21世纪经济报道记者张欣 "物价会持续上涨吗？"在CPI同比涨幅已连续多月徘徊于低位后，市场和公众对今年的物价走势格外关注。1月15日，在国新办 举行的新闻发布会上，中国人民银行新闻发言人、副行长邹澜对此作出了明确回应。 "近期，中国的物价水平已经出现了积极变化。"邹澜在回应中首先指出。他针对当前物价形势，详细阐述了最新数据特征、内 在结构变化以及下一阶段的政策思路。 中国宏观政策的协同效应也在不断强化，国内统一大市场纵深推进，新动能不断发展壮大，提振消费专项行动深入实施，这些 还会持续促进供给需求更好匹配，畅通实体经济循环，进一步提振市场信心，对物价继续产生积极影响。 人民银行一直密切关注物价走势。近年来坚持支持性的货币政策立场，保持流动性充裕，金融总量增长明显高于同期名义GDP 增速，而且持续的时间较长，累积的增长量也很大。下阶段，人民银行将认真落实好中央经济工作会议精神，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，继续实施好适度宽松的货币政策，发挥增量政策和存量政策集成效应，为推动 物价合理回升营造适宜的货币金融环境。 （邹澜，来源：国新办官网） 以下为记者提问与邹澜的完整回复： 问：中国 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 刚刚，央行接连发声！ 1月15日盘后， 中国人民银行官网 发布《 中国人民银行决定下调再贷款、再贴现利率 》公告。 央行表示， 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%。 | | | | 中国人民银行 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 200 | | 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 ...

Group 1 - The core viewpoint of the articles highlights the positive changes in China's price levels, with CPI rising by 0.8% year-on-year in December 2025, marking 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 Producer Price Index (PPI) has seen a reduction in its year-on-year decline by 1.7 percentage points compared to the low point in July, with a month-on-month increase for three consecutive months [1] Group 2 - The structure of consumer prices shows significant declines in food and transportation, with pork prices dropping by 30% and transportation tool prices decreasing by 11.7% since the beginning of 2023, influenced by cyclical factors and market supply-demand relationships [1] - Conversely, education, culture, and entertainment prices have risen by 3.6%, with tourism prices increasing by 14.4%, indicating an ongoing optimization and upgrading of China's consumer spending structure [1] - The People's Bank of China (PBOC) has maintained a supportive monetary policy stance, ensuring liquidity remains ample, with financial growth significantly outpacing nominal GDP growth over an extended period [2] Group 3 - The PBOC plans to implement a moderately accommodative monetary policy to promote stable economic growth and reasonable price recovery, aligning with the central economic work conference's spirit [2] - The integration of incremental and stock policy effects is emphasized to create a conducive monetary and financial environment for driving reasonable price recovery [2]

Group 1: Monetary Policy Adjustments - The People's Bank of China (PBOC) is implementing measures to support the real economy, including lowering the rates of structural monetary policy tools and expanding the quota for relending [1][2] - From January 19, 2026, the PBOC will reduce the rates of various structural monetary policy tools by 0.25 percentage points, with specific rates for different loan types [2] - The average reserve requirement ratio for financial institutions is currently 6.3%, indicating room for further reductions [2] Group 2: Economic Growth and Price Stability - The PBOC emphasizes promoting stable economic growth and reasonable price recovery as key considerations in monetary policy [3] - Recent positive changes in price levels and improved supply-demand matching are expected to boost market confidence [3] Group 3: Support for Technological Innovation - The quota for relending aimed at technological innovation and transformation will increase by 400 billion yuan, raising the total to 1.2 trillion yuan [4] - Starting in 2026, private small and medium-sized enterprises with high R&D investment will be included in the support scope [4] Group 4: Financial Support for SMEs - The PBOC will merge the quotas for agricultural and small business relending with the rediscount quota, adding 500 billion yuan for agricultural and small business relending, with a separate quota of 1 trillion yuan for small and medium-sized private enterprises [5] - This arrangement aims to enhance the flexibility and efficiency of policy tool usage, addressing financing difficulties for SMEs [5] Group 5: Financing Costs and Real Estate Support - The weighted average interest rate for new corporate loans and personal housing loans is approximately 3.1%, showing a significant decrease compared to 2018 [7] - The minimum down payment ratio for commercial property loans has been lowered to 30% to support reasonable financing needs in the real estate market [8] Group 6: Green Finance Initiatives - The PBOC will include projects with direct carbon reduction effects in its carbon reduction support tool, with an annual operation volume not exceeding 800 billion yuan [9] Group 7: Liquidity Management - The PBOC will flexibly conduct government bond trading operations to maintain liquidity and create a favorable monetary environment for government bond issuance [10] Group 8: Exchange Rate Stability - The PBOC reaffirms its commitment to a market-oriented exchange rate formation mechanism, maintaining the stability of the RMB at a reasonable equilibrium level [11] - The RMB exchange rate is expected to continue to fluctuate within a dual-directional range, influenced by various external factors [11]

