24/5a2796ba-1a56-4a57-a954-c30ca038e429_8c92f3d7.jpg?itok=RGcWn6DF\u0026v=1727151639"},"size1280x720":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/wide_landscape/public/d8/images/canvas/2024/09/24/5a2796ba-1a56-4a57-a954-c30ca038e429_8c92f3d7.jpg?itok=K9zLAmI6\u0026v=1727151639"},"size1200x800":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/1200x800/public/d8/images/canvas/2024/09/24/5a2796ba-1a56-4a57-a954-c30ca038e429_8c92f3d7.jpg?itok=XJ-tV58y\u0026v=1727151639"},"size1020x680":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/1020x680/public/d8/images/canvas/2024/09/24/5a2796ba-1a56-4a57-a954-c30ca038e429_8c92f3d7.jpg?itok=UEQgu_yr\u0026v=1727151639"},"size768x768":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/768x768/public/d8/images/canvas/2024/09/24/5a2796ba-1a56-4a57-a954-c30ca038e429_8c92f3d7.jpg?itok=UL0sopbv\u0026v=1727151639"},"landscape250x99":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/landscape_250_99/public/d8/images/canvas/2024/09/24/5a2796ba-1a56-4a57-a954-c30ca038e429_8c92f3d7.jpg?itok=RGcWn6DF\u0026v=1727151639"},"size540x360":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/540x360/public/d8/images/canvas/2024/09/24/5a2796ba-1a56-4a57-a954-c30ca038e429_8c92f3d7.jpg?itok=aBbuiKHu\u0026v=1727151639"},"height":2730,"width":4095}],"publishedDate":1727140440000,"updatedDate":1727259531000,"summary":{"text":"Rate cut, support to the acquisition of real estate companies’ land banks and new tools to boost capital markets among measures rolled out on Tuesday.\n","json":[{"type":"p","children":[{"type":"text","data":"Rate cut, support to the acquisition of real estate companies’ land banks and new tools to boost capital markets among measures rolled out on Tuesday."}]}]},"subHeadline":{"text":"Rate cut, support to the acquisition of real estate companies’ land banks and new tools to boost capital markets among measures rolled out on Tuesday\n","json":[{"type":"p","children":[{"type":"text","data":"Rate cut, support to the acquisition of real estate companies’ land banks and new tools to boost capital markets among measures rolled out on Tuesday"}]}]},"body":{"text":"China announced a suite of new heavyweight policies to boost the economy on Tuesday, including cuts to the mortgage rate for existing housing and its reserve requirement ratio, while it also planned to roll-out new tools to support the stock market.\nThe reserve requirement ratio (RRR) – the amount of cash that commercial banks must hold as reserves – and the mortgage rate for existing housing would be cut by half a percentage point, according to People’s Bank of China governor Pan Gongsheng.\nThe PBOC would also support the acquisition of real estate companies’ lands by studying measures to allow policy and commercial banks to grant loans to eligible companies to acquire the land, revitalise the stock of the land and ease the financial pressure on real estate enterprises.\nIf necessary, the central bank may provide policy support, Pan added.\n“The reduction in existing mortgage interest rates is expected to benefit 50 million households or 150 million people, reducing household interest expenses by an average of about 150 billion yuan per year, which will efficiently boost consumption and investment,” Pan said during a joint press conference alongside Li Yunze, minister of the National Administration of Financial Regulation, and Wu Qing, chairman of the China Securities Regulatory Commission (CSRC).\nThe Hang Seng Index in Hong Kong responded to the announcements by posting its biggest gain since March 2023, rising by 4.1 per cent at the close to 19,000.56 on Tuesday.\nThe Shanghai Composite Index closed 4.2 per cent higher, while the CSI 300 Index advanced by 4.3 per cent.\nThe yuan also rallied on Tuesday, with offshore rate surging beyond 7.03 per US dollar.\nThis is the most significant PBOC stimulus package since the early days of the pandemic. But on its own, it may not be enough\nJulian Evans-Pritchard, Capital Economics\n“This is the most significant PBOC stimulus package since the early days of the pandemic. But on its own, it may not be enough,” said Julian Evans-Pritchard, head of China economics at Capital Economics.\n“The thinking was clearly that the confidence boosting effect of revealing everything in one go would help make the stimulus package more than just the sum of its parts.”\nPan said the seven-day reverse repo rate would also be lowered from 1.7 per cent to 1.5 per cent, which could effectively lower the medium-term lending facility by 0.3 percentage point and the loan prime rate by between 0.2 and 0.25 percentage point.\nMeanwhile, the central bank governor said that the PBOC would guide a smooth rate transmission to ensure stable net interest margins (NIM) for commercial banks, in an attempt to address analysts’ concerns that the rate cut could hurt commercial banks’ NIM.\nChina is also “studying” a state-backed stabilisation fund, which could shore up confidence in its equity markets, Pan said.\nThe down payment ratio on second home purchases would also be reduced from 25 per cent to 15 per cent following a similar move for first home purchases earlier in the year, he added.\nPan reiterated support for a 300 billion yuan (US$42.5 billion) fund that was set up in May to encourage local governments to buy up unsold homes and convert them into subsidised housing. The loan, of which 60 per cent was funded by the central bank, would see the ratio lifted to 100 per cent, according to Pan.