According to the People's Bank of China, Pan Gongsheng, secretary of the Party Committee and president of the People's Bank of China, said at the working conference for the second half of 2023 held by the People's Bank of China and the State Administration of Foreign Exchange that in the second half of 2023, we should support the steady and healthy development of the real estate market, implement the "16 financial rules", extend the implementation period of the guarantee loan support plan, maintain the stability and order of real estate financing, and increase housing leasing, urban village reconstruction Financial support for the construction of affordable housing; Due to the precise implementation of differentiated housing credit policies in urban areas, we will continue to guide the downward trend of individual housing loan interest rates and down payment ratios, in order to better meet the rigid and improved housing needs of residents; Guide commercial banks to adjust the interest rates of existing personal housing loans in an orderly manner in accordance with the law. It is understood that this is not the first time that the People's Bank of China has recently made a statement on the adjustment of personal housing loan interest rates. On July 14th of this year, Zou Lan, Director of the Monetary Policy Department of the People's Bank of China, stated at a press conference held by the National Development and Reform Office that in accordance with the principles of marketization and rule of law, we support and encourage commercial banks and borrowers to negotiate independently to change contract agreements, or to issue new loans to replace existing loans. Wang Qing, Chief Analyst of Dongfang Jincheng, told People's Daily Finance that in the new situation of significant changes in the supply and demand relationship in China's real estate market, there is marginal optimization space for policies introduced during the long-term overheated stage of the market. Among them, financial and monetary policies in the second half of the year will play a leading role in guiding residents' mortgage interest rates to decline. Therefore, this meeting will make a statement on the direction of housing credit policies, personal housing loan interest rates, down payment ratios, and other policies. There have also been precedents of a reduction in interest rates on existing housing loans before. In October 2008, the People's Bank of China decided to expand the lower limit of commercial personal housing loan interest rates from 0.85 times the loan benchmark interest rate to 0.7 times; The minimum down payment ratio has been adjusted to 20%. Subsequently, multiple banks announced a reduction in the interest rate on eligible existing housing loans from 8.5% to 70%. This policy played a crucial role in reversing the real estate market at that time. The reduction of the interest rate on existing housing loans will reduce the interest burden on homebuyers, promote consumption, and expand investment. More importantly, this will narrow the interest rate gap between new and old housing loans, alleviate the phenomenon of 'early repayment wave' and 'interest rate reduction on subleases', stabilize the order of the housing loan market, and expand space for further reduction of interest rates on newly issued residential housing loans, "Wang Qing said. In addition, China Merchants Securities Research Report stated that there is a high possibility of a reduction in the interest rate of existing mortgages. After the People's Bank of China expressed its support and encouragement for banks to adjust the interest rates of existing mortgage loans, banks need to take necessary measures to respond to the concerns of the general public due to the high level of people-oriented financial work. It is also reported that since 2023, the People's Bank of China has implemented a precise and robust monetary policy, effectively prevented and controlled financial risks, continuously deepened financial reform, effectively improved financial services, and comprehensively strengthened party building. New achievements have been made in various aspects of work - the total amount of money, credit, and financing has maintained a reasonable growth, high-quality development in key areas and weak links has been effectively supported, and the foreign exchange market is basically stable, Financial risks in key areas have been dealt with in an orderly manner, financial reform and opening up have been deepened, and international financial cooperation