结构性货币政策工具发力 央行将推出8项举措助力经济结构转型优化

Core Viewpoint - The People's Bank of China (PBOC) is implementing two main policy measures to support economic transformation and optimize the economic structure in response to current economic and financial conditions [1][3]. Group 1: Monetary Policy Adjustments - The PBOC will lower the interest rates of various structural monetary policy tools by 0.25 percentage points, reducing the one-year relending rate from 1.5% to 1.25% [3]. - The PBOC will merge the relending and rediscounting for agriculture and small enterprises, increasing the relending quota by 500 billion yuan, with a separate quota of 1 trillion yuan specifically for private enterprises [3]. - The quota for relending aimed at 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 [3]. Group 2: Support for Specific Sectors - The PBOC will combine the management of the previously established private enterprise bond financing support tool and the technological innovation bond risk-sharing tool, providing a total relending quota of 200 billion yuan [4]. - The support scope for carbon reduction tools will be expanded to include energy-saving renovations, green upgrades, and projects with low-carbon transformation effects [4]. - The support areas for service consumption and elderly care relending will be expanded to include the health industry based on health industry recognition standards [4]. 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 to support the destocking of the commercial real estate market [5]. - Financial institutions are encouraged to enhance their foreign exchange risk hedging services by providing cost-effective and flexible foreign exchange risk management tools [5]. - The PBOC will continue to increase liquidity and maintain ample liquidity to guide overnight rates to operate near policy rate levels [5].