Core Viewpoint - The People's Bank of China has decided to increase the quota for re-lending aimed at technological innovation and technological transformation by 400 billion yuan, bringing the total quota to 1.2 trillion yuan [1] Group 1: Policy Implementation - The increase in re-lending quota is part of the effort to implement the decisions made by the Central Committee and the State Council [1] - The policy aims to optimize the implementation of the "two new" policies, which focus on new technologies and new industries [1] Group 2: Support for Enterprises - Starting from 2026, private small and medium-sized enterprises (SMEs) with high levels of R&D investment will be included in the support scope of the re-lending policy for technological innovation and transformation [1]

Group 1 - The People's Bank of China announced an increase in the re-lending quota for technological innovation and technological transformation from 800 billion to 1.2 trillion yuan, adding 400 billion yuan [1] - The expanded support will now include private small and medium-sized enterprises with high levels of R&D investment [1]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the importance of government bond trading operations to stabilize the bond market and enhance macro-prudential management, preventing extreme market fluctuations [1] Group 1: Government Bond Issuance - The issuance of government bonds has increased significantly, with a projected issuance of 16 trillion yuan in 2025, resulting in a net increase of 6.6 trillion yuan, leading to an estimated year-end balance of approximately 40 trillion yuan [1] - Financial institutions, including banks and non-bank entities, hold a substantial portion of these bonds, with banks holding 27 trillion yuan, non-bank financial institutions holding 5 trillion yuan, and foreign institutions holding 2 trillion yuan [1] Group 2: PBOC's Bond Trading Operations - In 2025, the PBOC plans to repurchase government bonds and local government bonds through buyback operations, with a scale close to 7 trillion yuan, which is expected to enhance market liquidity for government bonds [1] - The PBOC paused bond buying operations at the beginning of 2025 due to a significant supply-demand imbalance in the bond market, resuming operations in the fourth quarter when market conditions stabilized [1] Group 3: Future Strategies - The PBOC will consider various factors, including the need for base currency issuance, supply-demand conditions in the bond market, and changes in the yield curve, to flexibly conduct government bond trading operations [1] - The aim is to maintain ample liquidity and create a favorable monetary and financial environment for the smooth issuance of government bonds [1]

开展国债买卖操作也有利于加强货币政策与财政政策的协同配合。近年来我国实施积极的财政政策，政 府债券发行在增多，2025年国债发行了16万亿元，全年净增6.6万亿元，年末余额大约是40万亿元，这 其中，银行、非银行金融机构、境外机构分别持有了27万亿元、5万亿元和2万亿元，银行等市场机构为 了改善资产配置、加强流动性管理，是持有国债的主力。在满足这些机构对国债资产配置需要的前提 下，人民银行买卖国债可以更好地保障国债以合理成本顺利发行。此外，2025年，人民银行通过买断形 式回购国债、地方政府债券的规模接近7万亿元，这对提高政府债券的市场流动性也发挥了重要作用。 国债买卖操作还有利于发挥国债收益率曲线定价基准作用，并丰富宏观审慎管理的手段，防止市场急涨 急跌的风险。2025年初，债券市场供不应求较为突出、市场风险有所累积，人民银行暂停了买债操作， 不与市场"抢"债；下半年后市场供求趋于平衡，人民银行在四季度恢复了操作，保障债市平稳运行。 下一步，人民银行将综合考虑基础货币投放需要、债券市场供求情况、收益率曲线形态变化等因素，灵 活开展国债买卖操作，与其他流动性工具一起，保持流动性充裕，为政府债顺利发行创造适宜的 ...

Core Viewpoint - The People's Bank of China aims to ensure ample market liquidity and stable short-term interest rates through significant net injections in open market operations by 2025, totaling 6 trillion yuan [1] Group 1: Market Operations - A total net injection of 6 trillion yuan is planned for open market operations by 2025, which includes a net injection of 3.8 trillion yuan through reverse repos and a net purchase of 120 billion yuan in government bonds [1] Group 2: Policy Measures - The People's Bank of China is advancing various reform measures to enhance the effectiveness of monetary policy tools, allowing for better adaptation to market conditions [1] - The central bank is focused on improving the pricing mechanism for basic currency issuance and operational tools, as well as enhancing the transparency of monetary policy operations [1]

文/北京青年报记者 蔺丽爽 编辑/周超 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%。 央行方面表示，此举是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。 ...

智通财经APP获悉，据央行官微1月15日消息，为贯彻落实党中央、国务院决策部署，优化"两新"政策 实施，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。适当拓展政策支持领域，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。 本文转载自微信公众号"中国人民银行"，智通财经编辑：徐文强。 ...

【纠错】 【责任编辑:施歌】 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%。（记者吴雨、任军） ...

邹澜介绍，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。具体包括以下几项： 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。 二是将支农支小再贷款与再贴现打通使用，增加额度，并单设民营企业再贷款。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。 1月15日下午，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。 中国人民银行新闻发言人、副行长邹澜在新闻发布会上表示，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，中国人民银行将按照党中央、国务院决策部署，加大逆周期和跨周期调节 力度，有效支持"十五五"开好局、起好步。 七是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%，支持推动商办房地产市场去库 存。 四是合并设 ...

邹澜宣布，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。 具体包括以下8项： 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，加大逆周期和跨周期调节力度，有效 支持"十五五"开好局、起好步。 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。 二是将支农支小再贷款与再贴现打通使用，增加额度，并单设民营企业再贷款，合并使用支农支小贷款与再贴现额 度，增加支农支小再贷款额度5000亿元，总额度中单设中小民营企业再贷款，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贷款额度从8000亿元增加4000亿 元至1.2万亿元，并将研发投资水平较高的民营中小企业纳入支持领域。 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 ...