Core Viewpoint - The People's Bank of China (PBOC) is implementing monetary policy measures to support high-quality development of the real economy, including interest rate cuts and enhanced structural tools to optimize economic transformation. Group 1: Monetary Policy Measures - The PBOC will lower various structural monetary policy tool rates by 0.25 percentage points, reducing the one-year re-lending rate from 1.5% to 1.25% [1] - The PBOC will merge agricultural and small enterprise re-lending with re-discounting, increasing the agricultural and small enterprise re-lending quota by 500 billion yuan, with a separate quota of 1 trillion yuan for private enterprises [1] - The quota for re-lending for technological innovation and technological 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 [1] Group 2: Additional Support Tools - The PBOC will merge the private enterprise bond financing support tool and the technological innovation bond risk-sharing tool, providing a total re-lending quota of 200 billion yuan [2] - The scope of carbon reduction support 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 health industry standards into the support framework [2] Group 3: Financial Institution Support - Financial institutions are encouraged to enhance foreign exchange risk hedging services, providing cost-effective and flexible foreign exchange risk management tools for enterprises [4] - The minimum down payment ratio for commercial property loans will be reduced to 30% to support the commercial real estate market [2] Group 4: Future Monetary Policy Outlook - There is still room for further cuts in reserve requirement ratios and interest rates, with the average reserve requirement ratio currently at 6.3% [5] - The PBOC indicates that the stability of the RMB exchange rate and the current interest rate environment provide a favorable backdrop for potential rate cuts [5]

【白银期货最新行情】 美联储——①卡什卡利：特朗普的威胁实际是货币政策问题，一月份没有降息的必要。②保尔森：今年 晚些时候小幅降息可能较为合适。③褐皮书：有八个地区的整体经济活动以小幅至温和的速度增长，三 个地区报告无变化，一个地区报告温和下降。④共和党人士：鲍威尔可能缺席一年两度的国会听证会。 ⑤博斯蒂克称控制通胀的挑战尚未取得胜利，需继续采取限制性政策。⑥米兰批评外国央行决策者为鲍 威尔辩护不恰当。 数据——美国11月PPI环比略微上涨；零售销售增长超出预期。去年三季度录得2023年第二季度以来最 小贸易逆差。 伊朗局势——①特朗普称已被告知伊朗的"杀戮"正在停止，也没有处决计划。②美国官员称美国正从中 东多个主要基地撤出人员。③英媒：特朗普政府已获50个伊朗高价值军事目标清单。④伊朗革命卫队称 已达最高战备状态，导弹库存已增加。⑤美侦察机沿伊朗边界飞行。⑥多国敦促其公民离开伊朗。 【机构观点】 A股融资保证金比例再提高，日内银价大幅波动，金属继续全面走高，银价继续大幅上涨。沪银溢价继 续扩大至2800元/克，国内情绪季度高涨。地缘担忧，情绪高涨，银价依旧偏强，但高位风险持续累 积，谨慎操作。沪银2604 ...

