央行开年即送货币金融政策大礼包支持实体经济！其中4项具体举措昨晚落地 今年降准降息还有空间

Core Viewpoint - The People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) announced a series of monetary policies aimed at supporting high-quality development of the real economy, including interest rate cuts and adjustments to loan requirements for commercial properties [1][10]. Group 1: Monetary Policy Measures - The PBOC introduced eight specific monetary policy measures, including lowering the rates of structural monetary policy tools and reducing the minimum down payment ratio for commercial property loans [1][10]. - A 0.25 percentage point reduction in various structural monetary policy tool rates was announced, with the one-year re-lending rate decreasing from 1.5% to 1.25% [2][11]. - The PBOC will increase the quota for agricultural and small business re-lending by 500 billion yuan and establish a separate re-lending quota of 1 trillion yuan for private enterprises [2][11]. - The quota for re-lending for 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 SMEs [2][11]. Group 2: Support for Specific Sectors - The PBOC will merge the existing private enterprise bond financing support tool and the technological innovation bond risk-sharing tool, providing a total re-lending quota of 200 billion yuan [3][12]. - The scope of carbon reduction support tools will be expanded to include energy-saving renovations and green upgrades, guiding banks to support comprehensive green transitions [3][12]. - The minimum down payment ratio for commercial property loans will be lowered to 30% to support the commercial real estate market [3][12]. Group 3: Future Monetary Policy Outlook - The PBOC indicated that there is still room for further cuts in reserve requirement ratios and interest rates, with the average reserve requirement ratio currently at 6.3% [4][14]. - The PBOC plans to maintain liquidity and promote low financing costs through various measures, including transparent loan cost disclosures [4][14]. - The PBOC will flexibly conduct government bond trading operations to ensure a suitable monetary environment for government bond issuance [6][15]. Group 4: Exchange Rate and Foreign Exchange Market - The RMB is expected to continue to fluctuate within a dual-directional range, maintaining elasticity, with recent appreciation against the USD due to improved Sino-US trade relations [7][16]. - The foreign exchange market in China has seen record trading volumes, with a significant increase in the hedging ratio for enterprises, reaching 30% in 2025 [8][17]. - The SAFE will continue to enhance monitoring of cross-border capital flows and improve macro-prudential management to maintain stability in the foreign exchange market [8][17].