央行再出政策组合拳：结构性工具“降价增量扩容”，降准降息可期

Core Viewpoint - The People's Bank of China (PBOC) is implementing a series of monetary policy measures to support high-quality economic development and stabilize growth, including structural interest rate cuts and targeted loans for private enterprises [1][2]. Group 1: Monetary Policy Measures - The PBOC will introduce eight policy measures, including a 0.25 percentage point reduction in the interest rates of various structural monetary policy tools, bringing the one-year re-lending rate down from 1.5% to 1.25% [2]. - The measures also include increasing the quotas for agricultural and small business re-lending, and establishing a separate re-lending program for private enterprises with a quota of 1 trillion yuan [3][4]. - Additional policies aim to enhance support for technology innovation, carbon reduction, and consumer services, while lowering the minimum down payment ratio for commercial property loans to 30% [2][3]. Group 2: Support for Private Enterprises - The newly established re-lending program for private enterprises will focus on supporting small and medium-sized private companies, with a total quota of 1 trillion yuan, which includes 500 billion yuan from existing funds and an additional 500 billion yuan [3][4]. - The PBOC aims to improve financing accessibility for medium-sized private enterprises, which have been relatively underserved compared to larger firms [3]. Group 3: Economic Outlook and Stability - The PBOC indicates that there is still room for further cuts in reserve requirement ratios and interest rates, with the current average reserve requirement ratio at 6.3% [6]. - The central bank emphasizes the importance of maintaining a stable currency and low financing costs to support economic recovery and growth [10]. - Recent data shows a positive trend in consumer prices, with the CPI rising by 0.8% year-on-year in December 2025, indicating a recovery in the price level [8].