下调！央行重磅发布

Core Viewpoint - The People's Bank of China (PBOC) is implementing two main policy measures to support the economy, including lowering interest rates on various structural monetary policy tools and enhancing support for economic structural transformation [1]. Group 1: Monetary Policy Adjustments - The PBOC will lower the interest rates on 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]. - The PBOC will merge the quotas for agricultural and small enterprise re-lending and re-discounting, increasing the agricultural and small enterprise re-lending quota by 500 billion yuan, with a separate quota of 1 trillion yuan designated for private enterprises [1]. - The quota for re-lending aimed at technological innovation and technological transformation will be increased from 800 billion yuan to 1.2 trillion yuan, expanding support to private small and medium-sized enterprises with high R&D investment levels [1]. Group 2: Support for Specific Sectors - The PBOC will merge the management of the previously established private enterprise bond financing support tool and the technological innovation bond risk-sharing tool, providing a total re-lending quota of 200 billion yuan [1]. - The carbon reduction support tool will be expanded to include more projects with carbon reduction effects, guiding banks to support comprehensive green transformation [2]. - The support areas for service consumption and elderly care re-lending will be expanded to include the health industry, based on health industry recognition standards [2]. Group 3: Real Estate and Financial Services - The minimum down payment ratio for commercial property loans will be lowered to 30% in collaboration with the financial regulatory authority, supporting the destocking of the commercial real estate market [2]. - Financial institutions are encouraged to enhance their foreign exchange risk management services, providing enterprises with cost-effective and flexible foreign exchange risk management tools [2].