\n\n\n\n\nPolicymakers intended the new measures to support the development of China’s economy, to promote modest price increases, strike a balance between economic growth and the sustainability of the banking sector and maintain the yuan exchange rate at a reasonable equilibrium level, Pan added.\nLi from the National Administration of Financial Regulation, meanwhile, said the authorities planned to increase core tier 1 capital for China’s six large commercial banks in a gradual manner.\n“We feel [Tuesday’s] measures are a step in the right direction, especially as multiple measures have been announced together rather than spacing out individual piecemeal measures to a more limited effect,” said Lynn Song, chief economist for Greater China at ING.\n“We continue to believe that there is still room for further easing in the months ahead as most global central banks are now on a rate-cut trajectory.\n“If we see a large fiscal policy push as well, momentum could recover heading into the fourth quarter.”\nTuesday’s announcements came after rising calls to arrest weakening economic momentum in China.\nMainly dragged by a prolonged property crisis, the world’s second-largest economy has yet to show an obvious rebound in growth, with domestic consumption remaining depressed and trade frictions with the West on the rise.\nThere is a clearer direction for monetary policy easing, but this alone is certainly inadequate\nZhu Tian, China Europe International Business School\nThe cut to the RRR is expected to provide liquidity of about 1 trillion yuan (US$141 billion) into the market, according to Pan.\nPan said with the RRR for the banking sector around 6.6 per cent, the PBOC still had more room to cut compared to the international level, and that the central bank may lower the rate by a quarter or half a percentage point by the end of the year.\nAs part of the new monetary tools to support stock market, specialised refinancing facilities would be created to guide banks to provide loans to listed companies and major shareholders to support buy-backs and stake increases.\nCSRC chairman Wu also said on Tuesday that the total amount of long-term capital in China’s capital markets was insufficient, and that the mechanisms for long-term capital remaining invested had not been fully formed.\nThe CSRC and other departments would, he added, encourage more long-term capital into the markets.\nEarlier this month, President Xi Jinping subtly toned down China’s focus on achieving its annual economic growth goals this year, including the “around 5 per cent” target for China’s gross domestic product, from “must remain firmly committed” to “strive to fulfil”.\n\n\n\n\nLast week, the US Federal Reserve kicked off a rate-cutting cycle, which eased the room for monetary policies in China.\n“There is a clearer direction for monetary policy easing, but this alone is certainly inadequate,” said Zhu Tian, an economics professor with the China Europe International Business School in Shanghai.\n“The key is helping the market build a stronger expectation that monetary policies will continue to be eased in the future and that more support is on the way.\n“Such market expectation and confidence are still rather weak. In addition, fiscal policy, in particular, more expenditure and borrowings by the central government, must also be strengthened in tandem to solve the liquidity woes facing local governments and developers, as well as the various businesses whose profitability is also impeded.”\nPan also warned against any one-sided bets on the yuan’s movement.\n“We must prevent the foreign exchange market from forming unilateral, consistent expectations that could become self-fulfilling and also guard against the risk of exchange rate overshooting or over-adjustment,” he said.\nIn the first half of the year, the hedging ratio of Chinese traders reached 27 per cent, while the proportion of yuan settlements in goods trade stood at 30 per cent, according to PBOC.\nNomura Global Market analyst Lu Ting said a rising yuan settlement ratio implied less exposure to foreign exchange volatility.\n“It means half of enterprises are less affected by foreign exchange risks. When calculating exchange settlement ratios, the proportion of yuan settlement has to be taken into account,” said Lu.\n","json":[{"type":"track-viewed-percentage","attribs":{"percentage":"0"}},{"type":"p","children":[{"type":"text","data":"China announced a suite of new heavyweight policies to boost the economy on Tuesday, including cuts to the mortgage rate for existing housing and its reserve requirement ratio, while it also planned to roll-out new tools to support the stock market."}]},{"type":"inline-ad-slot","attribs":{"tag":"0"}},{"type":"p","children":[{"type":"text","data":"The reserve requirement ratio (RRR) – the amount of cash that commercial banks must hold as reserves – and the mortgage rate for existing housing would be cut by half a percentage point, according to People’s Bank of China governor Pan Gongsheng."}]},{"type":"p","children":[{"type":"text","data":"The PBOC would also support the acquisition of real estate companies’ lands by studying measures to allow policy and commercial banks to grant loans to eligible companies to acquire the land, revitalise the stock of the land and ease the financial pressure on real estate enterprises."