Core Viewpoint - The People's Bank of China (PBOC) is implementing two main policy measures to support the high-quality development of the real economy, including lowering interest rates on structural monetary policy tools and enhancing support for economic structural transformation [1] Group 1: Monetary Policy Adjustments - The interest rates on 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% [2] - The quota for re-lending to support agriculture and small enterprises will be increased by 500 billion yuan, with a separate quota of 1 trillion yuan designated for private enterprises [2] - 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 [2] Group 2: Risk Management and Support Tools - A combined management of the previously established private enterprise bond financing support tool and technological innovation bond risk-sharing tool will provide 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 transitions [2] - The minimum down payment ratio for commercial property loans will be lowered to 30% to support the destocking of the commercial real estate market [3] Group 3: Financial Services Enhancement - Financial institutions are encouraged to enhance their foreign exchange risk management services by offering a variety of cost-effective and flexible foreign exchange risk management tools [3] - The related policy documents will be released soon, and these measures will be coordinated with fiscal policies to amplify their effectiveness in promoting effective domestic demand [3]

Core Viewpoint - The press conference highlighted the effectiveness of monetary and financial policies in supporting the high-quality development of the real economy in China, with a focus on the 2025 financial statistics and upcoming policy measures for 2026 [3][9]. Financial Performance - In 2025, the People's Bank of China (PBOC) implemented a moderately accommodative monetary policy, resulting in a significant increase in financial metrics. By the end of December 2025, the total social financing stock grew by 8.3% year-on-year, and the broad money supply (M2) increased by 8.5%, both outpacing nominal GDP growth [3][4]. - The balance of RMB loans reached 272 trillion yuan, with a year-on-year growth of 6.4%, and after adjusting for local government debt impacts, the growth rate was around 7% [3]. Financing Costs and Structure - The overall financing costs in society have decreased, with the average interest rate for newly issued corporate loans and personal housing loans around 3.1%, down by 2.5 and 2.6 percentage points respectively since the second half of 2018 [4]. - The financial structure has been optimized, with significant support for key areas such as technology innovation and consumption. Loans in sectors like technology, green finance, and digital economy have maintained double-digit growth, surpassing the overall loan growth rate [4]. Market Stability - The foreign exchange market has remained stable, with the RMB appreciating by 4.4% against the US dollar in 2025. The yield on 10-year government bonds stabilized around 1.8%-1.9% [5]. - The capital market has shown improved confidence, with active trading and a balanced supply-demand situation in the foreign exchange market [5]. Upcoming Policies - For 2026, the PBOC plans to continue implementing a moderately accommodative monetary policy, with measures including a 0.25 percentage point reduction in various structural monetary policy tool rates and increased support for small and private enterprises [6][7]. - Specific measures include raising the quotas for agricultural and small enterprise loans by 500 billion yuan and establishing a separate quota of 1 trillion yuan for private enterprises [7]. - Additional support will be provided for technology innovation and green projects, with the quota for related loans increased to 1.2 trillion yuan [7][8]. Foreign Exchange Management - The State Administration of Foreign Exchange (SAFE) has focused on maintaining a stable foreign exchange market and enhancing regulatory capabilities. In 2025, the foreign exchange market transaction volume reached a record 42.6 trillion USD, with a significant increase in cross-border transactions [9][10]. - The net inflow of cross-border funds in 2025 was 302.1 billion USD, with a surplus in bank foreign exchange settlements of 196.6 billion USD [11].

事实上，过去一年里，特朗普一直呼吁美联储大幅降息，以此提高住房可负担性、降低政府借贷成本，但这一诉求与美联储平衡通胀和就业的使命相悖。过 快降息可能引发通胀危机，这是鲍威尔及美联储决策团队不愿触碰的红线。特朗普政府对鲍威尔的态度，早已从舆论批评升级为法律施压。 此前，特朗普只是利用自身影响力批评鲍威尔，并"一厢情愿"希望其辞职。如今，政府动用联邦司法力量对付一位试图罢免的公职人员，这一行为被视为对 美联储独立性的直接挑战。鲍威尔此前可能考虑在今年5月主席任期结束后离开，但这场史无前例的法律攻击，反而可能激励他留任至2028年理事任期结 束。他要借此让特朗普失去提名继任者的机会，同时等待调查尘埃落定。 美联储主席鲍威尔与美国特朗普政府之间的矛盾彻底公开化。面对司法部发起的刑事调查，一直选择回避政治纷争的鲍威尔罕见强硬反击。这场围绕利率政 策的博弈，不仅牵动着美国货币政策走向，更直击全球金融体系基石——央行独立性的核心，引发全球央行、市场及企业界的高度关注。 调查风波：一场针对美联储独立性的"借口式"攻击 这场风波的导火索，是美国司法部对鲍威尔发起的刑事调查。司法部向鲍威尔发出大陪审团传票，并威胁提起刑事诉讼。调 ...

