降息！央行：今年降准降息还有一定空间

Core Viewpoint - The People's Bank of China (PBOC) announced eight new financial policies aimed at supporting high-quality development of the real economy, including interest rate cuts and increased loan quotas for specific sectors [1][3]. Group 1: Interest Rate Adjustments - The PBOC will lower the interest rates of various structural monetary policy tools by 0.25 percentage points, with the one-year re-lending rate decreasing from 1.5% to 1.25% [1][3]. - This adjustment is expected to enhance the willingness of banks to lend in key areas [1][3]. Group 2: Loan Quotas and Support for Specific Sectors - The PBOC will merge the quotas for agricultural and small enterprise re-lending and re-discounting, increasing the re-lending quota for these sectors by 500 billion yuan, with a total quota of 1 trillion yuan specifically for private enterprises [1][3]. - The re-lending quota for technological innovation and technological transformation will be raised from 800 billion yuan to 1.2 trillion yuan, including support for private small and medium-sized enterprises with high R&D investment [1][3]. - The PBOC will also consolidate existing financing support tools for private enterprises and technological innovation, maintaining a total re-lending quota of 200 billion yuan [1][3]. Group 3: Expansion of Support Areas - The PBOC has expanded the support areas for two tools, including energy-saving renovations, green upgrades, and low-carbon energy transition projects under the carbon reduction support tool [1][3]. - The health industry has been included in the support areas for service consumption and elderly care re-lending [1][3]. Group 4: Commercial Property Loan Adjustments - The minimum down payment ratio for commercial property loans has been reduced to 30% to support the destocking of the commercial property market [2][4]. - The PBOC indicated that there is still room for further reductions in reserve requirements and interest rates, given the current average reserve requirement ratio of 6.3% [2][4].