Core Viewpoint - The People's Bank of China (PBOC) is implementing two main policy measures to support the economy, including lowering interest rates on 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 establish a combined risk-sharing tool for bonds related to technological innovation and private enterprises, providing a total re-lending quota of 200 billion yuan [1] - The support areas for carbon reduction tools will be expanded to include energy-saving renovations and green upgrades, guiding banks to support comprehensive green transformation [2] - The PBOC will expand the support areas for service consumption and elderly care re-lending, incorporating the health industry into these sectors [2] Group 3: Real Estate and Financial Services - The minimum down payment ratio for commercial property loans will be reduced to 30% in collaboration with the financial regulatory authority, aimed at promoting inventory reduction in 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 tools for managing exchange rate risks [2]

【纠错】 【责任编辑:邱丽芳】 1月15日，国务院新闻办公室举行新闻发布会，介绍货币金融政策支持实体经济高质量发展成效， 并答记者问。中国人民银行新闻发言人、副行长邹澜介绍，中国的居民消费结构在不断优化升级。 新华社音视频部制作 ...

为更好发挥结构性货币政策工具的激励作用，引导金融机构加大对重大战略、重点领域和薄弱环节的支 持力度，中国人民银行决定：自2026年1月19日起，下调再贷款、再贴现利率0.25个百分点。下调后，3 个月、6个月和1年期支农支小再贷款利率分别为0.95%、1.15%和1.25%，再贴现利率为1.5%，抵押补充 贷款利率为1.75%，专项结构性货币政策工具利率为1.25%。 今天，国务院新闻办公室举行新闻发布会，介绍货币金融政策支持实体经济高质量发展成效，并答记者 问。 发布会上，中国人民银行新闻发言人、央行副行长邹澜宣布，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%，其他期限利率同步调整。 会上邹澜表示，将会同金融监管总局，将商业用房购房贷款最低首付比例下调至30%。 中国人民银行决定下调再贷款、再贴现利率 综合央视新闻 来源：新闻晨报 ...

Group 1: Monetary Policy Focus - The core focus of the monetary policy is to stabilize growth and promote reasonable price recovery, with room for interest rate cuts remaining [1][3] - The People's Bank of China (PBOC) plans to continue implementing a moderately accommodative monetary policy in 2026, enhancing counter-cyclical and cross-cyclical adjustments to support the "14th Five-Year Plan" [1][3] Group 2: Price Level and Inflation - Recent positive changes in China's price levels were highlighted, with the CPI rising by 0.8% year-on-year in December 2025, the highest since March 2023 [3] - The core CPI, excluding food and energy, increased by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months [3] Group 3: Structural Policy Measures - The PBOC introduced eight key measures to optimize economic structure, including a 0.25 percentage point reduction in various structural monetary policy tool rates [4][5] - Specific measures include increasing the quota for agricultural and small enterprise loans by 500 billion yuan and establishing a separate quota of 1 trillion yuan for private enterprise loans [4] Group 4: Exchange Rate Stability - The PBOC emphasized a clear and consistent exchange rate policy, maintaining the RMB's stability at a reasonable equilibrium level [6] - Factors supporting the RMB's stability include China's large market size, complete industrial chain, and ongoing domestic demand growth [6] Group 5: Foreign Exchange Market Resilience - In 2025, the foreign exchange market transaction volume reached 42.6 trillion USD, with the corporate foreign exchange hedging ratio rising to 30%, both historical highs [7] - The outlook for 2026 indicates a stable foreign exchange market with orderly cross-border capital flows [7] Group 6: Consumer Support Policies - The PBOC plans to enhance financial support for key service consumption sectors, including hospitality, tourism, and elderly care, through targeted loan policies [8] - Measures will also focus on improving residents' consumption capacity and optimizing consumer finance services [8]

1月15日，中国人民银行在国新办新闻发布会上送出"开年大礼包"。中国人民银行新闻发言人、副行长 邹澜在发布会上宣布八项重磅政策措施，进一步助力经济结构转型优化。 定向降息，今年降准降息还有空间 在1月15日国新办新闻发布会上，央行送出的首个政策礼包，是全面下调各类结构性货币政策工具利 率。邹澜宣布，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。 所谓结构性货币政策工具，即央行通过再贷款、再贴现等形式向银行体系定向提供资金的工具，目的是 引导金融机构加大对重点领域、重点行业和薄弱环节的信贷支持，例如支农支小再贷款、科技创新和技 术改造再贷款等。 邹澜介绍，2025年12月，国内新发放企业贷款加权平均利率和新发放个人住房贷款加权平均利率均为 3.1%左右，自2018年下半年以来，分别下降了2.5个百分点和2.6个百分点。 对于市场普遍关心的全面降准降息话题，邹澜表示，从今年看降准降息还有一定的空间。他分析称，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%，降准仍然还有空间。 降息方面，邹澜表示，在外部约束方面 ...

