Core Viewpoint - The press conference highlighted the Chinese government's commitment to maintaining a loose monetary policy in 2026, focusing on stabilizing growth, prices, and the exchange rate, while promoting consumption and supporting the private economy [1][9]. Monetary Policy - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy, with a focus on stabilizing economic growth and ensuring reasonable price recovery [1][3]. - There is still room for interest rate cuts, with the current average statutory deposit reserve ratio at 6.3%, indicating potential for further reductions [3][4]. - The PBOC aims to create a conducive monetary environment for price recovery through integrated policies [3][4]. Structural Measures - The PBOC announced eight key measures to optimize economic structure, including a 0.25 percentage point reduction in various structural monetary policy tool rates and an increase in the quota for agricultural and small business loans by 500 billion yuan [5]. - A dedicated quota of 1 trillion yuan will be set for loans to private enterprises, emphasizing support for small and medium-sized private businesses [5]. Exchange Rate Policy - The Chinese exchange rate policy remains clear and consistent, with a focus on maintaining stability at a reasonable level [6]. - Positive factors supporting the exchange rate include a large domestic market, complete industrial chains, and ongoing economic improvements [6]. - Approximately 60% of import and export trade is minimally affected by exchange rate fluctuations, with a growing trend towards using the yuan for cross-border trade settlements [6]. Foreign Exchange Market - 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 foreign exchange market is expected to operate steadily in 2026, with cross-border capital flows remaining orderly [7]. Consumer Support Policies - The PBOC will enhance financial support for key service consumption sectors, including hospitality, tourism, and elderly care, through targeted loan policies [8]. - Measures will be taken to improve residents' consumption capacity and support small businesses, alongside efforts to lower financing costs in the consumption sector [8]. - The PBOC aims to optimize the consumer finance service environment by enhancing payment services and improving the overall consumer finance landscape [8].

以下文章来源于金十财经 ，作者金十小金 金十财经 . 每日8点，为您呈上金融投资行业的国际动态、财经数据和市场观察。 最高法院将于下周三听取辩论，讨论特朗普应对美联储拥有多大的影响力，届时将审理关于美联储理事库克的案件。去年，特朗普曾因抵押 贷款欺诈指控试图解雇她。 确立美联储独立性的《联邦储备法》规定，总统只能因"正当理由"罢免美联储官员，这一理由通常被广泛解释为在职期间的渎职或失职。 如果最高法院站在特朗普一边，他和未来的美国总统将能够基本上随心所欲地罢免央行官员，从而破坏卡什卡利所描述的"美联储独立性的基 石"。 来源 | 金十财经 明尼阿波利斯联储主席卡什卡利表示，特朗普政府过去一年针对美联储的行动"实际上是关于货币政策的"。他在司法部主导的刑事调查启动 后，站出来为美联储主席鲍威尔辩护。 司法部于上周向美联储送达了大陪审团传票，这引发了鲍威尔的强力回击，后者发布了一段非同寻常的视频信息，指责政府试图利用美联储 华盛顿总部翻新相关的成本作为进行刑事调查的"借口"，以胁迫美联储降低借贷成本。 "过去一年事态的升级实际上是关于货币政策的，"卡什卡利在接受采访时表示。"我认为主席对此解释得非常准确。" 卡什 ...

Group 1 - The People's Bank of China (PBOC) announced 8 policy measures to support the optimization of economic structure transformation [1] - The interest rate for various structural monetary policy tools will be reduced by 0.25 percentage points, with the one-year re-lending rate decreasing from 1.5% to 1.25% [1] - The re-lending quota for supporting agriculture and small enterprises will be increased by 500 billion yuan, with a dedicated quota of 1 trillion yuan for private enterprises [1] Group 2 - The quota for re-lending for technological innovation and technological transformation will be increased from 800 billion yuan to 1.2 trillion yuan, including support for high R&D investment private SMEs [1] - The existing private enterprise bond financing support tool and technological innovation bond risk-sharing tool will be merged, 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] Group 3 - The minimum down payment ratio for commercial property loans will be lowered to 30% to support the destocking of the commercial real estate market [2] - Financial institutions are encouraged to enhance their foreign exchange risk hedging services, providing cost-effective and flexible tools for enterprises [2] - The PBOC will maintain liquidity and conduct flexible government bond trading operations alongside other liquidity tools [3] Group 4 - The PBOC sees room for further reserve requirement ratio (RRR) and interest rate cuts this year, aiming to keep social financing costs low [4] - The PBOC will focus on promoting stable economic growth and reasonable price recovery as key considerations for monetary policy [5] - The PBOC will further expand the support areas for service consumption and elderly care re-lending, including the health industry once recognized [6] Group 5 - The State Administration of Foreign Exchange (SAFE) anticipates stable operation of the foreign exchange market by 2026, with smooth cross-border capital flows [8] - SAFE will enhance monitoring of cross-border capital flows and improve macro-prudential management to maintain stability in the foreign exchange market [8] - New policies will be introduced to support enterprises in going global and developing foreign trade, including cross-border capital management for multinational companies [8] Group 6 - Further optimization of cross-border fund policies for Qualified Foreign Institutional Investors (QFII) will be researched, along with orderly issuance of investment quotas for Qualified Domestic Institutional Investors (QDII) [9] - Efforts will be made to simplify foreign exchange registration procedures for foreign direct investment, facilitating the use of investment funds [9] - The cross-border fund centralized operation management policy will be promoted nationwide for more medium-sized multinational companies [9]

