央行：下调0.25个百分点

Core Viewpoint - The People's Bank of China (PBOC) is implementing two main policy measures to support the high-quality development of the real economy, including lowering interest rates on structural monetary policy tools and enhancing support for economic structural transformation [1] Group 1: Monetary Policy Adjustments - The interest rates on various structural monetary policy tools will be reduced by 0.25 percentage points, with the one-year re-lending rate decreasing from 1.5% to 1.25% [2] - The quota for re-lending to support agriculture and small enterprises will be increased by 500 billion yuan, with a separate quota of 1 trillion yuan designated for private enterprises [2] - The quota for re-lending for technological innovation and technological transformation will be increased from 800 billion yuan to 1.2 trillion yuan, expanding support to high R&D investment private small and medium-sized enterprises [2] Group 2: Risk Management and Support Tools - A combined management of the previously established private enterprise bond financing support tool and technological innovation bond risk-sharing tool will provide a total re-lending quota of 200 billion yuan [2] - The scope of carbon reduction support tools will be expanded to include energy-saving renovations and green upgrades, guiding banks to support comprehensive green transitions [2] - The minimum down payment ratio for commercial property loans will be lowered to 30% to support the destocking of the commercial real estate market [3] Group 3: Financial Services Enhancement - Financial institutions are encouraged to enhance their foreign exchange risk management services by offering a variety of cost-effective and flexible foreign exchange risk management tools [3] - The related policy documents will be released soon, and these measures will be coordinated with fiscal policies to amplify their effectiveness in promoting effective domestic demand [3]