Promote the marketization and legalization of debt-to-equity swap and solve the financing problem. The central bank made it clear that monetary policy will remain stable and neutral. The reason why it is called "targeted" RRR reduction is mainly from the perspective of capital use. The central bank has defined the use of funds released by different types of banks from two aspects. First, in order to promote the marketization and legalization of debt-to-equity swap, the central bank encouraged five large commercial banks and 12 joint-stock commercial banks to implement the debt-to-equity swap project by using the funds raised in targeted cuts to required reserve ratios and the market according to the market pricing principle, and supported the implementers to exercise their shareholders' rights. Participate in corporate governance, restrain fund reduction and support debt-to-equity swap projects from five aspects: prohibiting the project of "clearing shares and paying real debts", inciting social funds and not supporting "zombie enterprises". Second, small and medium-sized banks such as Postal Savings Bank, city commercial banks, and non-county rural commercial banks are required to use RRR loans for small and micro enterprises to reduce funds and solve the financing difficulties of small and micro enterprises.