Core Viewpoint - The People's Bank of China (PBOC) is set to implement a moderately accommodative monetary policy to support high-quality economic development, with specific measures aimed at enhancing credit flow to key sectors and facilitating economic structural transformation [2][3]. Group 1: Monetary Policy Measures - The PBOC will lower the interest rates of various structural monetary policy tools by 0.25 percentage points, reducing the one-year re-lending rate from 1.5% to 1.25% [2]. - The PBOC will merge the re-lending for agriculture and small enterprises with rediscounting, increasing the re-lending quota for agriculture and small enterprises by 500 billion yuan, with a separate quota of 1 trillion yuan specifically for private enterprises [2][3]. Group 2: Support for Innovation and Green Transition - The quota for re-lending aimed at technological innovation and transformation will be increased from 800 billion yuan to 1.2 trillion yuan, expanding support to high R&D investment private small and medium-sized enterprises [3]. - The PBOC will merge the existing private enterprise bond financing support tool and the technological innovation bond risk-sharing tool, providing a combined re-lending quota of 200 billion yuan [3]. Group 3: Additional Support Measures - The PBOC will expand the support areas for carbon reduction tools to include energy-saving renovations and green upgrades, encouraging banks to support comprehensive green transitions [3][4]. - The minimum down payment ratio for commercial property loans will be lowered to 30% to support the destocking of the commercial real estate market [4]. - Financial institutions will be encouraged to enhance foreign exchange risk management services, providing cost-effective and flexible tools for managing exchange rate risks [4].

来 源 | 综合券商中国、上证报等 | | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查统计 | 银行会计 | 支付体系 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 党建工作 | | | 服务互动 | 政务公开 | 政策假读 | 公告信息 | 图文直播 | 央行研究 | 音頻视频 | 市场动态 | 网上展厅 | 报告下载 | 报刊年鉴 | | | 网送文告 | 办事大厅 | 在线申报 | 下载中心 | 网上调查 | 意见征集 | 金融知识 | 关于我们 | | | | | | 2026年1月15日 星期四 我的位置:首页 > 沟通交流 > 新闻 | | | | | | | | | "再贷款"、"再贴现"利率，是指央行通过 ...

1月15日，在国新办新闻发布会上，央行副行长邹澜表示，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货币金融环境。 银行等市场机构是持有国债的主力。 中央金融工作会议要求，充实货币政策工具箱，在央行公开市场操作中逐步增加国债买卖。2024年8 月，央行正式启动国债买卖操作。 2025年初，10年期国债收益率一度跌破1.6%的历史低位，为抑制长债利率继续下行，2025年1月央行决 定阶段性暂停国债买卖操作，并表示后续"择机恢复"。 "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，我们暂停了买债操作，不 与市场'抢'债；下半年后市场供求趋于平衡，我们在四季度恢复了操作，保障债市平稳运行。"邹澜 称。 在2025年10月的金融街论坛上，央行行长潘功胜宣布将重启国债买卖。此后，央行于2025年10月、11 月、12月通过公开市场连续三个月开展国债买卖操作，分别净投放200亿 ...