}]},{"type":"inline-ad-slot","attribs":{"tag":"1"}},{"type":"p","children":[{"type":"text","data":"If necessary, the central bank may provide policy support, Pan added."}]},{"type":"p","children":[{"type":"text","data":"“The reduction in existing mortgage interest rates is expected to benefit 50 million households or 150 million people, reducing household interest expenses by an average of about 150 billion yuan per year, which will efficiently boost consumption and investment,” Pan said during a joint press conference alongside Li Yunze, minister of the National Administration of Financial Regulation, and Wu Qing, chairman of the China Securities Regulatory Commission (CSRC)."}]},{"type":"inline-ad-slot","attribs":{"tag":"2"}},{"type":"p","children":[{"type":"text","data":"The Hang Seng Index in Hong Kong responded to the announcements by posting its biggest gain since March 2023, rising by 4.1 per cent at the close to 19,000.56 on Tuesday."}]},{"type":"p","children":[{"type":"text","data":"The Shanghai Composite Index closed 4.2 per cent higher, while the CSI 300 Index advanced by 4.3 per cent."}]},{"type":"track-viewed-percentage","attribs":{"percentage":"20"}},{"type":"p","children":[{"type":"text","data":"The yuan also rallied on Tuesday, with offshore rate surging beyond 7.03 per US dollar."}]},{"type":"blockquote-quote","attribs":{"class":"blockquote"},"children":[{"type":"text","data":"This is the most significant PBOC stimulus package since the early days of the pandemic. But on its own, it may not be enough"},{"type":"text","data":"Julian Evans-Pritchard, Capital Economics"}]},{"type":"p","children":[{"type":"text","data":"“This is the most significant PBOC stimulus package since the early days of the pandemic. But on its own, it may not be enough,” said Julian Evans-Pritchard, head of China economics at Capital Economics."}]},{"type":"inline-ad-slot","attribs":{"tag":"3"}},{"type":"p","children":[{"type":"text","data":"“The thinking was clearly that the confidence boosting effect of revealing everything in one go would help make the stimulus package more than just the sum of its parts.”"}]},{"type":"p","children":[{"type":"text","data":"Pan said the seven-day reverse repo rate would also be lowered from 1.7 per cent to 1.5 per cent, which could effectively lower the medium-term lending facility by 0.3 percentage point and the loan prime rate by between 0.2 and 0.25 percentage point."}]},{"type":"p","children":[{"type":"text","data":"Meanwhile, the central bank governor said that the PBOC would guide a smooth rate transmission to ensure stable net interest margins (NIM) for commercial banks, in an attempt to address analysts’ concerns that the rate cut could hurt commercial banks’ NIM."}]},{"type":"inline-ad-slot","attribs":{"tag":"4"}},{"type":"p","children":[{"type":"text","data":"China is also “studying” a state-backed stabilisation fund, which could shore up confidence in its equity markets, Pan said."}]},{"type":"p","children":[{"type":"text","data":"The down payment ratio on second home purchases would also be reduced from 25 per cent to 15 per cent following a similar move for first home purchases earlier in the year, he added."}]},{"type":"p","children":[{"type":"text","data":"Pan reiterated support for a 300 billion yuan (US$42.5 billion) fund "},{"type":"a","attribs":{"href":"https://www.scmp.com/business/china-business/article/3263127/china-property-beijing-launches-us41-billion-fund-buy-unsold-homes-major-drive-rescue-housing-market","title":"","target":"_self","data-entity-uuid":"21eeee5e-00fb-449a-81b7-12852004ed4d","data-entity-type":"node","data-entity-bundle":"article"},"children":[{"type":"text","data":"that was set up in May"}]},{"type":"text","data":" to encourage local governments to buy up unsold homes and convert them into subsidised housing. The loan, of which 60 per cent was funded by the central bank, would see the ratio lifted to 100 per cent, according to Pan."}]},{"type":"div","attribs":{"class":"methode-html-wrapper oembed-wrapper"},"children":[{"type":"text","data":"\n"},{"type":"div","attribs":{"class":"scmp-multimedia-embed"},"children":[{"type":"text","data":"\n"},{"type":"iframe","attribs":{"width":"100%","height":"392px","src":"https://multimedia.scmp.com/2024/graphics/launchers/20240628.html","scrolling":"no","frameborder":"0"},"children":[]}]},{"type":"text","data":"\n"}]},{"type":"p","children":[{"type":"text","data":"Policymakers intended the new measures to support the development of China’s economy, to promote modest price increases, strike a balance between economic growth and the sustainability of the banking sector and maintain the yuan exchange rate at a reasonable equilibrium level, Pan added."}]},{"type":"inline-ad-slot","attribs":{"tag":"5"}},{"type":"p","children":[{"type":"text","data":"Li from the National Administration of Financial Regulation, meanwhile, said the authorities planned to increase core tier 1 capital for China’s six large commercial banks in a gradual manner."}]},{"type":"p","children":[{"type":"text","data":"“We feel [Tuesday’s] measures are a step in the right direction, especially as multiple measures have been announced together rather than spacing out individual piecemeal measures to a more limited effect,” said Lynn Song, chief economist for Greater China at ING."