Core Viewpoint - The People's Bank of China announced a 0.25 percentage point reduction in the re-lending and re-discount rates effective January 19, 2026, aimed at enhancing credit supply in key sectors and supporting economic structural transformation [1][2]. Group 1: Interest Rate Adjustments - The reduction in re-lending and re-discount rates will lower borrowing costs for banks, encouraging them to lend at lower rates to small and micro enterprises, technological innovation, and green transformation sectors [2][3]. - After the adjustment, the re-lending rates for 3-month, 6-month, and 1-year terms will be 0.95%, 1.15%, and 1.25% respectively, with the re-discount rate set at 1.5% [2]. Group 2: Structural Monetary Policy Tools - The central bank's structural monetary policy tools aim to guide financial institutions to increase support for major strategies, key sectors, and weak links, particularly where initial social funding willingness is low [3]. - The introduction of new structural monetary policy tools has covered various financial areas, including real estate and capital markets, enhancing support for targeted sectors [3]. Group 3: Future Monetary Policy Space - The People's Bank of China indicated that there is still room for further reductions in reserve requirements and interest rates, with the current average statutory deposit reserve ratio at 6.3% [4]. - The stability of the RMB exchange rate and the ongoing interest rate cuts in the US provide a favorable environment for potential rate reductions in China [4]. Group 4: Loan and Deposit Growth - In 2025, the total increase in RMB loans was 16.27 trillion yuan, with corporate loans accounting for 15.47 trillion yuan, and household loans increasing by 441.7 billion yuan [5]. - RMB deposits rose by 26.41 trillion yuan in 2025, with household deposits increasing by 14.64 trillion yuan [6]. Group 5: Money Supply and Financing Scale - As of December 2025, the broad money supply (M2) was 340.29 trillion yuan, reflecting an 8.5% year-on-year growth, while the narrow money supply (M1) was 115.51 trillion yuan, growing by 3.8% [7]. - The total social financing scale increased by 35.6 trillion yuan in 2025, surpassing the previous year's growth by 3.34 trillion yuan [7]. Group 6: Policy Measures for Economic Support - The People's Bank of China announced eight policy measures to enhance credit supply in key areas, including a 0.25 percentage point reduction in various structural monetary policy tool rates [8]. - Specific measures include increasing the re-lending quota for small and micro enterprises by 500 billion yuan and expanding the quota for technological innovation and transformation loans from 800 billion yuan to 1.2 trillion yuan [8][9]. - The central bank will also lower the minimum down payment ratio for commercial property loans to 30% and encourage financial institutions to improve foreign exchange risk management services [10].

1月15日，国新办举行新闻发布会，介绍货币金融政策支持实体经济高质量发展成效。中国人民银行副 行长邹澜在发布会上表示，根据当前经济金融形势需要，中国人民银行将先行推出两方面政策措施：一 方面是下调各类结构性货币政策工具利率，提高银行重点领域信贷投放的积极性；另一方面是完善结构 性工具并加大支持力度，进一步助力经济结构转型优化。 东方金诚首席宏观分析师王青表示，今年中国人民银行将优化用好各类结构性货币政策工具，着眼于做 好金融"五篇大文章"，引导金融资源更多支持科技创新、制造业转型升级、绿色发展、小微企业，以及 促消费、稳外贸等国民经济重点领域和薄弱环节。 八是鼓励金融机构提升汇率避险服务水平。丰富汇率避险产品，为企业提供成本合理、灵活有效的汇率 风险管理工具。 邹澜表示，以上相关措施的政策文件将于近日发布。按照国务院常务会议部署，在实施过程中，将与财 政贴息、担保和风险成本分担等财政政策协同配合，进一步放大政策效能，共同促进扩大有效内需。中 国人民银行还将继续加大流动性投放力度，灵活搭配公开市场操作各项工具，保持流动性充裕，引导隔 夜利率在政策利率水平附近运行。 将与财政政策协同配合 据邹澜在发布会上介绍，中 ...