2026年1月15日（星期四）下午3时，国务院新闻办公室举行新闻发布会，中国人民银行新闻发言人、副行长邹 澜，国家外汇局新闻发言人、副局长李斌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。 央行：下调各类结构性货币政策工具利率0.25个百分点 央行：2025年货币金融政策支持实体经济的效果是明显的 人民银行新闻发言人、副行长邹澜1月15日在国新办新闻发布会上表示，从2025年全年金融数据看，货币金融 政策支持实体经济的效果是明显的，金融总量保持较快增长。2025年12月末，社会融资规模存量同比增 8.3%，广义货币（M2）供应量同比增8.5%，明显高于名义经济增速。信贷支持力度持续较强。 央行：债券等贷款以外融资方式占社融规模增量超50%，金融供给侧结构性改革成效显著 人民银行新闻发言人、副行长邹澜1月15日在国新办新闻发布会上表示，2025年社会融资规模增量中，债券等 贷款以外的融资方式占比已经超过50%，金融供给侧结构性改革成效显著。 央行：商业用房购房贷款最低首付比例下调至30% 人民银行新闻发言人、副行长邹澜1月15日在国新办新闻发布会上表示，会同金融监管总局将商业用房购房贷 款最低首付比例 ...

Core Viewpoint - The People's Bank of China (PBOC) announced a cumulative net injection of 6 trillion yuan through open market operations by 2025, which includes a net injection of 3.8 trillion yuan via reverse repos and a net purchase of 120 billion yuan in government bonds [1]. Group 1 - The PBOC is enhancing its monetary policy toolbox to better respond to market conditions and needs [1]. - The central bank is working on improving the pricing mechanism for basic currency injection and operational tools [1]. - There is an emphasis on increasing the transparency of monetary policy operations and information disclosure [1].

人民币贷款余额271.91万亿元，同比增长6.4%。 适度宽松的货币政策发力显效，有力支持实体经济稳定增长。 社会融资规模存量同比增长8.3% 初步统计，2025年末社会融资规模存量为442.12万亿元，同比增长8.3%。 其中，对实体经济发放的人民币贷款余额为268.4万亿元，同比增长6.3%；对实体经济发放的外币贷款 折合人民币余额为1.05万亿元，同比下降18%；委托贷款余额为11.35万亿元，同比增长1.3%；信托贷款 余额为4.67万亿元，同比增长8.6%；未贴现的银行承兑汇票余额为2.15万亿元，同比下降0.3%；企业债 券余额为34.24万亿元，同比增长6%；政府债券余额为94.92万亿元，同比增长17.1%；非金融企业境内 股票余额为12.2万亿元，同比增长4.1%。 从结构看，2025年末对实体经济发放的人民币贷款余额占同期社会融资规模存量的60.7%，同比低1.1个 百分点；对实体经济发放的外币贷款折合人民币余额占比0.2%，同比低0.1个百分点；委托贷款余额占 比2.6%，同比低0.1个百分点；信托贷款余额占比1.1%，同比持平；未贴现的银行承兑汇票余额占比 0.5%，同比持平；企业债券 ...