}]},{"type":"track-viewed-percentage","attribs":{"percentage":"50"}},{"type":"p","children":[{"type":"text","data":"“We continue to believe that there is still room for further easing in the months ahead as most global central banks are now on a rate-cut trajectory."}]},{"type":"inline-ad-slot","attribs":{"infiniteAdsAfterNumber":"3","tag":"6"}},{"type":"p","children":[{"type":"text","data":"“If we see a large fiscal policy push as well, momentum could recover heading into the fourth quarter.”"}]},{"type":"p","children":[{"type":"text","data":"Tuesday’s announcements came after rising "},{"type":"a","attribs":{"href":"https://www.scmp.com/economy/china-economy/article/3279455/chinas-economy-needs-us14-trillion-injection-recovery-top-voice-reform-says?module=top_story\u0026pgtype=homepage","title":"","target":"_self","data-entity-uuid":"f9f2568a-4350-4000-90cb-98066103d5ec","data-entity-type":"node","data-entity-bundle":"article"},"children":[{"type":"text","data":"calls to arrest weakening economic momentum in China."}]}]},{"type":"p","children":[{"type":"text","data":"Mainly dragged by a prolonged property crisis, the world’s second-largest economy has yet to show an obvious rebound in growth, with domestic consumption remaining depressed and trade frictions with the West on the rise."}]},{"type":"blockquote-quote","attribs":{"class":"blockquote"},"children":[{"type":"text","data":"There is a clearer direction for monetary policy easing, but this alone is certainly inadequate"},{"type":"text","data":"Zhu Tian, China Europe International Business School"}]},{"type":"p","children":[{"type":"text","data":"The cut to the RRR is expected to provide liquidity of about 1 trillion yuan (US$141 billion) into the market, according to Pan."}]},{"type":"inline-ad-slot","attribs":{"tag":"6"}},{"type":"p","children":[{"type":"text","data":"Pan said with the RRR for the banking sector around 6.6 per cent, the PBOC still had more room to cut compared to the international level, and that the central bank may lower the rate by a quarter or half a percentage point by the end of the year."}]},{"type":"p","children":[{"type":"text","data":"As part of the new monetary tools to support stock market, specialised refinancing facilities would be created to guide banks to provide loans to listed companies and major shareholders to support buy-backs and stake increases."}]},{"type":"p","children":[{"type":"text","data":"CSRC chairman Wu also said on Tuesday that the total amount of long-term capital in China’s capital markets was insufficient, and that the mechanisms for long-term capital remaining invested had not been fully formed."}]},{"type":"inline-ad-slot","attribs":{"tag":"6"}},{"type":"p","children":[{"type":"text","data":"The CSRC and other departments would, he added, encourage more long-term capital into the markets."}]},{"type":"p","children":[{"type":"text","data":"Earlier this month, President Xi Jinping "},{"type":"a","attribs":{"href":"https://www.scmp.com/economy/policy/article/3278341/president-xi-jinping-tones-down-focus-chinas-growth-targets-headwinds-mount?module=top_story\u0026pgtype=section","title":"","target":"_self","data-entity-uuid":"ba206fd9-6dd2-413d-96f9-2d30139c58b2","data-entity-type":"node","data-entity-bundle":"article"},"children":[{"type":"text","data":"subtly toned down China’s focus"}]},{"type":"text","data":" on achieving its annual economic growth goals this year, including the “around 5 per cent” 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"},{"type":"a","attribs":{"href":"https://www.scmp.com/economy/global-economy/article/3279065/fed-rate-cut-ease-outflow-pressure-yuan-open-room-policy-changes-analysts?module=top_story\u0026pgtype=section?module=inline\u0026pgtype=article","title":"","target":"_self","data-entity-uuid":"995c157f-8c7d-47d3-af19-96e95f28579a","data-entity-type":"node","data-entity-bundle":"article"},"children":[{"type":"text","data":"US Federal Reserve kicked off a rate-cutting cycle,"}]},{"type":"text","data":" which eased the room for monetary policies in China."}]},{"type":"inline-ad-slot","attribs":{"tag":"6"}},{"type":"p","children":[{"type":"text","data":"“There is a clearer direction for monetary policy easing, but this alone is certainly inadequate,” said Zhu Tian, an economics professor with the China Europe International Business School in Shanghai."}]},{"type":"p","children":[{"type":"text","data":"“The key is helping the market build a stronger expectation that monetary policies will continue 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But on its own, it may not be enough\nJulian Evans-Pritchard, Capital Economics\n“This is the most significant PBOC stimulus package since the early days of the pandemic. But on its own, it may not be enough,” said Julian Evans-Pritchard, head of China economics at Capital Economics.\n“The thinking was clearly that the confidence boosting effect of revealing everything in one go would help make the stimulus package more than just the sum of its parts.”\nPan said the seven-day reverse repo rate would also be lowered from 1.7 per cent to 1.5 per cent, which could effectively lower the medium-term lending facility by 0.3 percentage point and the loan prime rate by between 0.2 and 0.25 percentage point.