央行发布会：结构性降息来了！

Core Viewpoint - The central bank has introduced a series of monetary policy measures aimed at reducing the cost of obtaining policy funds for banks, encouraging them to lend more to key sectors such as small and micro enterprises, technological innovation, and green industries. However, it will take time for these measures to benefit the real economy [2]. Group 1: Monetary Policy Measures - The central bank announced a targeted interest rate cut of 0.25% for various structural monetary policy tools, with the one-year interest rate reduced from 1.50% to 1.25% [2][3]. - The measures include expanding the support scope and funding scale of structural policy tools and lowering the down payment ratio for commercial properties [3]. Group 2: Structural Monetary Policy Tools - Five structural monetary policy tools have been expanded to focus on supporting private enterprises, technology, green development, and consumption [7][12]. - Specific measures include increasing the quotas for agricultural and small enterprise loans, establishing a dedicated "re-loan for private enterprises," and enhancing support for technology innovation and transformation [8]. Group 3: Impact on Enterprises and Individuals - The cost of borrowing for banks has decreased, incentivizing them to offer cheaper loans to small and micro enterprises, technology companies, and farmers. While this does not directly lower mortgage or deposit rates, it signals a downward trend in loan rates [6][11]. - The central bank aims to create a favorable financial environment for consumption and domestic demand through structural tools that direct credit to consumption-related sectors [10]. Group 4: Future Monetary Policy Outlook - The central bank has indicated that 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%, which is above historical levels [13][14]. - The stability of the RMB exchange rate and the bank's profitability provide a conducive environment for potential future rate cuts [14].