年内首次结构性“降息”今日落地

Core Viewpoint - The People's Bank of China (PBOC) has implemented a structural interest rate cut, effective January 19, 2026, reducing the re-lending and re-discount rates by 0.25 percentage points, which aims to enhance credit support in key sectors and facilitate economic structural transformation [1]. Group 1 - The new rates for re-lending to support 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 re-discount rate is 1.5% and the mortgage supplementary loan rate is 1.75% [1]. - The PBOC plans to introduce eight policy measures to boost credit in key areas and strengthen the support of structural monetary policy tools, indicating that there is still room for further interest rate cuts and reserve requirement ratio (RRR) reductions this year [3][4]. - The current implicit lower limit for the RRR is around 5.0%, suggesting approximately 1.3 percentage points of potential RRR reduction, while the use of government bond trading operations can inject long-term liquidity into the banking system [3]. Group 2 - The PBOC's monetary policy tools are diverse, including RRR cuts, government bond trading, Medium-term Lending Facility (MLF), and reverse repos, which can help maintain a stable and ample liquidity environment in the market [3]. - The adjustments in commercial property loan down payment ratios to a minimum of 30% reflect the PBOC's ongoing efforts to stimulate the real estate market and support economic recovery [4].