\nMeanwhile, the central bank governor said that the PBOC would guide a smooth rate transmission to ensure stable net interest margins (NIM) for commercial banks, in an attempt to address analysts’ concerns that the rate cut could hurt commercial banks’ NIM.\nChina is also “studying” a state-backed stabilisation fund, which could shore up confidence in its equity markets, Pan said.\nThe down payment ratio on second home purchases would also be reduced from 25 per cent to 15 per cent following a similar move for first home purchases earlier in the year, he added.\nPan reiterated support for a 300 billion yuan (US$42.5 billion) fund that was set up in May to encourage local governments to buy up unsold homes and convert them into subsidised housing. The loan, of which 60 per cent was funded by the central bank, would see the ratio lifted to 100 per cent, according to Pan.\n\n\n\n\nPolicymakers intended the new measures to support the development of China’s economy, to promote modest price increases, strike a balance between economic growth and the sustainability of the banking sector and maintain the yuan exchange rate at a reasonable equilibrium level, Pan added.\nLi from the National Administration of Financial Regulation, meanwhile, said the authorities planned to increase core tier 1 capital for China’s six large commercial banks in a gradual manner.\n“We feel [Tuesday’s] measures are a step in the right direction, especially as multiple measures have been announced together rather than spacing out individual piecemeal measures to a more limited effect,” said Lynn Song, chief economist for Greater China at ING.\n“We continue to believe that there is still room for further easing in the months ahead as most global central banks are now on a rate-cut trajectory.\n“If we see a large fiscal policy push as well, momentum could recover heading into the fourth quarter.”\nTuesday’s announcements came after rising calls to arrest weakening economic momentum in China.\nMainly dragged by a prolonged property crisis, the world’s second-largest economy has yet to show an obvious rebound in growth, with domestic consumption remaining depressed and trade frictions with the West on the rise.\nThere is a clearer direction for monetary policy easing, but this alone is certainly inadequate\nZhu Tian, China Europe International Business School\nThe cut to the RRR is expected to provide liquidity of about 1 trillion yuan (US$141 billion) into the market, according to Pan.\nPan said with the RRR for the banking sector around 6.6 per cent, the PBOC still had more room to cut compared to the international level, and that the central bank may lower the rate by a quarter or half a percentage point by the end of the year.\nAs part of the new monetary tools to support stock market, specialised refinancing facilities would be created to guide banks to provide loans to listed companies and major shareholders to support buy-backs and stake increases.\nCSRC chairman Wu also said on Tuesday that the total amount of long-term capital in China’s capital markets was insufficient, and that the mechanisms for long-term capital remaining invested had not been fully formed.\nThe CSRC and other departments would, he added, encourage more long-term capital into the markets.\nEarlier this month, President Xi Jinping subtly toned down China’s focus on achieving its annual economic growth goals this year, including the “around 5 per cent” target for China’s gross domestic product, from “must remain firmly committed” to “strive to fulfil”.\n\n\n\n\nLast week, the US Federal Reserve kicked off a rate-cutting cycle, which eased the room for monetary policies in China.\n“There is a clearer direction for monetary policy easing, but this alone is certainly inadequate,” said Zhu Tian, an economics professor with the China Europe International Business School in Shanghai.\n“The key is helping the market build a stronger expectation that monetary policies will continue to be eased in the future and that more support is on the way.\n“Such market expectation and confidence are still rather weak. In addition, fiscal policy, in particular, more expenditure and borrowings by the central government, must also be strengthened in tandem to solve the liquidity woes facing local governments and developers, as well as the various businesses whose profitability is also impeded.”\nPan also warned against any one-sided bets on the yuan’s movement.\n“We must prevent the foreign exchange market from forming unilateral, consistent expectations that could become self-fulfilling and also guard against the risk of exchange rate overshooting or over-adjustment,” he said.\nIn the first half of the year, the hedging ratio of Chinese traders reached 27 per cent, while the proportion of yuan settlements in goods trade stood at 30 per cent, according to PBOC.\nNomura Global Market analyst Lu Ting said a rising yuan settlement ratio implied less exposure to foreign exchange volatility.\n“It means half of enterprises are less affected by foreign exchange risks. When calculating exchange settlement ratios, the proportion of yuan settlement has to be taken into account,” said Lu.