结构性“降息”来了

Core Viewpoint - The People's Bank of China (PBOC) is implementing eight policy measures to enhance credit support in key areas, aiming to facilitate economic structural transformation and optimization. Group 1: Monetary Policy Adjustments - The PBOC has lowered the interest rates of various structural monetary policy tools by 0.25 percentage points, with the one-year relending rate reduced from 1.5% to 1.25% [1] - The PBOC has merged the agricultural and small enterprise relending with the rediscount quota, increasing the agricultural and small enterprise relending quota by 500 billion, with a total quota specifically for private enterprises set at 1 trillion [1] Group 2: Support for Innovation and Green Transition - The relending quota for technological innovation and technological transformation has been increased from 800 billion to 1.2 trillion, expanding the support to high R&D investment private small and medium-sized enterprises [2] - The PBOC has expanded the carbon reduction support tool to include more projects with carbon reduction effects, guiding banks to support comprehensive green transformation [2] Group 3: Financial Support for Consumption and Housing - The minimum down payment ratio for commercial property loans has been lowered to 30% in collaboration with the financial regulatory authority [3] - Financial institutions are encouraged to enhance foreign exchange risk management services, providing cost-effective and flexible tools for enterprises to manage exchange rate risks [3]