央行出台八项金融政策：降准降息还有空间｜川观智库·金融研究院

Core Viewpoint - The People's Bank of China (PBOC) has introduced eight new financial policies aimed at supporting the high-quality development of the real economy, focusing on structural adjustments and precise support rather than short-term stimulus [1][2]. Group 1: Monetary Policy Adjustments - The PBOC announced a reduction of 0.25 percentage points in various structural monetary policy tool rates, with the one-year re-lending rate now at 1.25% [1]. - The new rates for agricultural and small business re-lending are set at 0.95%, 1.15%, and 1.25% for 3-month, 6-month, and 1-year terms respectively, while the re-discount rate is at 1.5% [1]. - There is still room for further interest rate cuts and reserve requirement ratio reductions, as the average reserve requirement ratio is currently at 6.3% [2]. Group 2: Support for Key Sectors - The PBOC will merge the quotas for agricultural and small business re-lending, increasing the re-lending quota by 500 billion yuan, with a dedicated quota of 1 trillion yuan for private enterprises [3]. - The quota for technology innovation and technological transformation re-lending has been raised from 800 billion yuan to 1.2 trillion yuan, expanding support to high R&D investment private SMEs [3]. - The minimum down payment ratio for commercial property loans has been lowered to 30%, aimed at promoting inventory reduction in the commercial real estate market [3]. Group 3: Focus on Structural Optimization - The policy adjustments target key weaknesses in the current economic operation, aiming to alleviate financing difficulties for private and small enterprises [4]. - The expansion of support for carbon reduction and service consumption reflects a strong emphasis on green transformation and the potential of service consumption to foster new growth drivers [4]. - The gradual implementation of these policies is expected to stabilize economic expectations and promote high-quality development [4].