\n","json":[{"type":"track-viewed-percentage","attribs":{"percentage":"0"}},{"type":"p","children":[{"type":"text","data":"China announced a suite of new heavyweight policies to boost the economy on Tuesday, including cuts to the mortgage rate for existing housing and its reserve requirement ratio, while it also planned to roll-out new tools to support the stock market."}]},{"type":"inline-ad-slot","attribs":{"tag":"0"}},{"type":"p","children":[{"type":"text","data":"The reserve requirement ratio (RRR) – the amount of cash that commercial banks must hold as reserves – and the mortgage rate for existing housing would be cut by half a percentage point, according to People’s Bank of China governor Pan Gongsheng."}]},{"type":"p","children":[{"type":"text","data":"The PBOC would also support the acquisition of real estate companies’ lands by studying measures to allow policy and commercial banks to grant loans to eligible companies to acquire the land, revitalise the stock of the land and ease the financial pressure on real estate enterprises."}]},{"type":"inline-ad-slot","attribs":{"tag":"1"}},{"type":"p","children":[{"type":"text","data":"If necessary, the central bank may provide policy support, Pan added."}]},{"type":"p","children":[{"type":"text","data":"“The reduction in existing mortgage interest rates is expected to benefit 50 million households or 150 million people, reducing household interest expenses by an average of about 150 billion yuan per year, which will efficiently boost consumption and investment,” Pan said during a joint press conference alongside Li Yunze, minister of the National Administration of Financial Regulation, and Wu Qing, chairman of the China Securities Regulatory Commission (CSRC)."}]},{"type":"inline-ad-slot","attribs":{"tag":"2"}},{"type":"p","children":[{"type":"text","data":"The Hang Seng Index in Hong Kong responded to the announcements by posting its biggest gain since March 2023, rising by 4.1 per cent at the close to 19,000.56 on Tuesday."}]},{"type":"p","children":[{"type":"text","data":"The Shanghai Composite Index closed 4.2 per cent higher, while the CSI 300 Index advanced by 4.3 per cent."}]},{"type":"track-viewed-percentage","attribs":{"percentage":"20"}},{"type":"p","children":[{"type":"text","data":"The yuan also rallied on Tuesday, with offshore rate surging beyond 7.03 per US dollar."}]},{"type":"blockquote-quote","attribs":{"class":"blockquote"},"children":[{"type":"text","data":"This is the most significant PBOC stimulus package since the early days of the pandemic. But on its own, it may not be enough"},{"type":"text","data":"Julian Evans-Pritchard, Capital Economics"}]},{"type":"p","children":[{"type":"text","data":"“This is the most significant PBOC stimulus package since the early days of the pandemic. But on its own, it may not be enough,” said Julian Evans-Pritchard, head of China economics at Capital Economics."}]},{"type":"inline-ad-slot","attribs":{"tag":"3"}},{"type":"p","children":[{"type":"text","data":"“The thinking was clearly that the confidence boosting effect of revealing everything in one go would help make the stimulus package more than just the sum of its parts.”"}]},{"type":"p","children":[{"type":"text","data":"Pan said the seven-day reverse repo rate would also be lowered from 1.7 per cent to 1.5 per cent, which could effectively lower the medium-term lending facility by 0.3 percentage point and the loan prime rate by between 0.2 and 0.25 percentage point."}]},{"type":"p","children":[{"type":"text","data":"Meanwhile, the central bank governor said that the PBOC would guide a smooth rate transmission to ensure stable net interest margins (NIM) for commercial banks, in an attempt to address analysts’ concerns that the rate cut could hurt commercial banks’ NIM."}]},{"type":"inline-ad-slot","attribs":{"tag":"4"}},{"type":"p","children":[{"type":"text","data":"China is also “studying” a state-backed stabilisation fund, which could shore up confidence in its equity markets, Pan said."}]},{"type":"p","children":[{"type":"text","data":"The down payment ratio on second home purchases would also be reduced from 25 per cent to 15 per cent following a similar move for first home purchases earlier in the year, he added."}]},{"type":"p","children":[{"type":"text","data":"Pan reiterated support for a 300 billion yuan (US$42.5 billion) fund "},{"type":"a","attribs":{"href":"https://www.scmp.com/business/china-business/article/3263127/china-property-beijing-launches-us41-billion-fund-buy-unsold-homes-major-drive-rescue-housing-market","title":"","target":"_self","data-entity-uuid":"21eeee5e-00fb-449a-81b7-12852004ed4d","data-entity-type":"node","data-entity-bundle":"article"},"children":[{"type":"text","data":"that was set up in May"}]},{"type":"text","data":" to encourage local governments to buy up unsold homes and convert them into subsidised housing. The loan, of which 60 per cent was funded by the central bank, would see the ratio lifted to 100 per cent, according to Pan."}]},{"type":"div","attribs":{"class":"methode-html-wrapper oembed-wrapper"},"children":[{"type":"text","data":"\n"},{"type":"div","attribs":{"class":"scmp-multimedia-embed"},"children":[{"type":"text","data":"\n"},{"type":"iframe","attribs":{"width":"100%","height":"392px","src":"https://multimedia.scmp.com/2024/graphics/launchers/20240628.html","scrolling":"no","frameborder":"0"},"children":[]}]},{"type":"text","data":"\n"}]},{"type":"p","children":[{"type":"text","data":"Policymakers intended the new measures to support the development of China’s economy, to promote modest price increases, strike a balance between economic growth and the sustainability of the banking sector and maintain the yuan exchange rate at a reasonable equilibrium level, Pan added."