Group 1 - The People's Bank of China will implement eight measures to enhance credit support in key areas, aiming to boost the economy's structural transformation and optimization [1] - The central bank plans to increase the support for structural monetary policy tools, focusing on carbon reduction and green transformation initiatives [3] - The one-year re-lending rate will be reduced from 1.5% to 1.25%, with other term rates adjusted accordingly [3] Group 2 - The total re-lending quota for supporting agriculture and small enterprises will be increased by 500 billion, with a specific quota of 1 trillion for private enterprises [3] - The re-lending quota for technological innovation and technological transformation will be raised from 800 billion to 1.2 trillion, including support for high R&D investment private SMEs [3] - Existing bond financing support tools for private enterprises and technology innovation will be merged, providing a total re-lending quota of 200 billion [3]

Core Viewpoint - The People's Bank of China (PBOC) is implementing monetary policy measures to support high-quality economic development, including a 0.25 percentage point reduction in various structural monetary policy tool rates to enhance bank lending in key areas [1][2]. Group 1: Policy Measures - The PBOC will lower the interest rates of various structural monetary policy tools by 0.25 percentage points, with the one-year re-lending rate decreasing from 1.5% to 1.25% [2]. - The new rates for re-lending and re-discounting will be 0.95%, 1.15%, and 1.25% for 3-month, 6-month, and 1-year terms respectively, with the re-discount rate set at 1.5% [2]. Group 2: Economic Impact - The reduction in rates aims to lower financing costs in specific sectors, encouraging banks to lend at lower rates to small and micro enterprises, technological innovation, and green transformation [4]. - The targeted approach of structural monetary policy tools is expected to improve the efficiency of fund utilization and enhance financial services for the real economy [4]. Group 3: Future Monetary Policy Outlook - There is still room for further reductions in the reserve requirement ratio, with the current average at 6.3%, indicating a potential decrease of about 1.3 percentage points [5][6]. - The PBOC is expected to maintain a moderately loose monetary policy, focusing on the integration of existing and new policies to create a conducive financial environment for stable economic growth [7][8].

Core Viewpoint - The People's Bank of China (PBOC) is implementing two main policy measures to support the economy, including lowering interest rates on various structural monetary policy tools and enhancing support for economic structural transformation [1]. Group 1: Monetary Policy Adjustments - The PBOC will lower the interest rates on various structural monetary policy tools by 0.25 percentage points, with the one-year re-lending rate decreasing from 1.5% to 1.25% [1]. - The PBOC will merge the quotas for agricultural and small enterprise re-lending and re-discounting, increasing the agricultural and small enterprise re-lending quota by 500 billion yuan, with a separate quota of 1 trillion yuan designated for private enterprises [1]. - The quota for re-lending aimed at technological innovation and technological transformation will be increased from 800 billion yuan to 1.2 trillion yuan, expanding support to private small and medium-sized enterprises with high R&D investment levels [1]. Group 2: Support for Specific Sectors - The PBOC will merge the management of the previously established private enterprise bond financing support tool and the technological innovation bond risk-sharing tool, providing a total re-lending quota of 200 billion yuan [1]. - The carbon reduction support tool will be expanded to include more projects with carbon reduction effects, guiding banks to support comprehensive green transformation [2]. - The support areas for service consumption and elderly care re-lending will be expanded to include the health industry, based on health industry recognition standards [2]. Group 3: Real Estate and Financial Services - The minimum down payment ratio for commercial property loans will be lowered to 30% in collaboration with the financial regulatory authority, supporting the destocking of the commercial real estate market [2]. - Financial institutions are encouraged to enhance their foreign exchange risk management services, providing enterprises with cost-effective and flexible foreign exchange risk management tools [2].

中国央行：今年降准降息还有一定空间 中新社北京1月15日电 (陶思阅)中国央行副行长邹澜15日在国务院新闻办公室举行的新闻发布会上表 示，今年降准降息还有一定空间。 来源：中国新闻网 编辑：陈俊明 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 2026年中国人民银行工作会议提出，灵活高效运用降准降息等多种货币政策工具。市场高度关注后续政 策走向。 邹澜在发布会上回答相关提问时说，从法定存款准备金率看，目前金融机构的法定存款准备金率平均为 6.3%，降准仍然有空间。 他表示，从政策利率来看，外部约束方面，目前人民币汇率比较稳定，美元处于降息通道，"总体来 看，汇率不构成很强的约束"。内部约束方面，2025年以来银行净息差已经出现企稳迹象，连续两个季 度保持在1.42%，2026年还有规模较大的三年期及五年期等长期存款到期重定价，中国央行也下调了各 项再贷款利率，有助于降低银行付息成本、稳定净息差，为降息创造一定空间。 "我 ...

