今日起，再贷款、再贴现利率正式下调！

Core Viewpoint - The People's Bank of China (PBOC) is implementing a series of monetary policy measures, including a 0.25 percentage point reduction in re-lending and rediscount rates, effective January 19, 2026, indicating a moderate easing of monetary policy aimed at supporting emerging industries and sectors with weak recovery [1][6]. Group 1: Monetary Policy Adjustments - The PBOC's recent measures align with the policy direction set during the Central Economic Work Conference at the end of last year, focusing on structural adjustments and supporting new industries [1][6]. - The total amount of various re-lending and support tools introduced by the PBOC exceeds 8 trillion yuan, which is expected to improve liquidity in the real economy and reduce financing costs for banks and enterprises [1][6]. Group 2: Specific Rate Changes - After the rate cut, the new re-lending rates for supporting agriculture and small enterprises are set at 0.95% for 3 months, 1.15% for 6 months, and 1.25% for 1 year, while the rediscount rate is 1.5% and the mortgage supplementary loan rate is 1.75% [1][6]. - The rate for the special structural monetary policy tool will be reduced to 1.25%, which is lower than the current 7-day reverse repurchase rate, providing a more stable funding source for banks [2][7]. Group 3: Structural Policy Enhancements - The PBOC has announced a package of structural monetary policy upgrades, including increasing the quota for re-lending and rediscounting by 500 billion yuan, establishing a dedicated re-lending facility for private enterprises with a quota of 1 trillion yuan, and expanding the support range for various tools [3][8]. - These measures are expected to enhance the effectiveness of monetary policy, stimulate credit growth in key sectors such as small and micro enterprises, technological innovation, and green transformation, thereby aiding economic structural optimization [2][3][8]. Group 4: Future Outlook - Experts anticipate that in 2026, the PBOC will flexibly utilize various monetary policy tools, including reserve requirement ratio (RRR) cuts and interest rate reductions, to maintain ample liquidity and achieve multiple objectives such as stable growth and balanced economic conditions [4][9]. - The focus will be on optimizing new credit while revitalizing existing credit, combining counter-cyclical and cross-cyclical adjustments to maintain supply-demand balance and structural optimization [3][4][9].