}]},{"type":"inline-ad-slot","attribs":{"tag":"5"}},{"type":"p","children":[{"type":"text","data":"Li from the National Administration of Financial Regulation, meanwhile, said the authorities planned to increase core tier 1 capital for China’s six large commercial banks in a gradual manner."}]},{"type":"p","children":[{"type":"text","data":"“We feel [Tuesday’s] measures are a step in the right direction, especially as multiple measures have been announced together rather than spacing out individual piecemeal measures to a more limited effect,” said Lynn Song, chief economist for Greater China at ING."}]},{"type":"track-viewed-percentage","attribs":{"percentage":"50"}},{"type":"p","children":[{"type":"text","data":"“We continue to believe that there is still room for further easing in the months ahead as most global central banks are now on a rate-cut trajectory."}]},{"type":"inline-ad-slot","attribs":{"infiniteAdsAfterNumber":"3","tag":"6"}},{"type":"p","children":[{"type":"text","data":"“If we see a large fiscal policy push as well, momentum could recover heading into the fourth quarter.”"}]},{"type":"p","children":[{"type":"text","data":"Tuesday’s announcements came after rising "},{"type":"a","attribs":{"href":"https://www.scmp.com/economy/china-economy/article/3279455/chinas-economy-needs-us14-trillion-injection-recovery-top-voice-reform-says?module=top_story\u0026pgtype=homepage","title":"","target":"_self","data-entity-uuid":"f9f2568a-4350-4000-90cb-98066103d5ec","data-entity-type":"node","data-entity-bundle":"article"},"children":[{"type":"text","data":"calls to arrest weakening economic momentum in China."}]}]},{"type":"p","children":[{"type":"text","data":"Mainly dragged by a prolonged property crisis, the world’s second-largest economy has yet to show an obvious rebound in growth, with domestic consumption remaining depressed and trade frictions with the West on the rise."}]},{"type":"blockquote-quote","attribs":{"class":"blockquote"},"children":[{"type":"text","data":"There is a clearer direction for monetary policy easing, but this alone is certainly inadequate"},{"type":"text","data":"Zhu Tian, China Europe International Business School"}]},{"type":"p","children":[{"type":"text","data":"The cut to the RRR is expected to provide liquidity of about 1 trillion yuan (US$141 billion) into the market, according to Pan."}]},{"type":"inline-ad-slot","attribs":{"tag":"6"}},{"type":"p","children":[{"type":"text","data":"Pan said with the RRR for the banking sector around 6.6 per cent, the PBOC still had more room to cut compared to the international level, and that the central bank may lower the rate by a quarter or half a percentage point by the end of the year."}]},{"type":"p","children":[{"type":"text","data":"As part of the new monetary tools to support stock market, specialised refinancing facilities would be created to guide banks to provide loans to listed companies and major shareholders to support buy-backs and stake increases."}]},{"type":"p","children":[{"type":"text","data":"CSRC chairman Wu also said on Tuesday that the total amount of long-term capital in China’s capital markets was insufficient, and that the mechanisms for long-term capital remaining invested had not been fully formed."}]},{"type":"inline-ad-slot","attribs":{"tag":"6"}},{"type":"p","children":[{"type":"text","data":"The CSRC and other departments would, he added, encourage more long-term capital into the markets."}]},{"type":"p","children":[{"type":"text","data":"Earlier this month, President Xi Jinping "},{"type":"a","attribs":{"href":"https://www.scmp.com/economy/policy/article/3278341/president-xi-jinping-tones-down-focus-chinas-growth-targets-headwinds-mount?module=top_story\u0026pgtype=section","title":"","target":"_self","data-entity-uuid":"ba206fd9-6dd2-413d-96f9-2d30139c58b2","data-entity-type":"node","data-entity-bundle":"article"},"children":[{"type":"text","data":"subtly toned down China’s focus"}]},{"type":"text","data":" on achieving its annual economic growth goals this year, including the “around 5 per cent” target for China’s gross domestic product, from “must remain firmly committed” to “strive to fulfil”."}]},{"type":"div","attribs":{"class":"methode-html-wrapper oembed-wrapper"},"children":[{"type":"text","data":"\n"},{"type":"div","attribs":{"class":"scmp-multimedia-embed"},"children":[{"type":"text","data":"\n"},{"type":"iframe","attribs":{"width":"","height":"420","src":"https://multimedia.scmp.com/embeds/2024/economy/Dollar-Yuan-Exchange-Rate/","scrolling":"no","frameborder":"0"},"children":[]}]},{"type":"text","data":"\n"}]},{"type":"p","children":[{"type":"text","data":"Last week, the "},{"type":"a","attribs":{"href":"https://www.scmp.com/economy/global-economy/article/3279065/fed-rate-cut-ease-outflow-pressure-yuan-open-room-policy-changes-analysts?module=top_story\u0026pgtype=section?module=inline\u0026pgtype=article","title":"","target":"_self","data-entity-uuid":"995c157f-8c7d-47d3-af19-96e95f28579a","data-entity-type":"node","data-entity-bundle":"article"},"children":[{"type":"text","data":"US Federal Reserve kicked off a rate-cutting cycle,"}]},{"type":"text","data":" which eased the room for monetary policies in China."