另外，中国人民银行还于当日宣布，增加支农支小再贷款额度5000亿元，将支农支小再贷款额度与再贴 现额度打通使用。在支农支小再贷款项下设立民营企业再贷款，额度1万亿元，引导地方法人金融机构 进一步聚焦重点，加力支持民营中小微企业。民营企业再贷款的期限、利率、发放方式等与现行支农支 小再贷款一致。 进一步做好科技金融大文章，中国人民银行决定增加科技创新和技术改造再贷款额度4000亿元。增加 后，科技创新和技术改造再贷款总额度为1.2万亿元。自2026年起，将研发投入水平较高的民营中小企 业纳入科技创新和技术改造再贷款政策支持领域。 此外，中国人民银行还决定，将节能改造、绿色升级、能源绿色低碳转型等具有直接碳减排效应的项目 纳入碳减排支持工具支持领域。碳减排支持工具按季操作，每次操作提供1年期再贷款资金，全年操作 量不超过8000亿元。（完） 新华社北京1月15日电（记者任军、吴雨）中国人民银行1月15日发布消息称，为更好发挥结构性货币政 策工具的激励作用，引导金融机构加大对重大战略、重点领域和薄弱环节的支持力度，决定自1月19日 起，下调再贷款、再贴现利率0.25个百分点。 下调后，3个月、6个月和1年期支农支小 ...

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Group 1: Monetary Policy and Economic Support - The People's Bank of China (PBOC) is implementing a moderately loose monetary policy to support stable economic growth and high-quality development, with a focus on both stock and incremental policy effects [4][7] - In 2025, the PBOC conducted a net injection of 6 trillion yuan through open market operations, including a net buy of government bonds amounting to 120 billion yuan [2] - The PBOC plans to continue using various monetary policy tools, including potential interest rate cuts and reserve requirement ratio (RRR) reductions, to maintain liquidity and support economic stability [4][5] Group 2: Government Bond Operations - The PBOC's operations in government bonds aim to enhance the pricing benchmark role of the yield curve and prevent market volatility, with a total issuance of 16 trillion yuan in government bonds in 2025 [2][3] - The PBOC's buyback operations have contributed to a government bond balance of nearly 7 trillion yuan, improving market liquidity [2][3] - The PBOC will flexibly conduct government bond operations based on market conditions and liquidity needs to ensure a conducive environment for government bond issuance [3] Group 3: Price Stability and Inflation Management - Recent data shows a positive trend in China's price levels, with the Consumer Price Index (CPI) rising by 0.8% year-on-year in December 2025, the highest since March 2023 [7] - The PBOC emphasizes the importance of maintaining a supportive monetary policy stance to promote reasonable price recovery and ensure that monetary supply growth aligns with economic growth and price expectations [7] - The PBOC will continue to monitor price trends closely and implement policies to foster a favorable monetary environment for price stability [7] Group 4: Exchange Rate Risk Management - There is an increasing awareness among enterprises regarding exchange rate fluctuations, with the scale of using foreign exchange derivatives for risk management exceeding 1.9 trillion USD in 2025, nearly doubling since 2020 [8] - The State Administration of Foreign Exchange (SAFE) plans to enhance services for enterprises in managing exchange rate risks, including promoting risk-neutral concepts and providing practical examples for hedging strategies [8] - SAFE aims to support compliant enterprises in conducting foreign exchange derivative transactions more conveniently, thereby improving their ability to hedge against exchange rate risks [8]

Core Viewpoint - The People's Bank of China (PBOC) is implementing two main policy measures to support economic transformation and optimization in response to the current economic and financial situation. These measures include lowering interest rates on various structural monetary policy tools and enhancing support through structural tools [1]. Group 1: Monetary Policy Adjustments - The PBOC will lower the interest rates on various structural monetary policy tools by 0.25 percentage points, reducing the one-year relending rate from 1.5% to 1.25% [1]. - The PBOC will increase the quota for agricultural and small enterprise relending by 500 billion yuan, with a separate quota of 1 trillion yuan designated for private enterprises [1]. Group 2: Support for Innovation and Technology - The relending quota for technological innovation and technological transformation will be increased from 800 billion yuan by 400 billion yuan to 1.2 trillion yuan, expanding the support to include private small and medium-sized enterprises with high R&D investment levels [1]. Group 3: Risk Management and Financial Support - The PBOC will merge the existing risk-sharing tools for bonds of private enterprises and technological innovation, providing a total relending quota of 200 billion yuan [1]. - The PBOC will expand the support areas for carbon reduction tools to include energy-saving renovations and green upgrades, guiding banks to support comprehensive green transformation [2]. - The minimum down payment ratio for commercial property loans will be lowered to 30% to support the destocking of commercial and real estate markets [2].

新华社北京1月15日电（记者吴雨、任军）中国人民银行副行长邹澜1月15日在国新办举行的新闻发布会 上介绍，根据当前经济金融形势需要，中国人民银行将推出八项政策措施，提高银行重点领域信贷投放 的积极性，加大结构性货币政策工具支持力度，进一步助力经济结构转型优化。 一是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。 二是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，总额度中单设一项民 营企业再贷款，额度1万亿元，重点支持中小民营企业。 三是增加科技创新和技术改造再贷款额度并扩大支持范围，将科技创新和技术改造再贷款额度从8000亿 元，增加4000亿元至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。 四是合并设立科技创新与民营企业债券风险分担工具，将此前已经设立的民营企业债券融资支持工具、 科技创新债券风险分担工具合并管理，合计提供再贷款额度2000亿元。 五是拓展碳减排支持工具的支持领域，纳入节能改造、绿色升级、能源绿色低碳转型等更多具有碳减排 效应的项目，引导银行支持全面绿色转型。 【 ...