格林大华期货国债分析

Report Summary Core View - The central bank's decision on January 15, 2026, to cut the rediscount and relending rates is not a general - type interest rate cut. It aims to encourage commercial banks to lend to specific sectors through the structural monetary policy tool [1][3]. Key Information - Interest Rate Adjustment Details: Starting from January 19, 2026, the central bank will cut the relending and rediscount rates by 0.25 percentage points. After the cut, the 3 - month, 6 - month, and 1 - year relending rates for supporting agriculture and small businesses are 0.95%, 1.15%, and 1.25% respectively. The rediscount rate is 1.5%, the pledged supplementary lending rate is 1.75%, and the special structural monetary policy tool rate is 1.25% [3]. - Function of Structural Monetary Policy Tool: It is a targeted regulation system established by the central bank. It uses relending and incentive funds to guide financial institutions to precisely support key areas of the national economy. There are long - term and phased types, and it adopts a "lend first, borrow later" mechanism [3]. - Impact on Commercial Banks: After the adjustment, the 1 - year relending rate for supporting agriculture and small businesses is 1.25%, lower than the current 7 - day reverse repurchase rate in the open market (1.4%). This gives commercial banks a higher interest rate spread, motivating them to lend to specific sectors and achieving policy - oriented capital support [3]. - Impact on the Bond Market: After the news was released in the afternoon, the 10 - year Treasury bond futures briefly rose and then fell because this interest rate cut is not a general one [3].