文/刘佳 1月15日，在国新办新闻发布会上，中国人民银行新闻发言人、副行长邹澜表示，关于降准降息，从今 年看还有一定的空间。 四是做好预期引导，持续健全可置信、常态化、制度化的政策沟通机制，多元化多渠道做好政策解读与 信息公布，不断提升货币政策的透明度。 编辑：冯樱子 谈及2026年人民银行在落实中央经济工作会议的决策部署上，邹澜表示，继续实施适度宽松的货币政 策，发挥存量政策和增量政策的集成效应，加大逆周期和跨周期调节力度，为经济稳定增长和高质量发 展创造适宜的货币金融环境。具体来讲： 一是根据国内外经济金融形势和金融市场运行情况，把促进经济稳定增长、物价合理回升作为货币政策 的重要考量，灵活高效运用包括降准降息在内的多种政策工具，保持流动性充裕，保持社会融资条件相 对宽松，引导金融总量合理增长、信贷均衡投放，使社会融资规模、货币供应量增长同经济增长和价格 总水平预期目标相匹配。 二是发挥好货币政策总量和结构双重功能，加快落地近期推出的一系列结构性货币政策工具，引导金融 机构加力支持扩大内需、科技创新、中小微企业等重点领域，扎实做好金融"五篇大文章"。同时，加强 与财政政策协同发力，放大政策激励效能。 三是 ...

Group 1 - The core viewpoint of the article highlights the positive changes in China's price levels, indicating a recovery in the Consumer Price Index (CPI) and a narrowing decline in the Producer Price Index (PPI) [1][3] - As of December 2025, the CPI increased by 0.8% year-on-year, reaching the highest level since March 2023, while the core CPI, excluding food and energy, rose by 1.2% [3] - The PPI's year-on-year decline has narrowed by 1.7 percentage points from its low in July, with a continuous month-on-month increase for three consecutive months [3] Group 2 - The article notes significant price declines in certain categories, such as a 30% drop in pork prices and an 11.7% decrease in transportation prices, attributed to cyclical factors and market supply-demand dynamics [3] - Conversely, prices in education, culture, and entertainment rose by 3.6%, with tourism prices increasing by 14.4%, indicating an ongoing optimization of consumer spending patterns in China [3] - The People's Bank of China (PBOC) emphasizes the importance of maintaining a supportive monetary policy stance to foster economic stability and reasonable price recovery, aiming to create a conducive monetary environment for price increases [4]

分借款主体看，企（事）业单位贷款是信贷增长主体。2025年，企（事）业单位贷款增加15.47万亿 元，其中中长期贷款增加8.82万亿元，是企（事）业单位贷款增加的主要构成，表明金融持续为实体经 济提供稳定的资金来源。住户贷款增加4417亿元，经营贷款增长9380亿元，体现了金融机构持续加强对 个体工商户和小微企业主生产经营活动的支持力度。 闫先东表示，2025年以来，人民银行实施适度宽松货币政策，强化逆周期调节，综合运用多种货币政策 工具组合，服务实体经济高质量发展。从效果上看，2025年货币信贷呈现"总量增长，结构优化"的特 征。 信贷总量保持平稳增长。2025年末，金融机构人民币各项贷款余额271.91万亿元，同比增长6.4%；如果 还原地方专项债置换对贷款的影响，增速在7%左右。全年人民币各项贷款新增16.27万亿元，显示金融 体系对实体经济的信贷支持保持在较高水平。从结构上看，主要有以下特点： 1月15日，央行发布最新金融数据。2025年信贷总量和结构有何特点？其中金融"五篇大文章"领域融资 情况如何？对于2026年信贷增长有何预期？ 当天，在国务院新闻办公室举行的新闻发布会上，中国人民银行调查统计司 ...

Core Insights - Recent positive changes in China's price levels have been observed, with CPI rising by 0.8% year-on-year in December 2025, reaching the highest level since March 2023 [1] - The core CPI, excluding food and energy, increased by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months [1] - The PPI's year-on-year decline has narrowed by 1.7 percentage points from its low in July, with a month-on-month increase for three consecutive months [1] Price Structure Analysis - Among the eight categories of CPI, food and transportation have seen significant declines, with pork prices dropping by 30% and transportation costs decreasing by 11.7% since the beginning of 2023 [1] - Conversely, education, culture, and entertainment prices have risen by 3.6%, with tourism alone increasing by 14.4%, indicating an ongoing optimization and upgrading of consumer spending structures in China [1] Monetary Policy Outlook - The People's Bank of China has maintained a supportive monetary policy stance, ensuring ample liquidity and a significant growth in financial totals that outpace nominal GDP growth [2] - Moving forward, the central bank will prioritize promoting stable economic growth and reasonable price recovery as key considerations in its monetary policy, continuing to implement moderately accommodative policies to create a favorable monetary environment for price recovery [2]