}]},{"type":"inline-ad-slot","attribs":{"tag":"6"}},{"type":"p","children":[{"type":"text","data":"“There is a clearer direction for monetary policy easing, but this alone is certainly inadequate,” said Zhu Tian, an economics professor with the China Europe International Business School in Shanghai."}]},{"type":"p","children":[{"type":"text","data":"“The key is helping the market build a stronger expectation that monetary policies will continue to be eased in the future and that more support is on the way."}]},{"type":"p","children":[{"type":"text","data":"“Such market expectation and confidence are still rather weak. In addition, fiscal policy, in particular, more expenditure and borrowings by the central government, must also be strengthened in tandem to solve the liquidity woes facing local governments and developers, as well as the various businesses whose profitability is also impeded.”"}]},{"type":"inline-ad-slot","attribs":{"tag":"6"}},{"type":"p","children":[{"type":"text","data":"Pan also warned against any one-sided bets on the yuan’s movement."}]},{"type":"track-viewed-percentage","attribs":{"percentage":"90"}},{"type":"p","children":[{"type":"text","data":"“We must prevent the foreign exchange market from forming unilateral, consistent expectations that could become self-fulfilling and also guard against the risk of exchange rate overshooting or over-adjustment,” he said."}]},{"type":"p","children":[{"type":"text","data":"In the first half of the year, the hedging ratio of Chinese traders reached 27 per cent, while the proportion of yuan settlements in goods trade stood at 30 per cent, according to PBOC."}]},{"type":"inline-ad-slot","attribs":{"tag":"6"}},{"type":"p","children":[{"type":"text","data":"Nomura Global Market analyst Lu Ting said a rising yuan settlement ratio implied less exposure to foreign exchange volatility."}]},{"type":"p","children":[{"type":"text","data":"“It means half of enterprises are less affected by foreign exchange risks. When calculating exchange settlement ratios, the proportion of yuan settlement has to be taken into account,” said Lu."}]},{"type":"inline-ad-slot","attribs":{"tag":"7"}},{"type":"track-viewed-percentage","attribs":{"percentage":"100"}}]},"keywords":["PBOC, Pan Gongsheng, China, China news, China update, People’s Bank of China , National Administration of Financial Regulation (NAFR), China Securities Regulatory Commission (CSRC), Li Yunze, Wu Qing"],"readingTime":4,"shortUrl":"https://sc.mp/5x87h","commentCount":107,"relatedNewsletters":[],"createdDate":1727140436000,"authorLocations":["Beijing","Shanghai"],"corrections":[],"displaySlideShow":true,"multimediaEmbed":{"json":[{"type":"div","attribs":{"class":"video-wrapper hero-video","data-hero-video":"1"},"children":[{"type":"text","data":"\n"},{"subtype":"youtube","type":"iframe","attribs":{"allowfullscreen":"true","allowscriptaccess":"always","allow":"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture","class":"c1","frameborder":"0","width":"560","height":"315","scrolling":"no","src":"https://www.youtube.com/embed/zhck3ofhorE?wmode=transparent\u0026jqoemcache=UdCOW\u0026enablejsapi=1\u0026playsinline=1","title":"China announces mortgage rate cut as part of new measures to boost economy","data-poster-sm":"https://cdn.i-scmp.com/sites/default/files/styles/768x768/public/d8/video/thumbnail/2024/09/24/thumb.jpg?itok=bYKuN67c","data-poster-lg":"https://cdn.i-scmp.com/sites/default/files/styles/wide_landscape/public/d8/video/thumbnail/2024/09/24/thumb.jpg?itok=0WQdj3PT","data-poster":"https://cdn.i-scmp.com/sites/default/files/d8/video/thumbnail/2024/09/24/thumb.jpg","data-duration":"01:23","data-hero-video":"1","data-video-source":"SCMP","data-nid":"3279718","data-youtube-id":"zhck3ofhorE"},"children":[]}]}]},"printHeadline":null,"seriesContainer":null,"firstTopic":{"__isBaseWithApplicationAndUrlAlias":"Topic","__typename":"Topic","entityId":"510448","entityUuid":"89f9819a-97e1-48e8-8524-3b9d8fc893e2","urlAlias":"/topics/chinas-economic-recovery","urlRedirect":null,"application":null,"name":"China's economic recovery","disableFollow":false,"contents":{"edges":[{"node":{"__typename":"Article","entityId":"3298980","__isContent":"Article","urlAlias":"/business/markets/article/3298980/world-underinvested-china-amid-spectacular-technology-advances-hkex-ceo-says","sponsorType":null,"__isBaseWithApplicationAndUrlAlias":"Article","entityUuid":"875d352f-d419-4f11-aa81-dd26eb302f22","urlRedirect":null,"application":{"entityId":"325477","id":"QXBwbGljYXRpb246MjY5NWIyYzktOTZlZi00ZmU0LTk2ZjgtYmEyMGQwYTAyMGIz"},"flattenTypeIds":[],"liveArticle":null,"sections":[{"value":[{"entityId":"92","id":"U2VjdGlvbjo3MThhMDczZS00MDA2LTQwMzctODcxZS02ZjY3MzQzMjRiNGI=","name":"Business"},{"entityId":"318484","id":"U2VjdGlvbjowMDcwNmZiMC01OWQxLTQ3ZDQtYTEwNy0wNmM1ZGFjNjdlODI=","name":"Markets"}]}],"paywallTypes":[],"headline":"World underinvested in China amid ‘spectacular’ technology advances, HKEX CEO says","images":[{"url":"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2025/02/17/5cd19547-8321-4930-a97a-a435c238a92a_1943f684.jpg","title":"Bonnie Chan Yiting, CEO of Hong Kong Exchanges and Clearing. 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