邹澜表示，中央经济工作会议已经明确，2026年要继续实施适度宽松的货币政策。谈及降准降息，邹澜提到，从 今年看还有一定的空间。 王青称："综合2026年经济金融形势，我们判断在先行下调各类结构性货币政策工具利率0.25个百分点后，年内央 行有可能下调政策利率20-30个基点。"不过王青还提到，"十五五"期间央行致力于构建科学稳健的货币政策体 系。这意味着2026年货币政策不会大放大收，会坚持不搞大水漫灌，避免给将来留下隐患。由此，可以排除2026 年大幅度降息，以及实施大规模数量型宽松的可能。 截图自央行官网 在会上，中国人民银行货币政策司司长谢光启也提到，下阶段中国人民银行将进一步拓展服务消费与养老再贷款 的支持领域，同时适时把健康产业纳入服务消费与养老再贷款的支持领域。继续引导金融机构结合消费场景创新 产品和服务，重点支持住宿餐饮、文旅体育娱乐、养老托育、家政服务等与民生关联度很高的行业。 东方金诚首席宏观分析师王青告诉红星资本局，此次降息，将引导金融资源更多支持科技创新、制造业转型升 级、绿色发展、小微企业，以及促消费、稳外贸等国民经济重点领域和薄弱环节。今年央行将优化用好各类结构 性货币政策工具，总体 ...

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].

以2008年国际金融危机为例，美联储大幅释放流动性，希望商业银行扩大信贷投放，但商业银行因担忧风险而不愿配合，导致2014年美国商业银行超储率高 达20%，充分说明如果缺乏金融体系的配合，中央银行的货币政策目标难以实现。 图/ic 作者｜盛松成 中国首席经济学家论坛研究院院长、中欧国际工商学院教授 1月15日，中国人民银行新闻发言人、副行长邹澜在国新办新闻发布会上表示，下调各类结构性货币政策工具利率0.25个百分点。各类再贷款一年期利率从 目前的1.5%下调到1.25%，其他期限档次利率同步调整。 此次降息本身具备现实基础。一方面，物价水平偏低，实际利率水平相对偏高，为名义利率适度下调提供了条件。另一方面，外部环境相对可控。2025年美 联储累计降息75个基点，而我国此前政策利率调整幅度有限，此次降息属于顺势而为，并未对人民币汇率稳定形成明显冲击。 不过，笔者认为，我国并不具备持续、大幅降息的现实基础。原因在于我国消费和投资的利率弹性整体较低。从居民端看，即便存款利率下降，居民更多倾 向于将资金在存款、理财、股市之间进行再配置，而非显著增加消费支出；从企业端看，多数企业投资决策的核心考量是收益预期与风险判断， ...

将科技创新和技术改造再贷款额度从8000亿元提高至1.2万亿元，并将研发投入水平较高的民营中小企 业等纳入支持领域。 中国人民银行还拓展了两项结构性货币政策工具的支持领域，将节能改造、绿色升级、能源绿色低碳转 型项目纳入碳减排支持工具的支持领域，将健康产业纳入服务消费与养老再贷款的支持领域。 同时，为支持推动商办房地产市场去库存，将商业用房购房贷款最低首付比例下调至30%。 央视网消息（新闻联播）：今天（1月15日），国务院新闻办公室举行新闻发布会，中国人民银行相关 负责人介绍，2025年12月末，社会融资规模存量同比增长8.3%，广义货币供应量（M2）同比增长 8.5%，明显高于名义GDP增速。今年还将推出多项金融政策支持实体经济高质量发展。 为提高银行重点领域信贷投放积极性，在发布会上中国人民银行宣布，自2026年1月19日起，下调再贷 款、再贴现利率0.25个百分点。 为进一步助力经济结构优化，中国人民银行宣布将合并使用支农支小再贷款与再贴现额度，增加支农支 小再贷款额度5000亿元，总额度中单设1万亿元民营企业再贷款，重点支持中小民营企业。 ...