Core Viewpoint - The People's Bank of China (PBOC) has lowered the interest rates of various structural monetary policy tools by 0.25 percentage points, with the one-year rate for relending now at 1.25%, aimed at supporting economic transformation and optimization [1] Group 1: Monetary Policy Adjustments - The recent interest rate cut is the second reduction since May 2025, reflecting a commitment to flexible and effective monetary policy tools [1] - The rate for most structural monetary policy tools, including those for agriculture and small enterprises, has decreased from 1.50% to 1.25% [1] Group 2: Economic Support and Efficiency - The reduction in structural monetary policy tool rates is expected to lower financing costs in specific sectors, encouraging banks to lend at lower rates to small and micro enterprises, technology innovation, and green transformation [1][2] - The targeted nature of structural policy tool rate cuts allows for more precise allocation of credit resources to weak links and key areas, enhancing the efficiency of fund utilization [2] Group 3: Policy Signals and Future Directions - The interest rate cut sends a clear signal of the government's commitment to financial support for specific industries, which may boost business confidence and stabilize market expectations [4] - The PBOC's recent work meeting emphasized the importance of maintaining a moderately loose monetary policy, with a focus on stabilizing economic growth and ensuring reasonable price recovery [4] - Future monetary policy will prioritize the integration of existing policies and enhance the efficiency of current measures rather than simply increasing them [5] Group 4: Specific Measures and Support - The PBOC plans to 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 [5] - The quota for technology innovation and technical transformation relending will be increased from 800 billion yuan to 1.2 trillion yuan, expanding the support scope to include high R&D investment private small and medium enterprises [5] - The PBOC will merge existing risk-sharing tools for technology innovation and private enterprise bonds, providing a total relending quota of 200 billion yuan [6]

Core Viewpoint - The central economic work conference has reiterated the implementation of a moderately loose monetary policy, emphasizing the flexible and efficient use of various policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions, indicating potential space for further easing measures [1][4]. Monetary Policy Signals - The new phrasing of "flexible and efficient" suggests that if necessary, the central bank will adjust the intensity, rhythm, and timing of policy implementation based on domestic and international economic conditions, indicating that there is still room for RRR cuts and interest rate reductions [4]. - RRR and interest rate cuts are not the only options for maintaining liquidity; other quantitative adjustment tools can be utilized, and structural monetary policy tools can be optimized to lower overall financing costs [5]. Policy Effectiveness and Adjustments - The actual easing measures in 2025 appear to be less aggressive than in 2024, with only one RRR cut of 50 basis points compared to two cuts totaling 100 basis points the previous year, and a single interest rate reduction of 10 basis points [6][7]. - Despite the lower intensity of easing, the effects of counter-cyclical adjustments are gradually becoming evident, with a net monetary injection of 591.6 billion yuan in the first eleven months of the year, compared to a net withdrawal of 3.09 trillion yuan in the same period last year [7]. Yield Trends and Financing Costs - The 10-year government bond yield has rebounded by 16 basis points despite the shift to a moderately loose monetary policy, primarily due to the market's previous overreaction to anticipated easing [8]. - However, the overall financing costs have decreased, with new corporate and personal housing loan rates dropping by approximately 40 and 25 basis points year-on-year, respectively [8]. Policy Coordination - The emphasis on enhancing policy "coordination" reflects a shift towards integrating various economic policies, including fiscal and monetary measures, to foster a consumption-driven economic growth model [9][10]. - The central economic work conference has highlighted the need for consistency in macroeconomic policy orientation, ensuring that both existing and new policies work together to stabilize employment, businesses, and market expectations [10]. Future Monetary Policy Directions - The central economic work conference and the central bank's quarterly meeting have called for increased counter-cyclical and cross-cyclical adjustments, balancing short-term and long-term economic needs [11][12]. - The focus for 2026 will include structural support, risk prevention, and the establishment of a robust monetary policy framework, alongside measures to enhance financial market stability and manage systemic risks [14][15].

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]

六是拓展服务消费与养老再贷款的支持领域。结合健康产业认定标准，适时在服务消费与养老再贷款的 支持领域中纳入健康产业。 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。 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。 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。中国人民银行新 闻发言人、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 ...