Core Viewpoint - The main theme of the speech is the necessity of timely reductions in reserve requirements and interest rates, complemented by proactive fiscal policies [1][3]. Group 1: Monetary Policy - The likelihood of a "small step" approach in monetary policy is high, as it requires a cautious attitude in the face of complex uncertainties [3]. - The transmission mechanism of monetary policy is complex and involves a longer path, with the central bank unable to precisely control each link in the chain [4]. - The central bank's toolbox for monetary policy is becoming increasingly rich, with various liquidity support tools and market operations being utilized to stabilize short-term market fluctuations [4][5]. Group 2: Reserve Requirement vs. Interest Rate - Reducing reserve requirements (RRR) is preferred over lowering interest rates, as RRR increases the funds available to commercial banks, aligning better with proactive fiscal policies [5][6]. - The majority of government bonds and local government debts are held by commercial banks, making RRR a more effective tool for ensuring efficient coordination between fiscal and monetary policies [5][6]. - Since 2016, the statutory reserve requirement ratio has been adjusted 23 times, all of which have been reductions, indicating a focus on liquidity release [7]. Group 3: Interest Rate Dynamics - There is still some room for interest rate reductions, but the foundation for sustained large-scale cuts is lacking due to low interest elasticity in consumption and investment [8][9]. - The current low inflation levels provide a basis for interest rate cuts, with CPI growth at 0.2% in 2024 and PPI experiencing negative growth for 39 consecutive months [9]. - The central bank's structural monetary policy tools are designed to optimize credit structure and support sectors like technology innovation and real estate, with a significant amount of funding allocated to these areas [9][10]. Group 4: Economic Outlook - The expectation is for a gradual reduction in reserve requirements and interest rates over the next two years, with the core goal being to guide the economy towards stability and improvement [10]. - The current economic situation is approaching a cyclical bottom, with prospects for gradual recovery, emphasizing the need for fiscal policy to take the lead while monetary policy supports this effort [10].

来源：中国金融信息网 新华财经北京1月15日电（记者 翟卓）2025年第四季度，除日本央行逆势加息外，全球主要央行宽松进程分化加剧，期间美联储等较大幅度降息，英国央行 等谨慎小幅降息、欧洲央行等则"按兵不动"，支持经济稳就业、通胀黏性以及正常化，成为影响各国货币政策走势的主要关键词。 步入2026年第一季度，受访人士预计，除传统指标外，各国的财政扩张程度以及央行货币政策独立性的潜在变化也值得关注，美联储或暂时放缓降息节奏， 新西兰联储或进一步降息，欧洲央行及日本、英国、瑞士等国央行或因不同原因而维持利率不变，新兴市场国家也将因为更大的增长和通胀差异而采取不同 策略。 日本央行逆势加息 美国及新西兰较大幅度降息 其余主要发达经济体央行中，为支持经济稳定就业，美联储及新西兰联储均选择连续开展两次降息，其中后者的累积降幅更是超过市场预期达到75个基点。 具体来看，在当地时间去年10月以及12月，受就业市场下行风险加剧等因素影响，美联储相继如期降息25个基点，为自2024年9月启动本轮宽松周期以来的 第五次、第六次降息，将联邦基金利率目标区间下调至3.50%至3.75%之间。 如在去年11月份，美国失业率达到4.6% ...

新华财经北京1月15日电韩国央行行长李昌镛15日就货币政策与外汇市场形势发表系列讲话，明确指 出：若试图通过政策利率手段稳定外汇市场，"利率必须上调约200至300个基点"，即从当前2.50%升至 4.5%–5.5%区间。 针对房地产市场，李昌镛重申："不认为仅靠更高的利率就能平息房价上涨"，暗示需依赖财政与监管等 非货币政策工具应对楼市风险。 在外汇干预方面，李昌镛透露，国民年金公团（NPS）近期已配合外汇当局开展对冲操作以稳定市场， 并感谢福利部协同合作。但他亦警告，散户投资者海外股票购买再度增加，叠加"韩国有很多人愿意借 出美元，但很少有人愿意出售"的结构性问题，加剧了本币贬值压力。 此外，李昌镛表示，若外汇市场持续不稳定，"韩国央行不会同意每年向美国流出200亿美元的投资资 金"，并称政府将于当日稍晚就美韩贸易协议及外汇市场发布联合声明。他呼吁采取"临时措施与长期解 决方案并重"的策略应对汇率波动，并强调"有必要改变市场对韩元将进一步贬值的预期"。 （文章来源：新华财经） 李昌镛的此番表态凸显韩元持续贬值对货币政策构成的潜在压力。 李昌镛强调，近期韩元兑美元汇率一度跌至1470，虽"远未反映韩国经济基 ...

Core Viewpoint - The People's Bank of China (PBOC) is continuing its policy of maintaining ample liquidity in the banking system through a series of reverse repo operations, with a significant operation of 900 billion yuan scheduled for January 15, 2026 [1][4]. Group 1: Reverse Repo Operations - On January 14, 2026, the PBOC announced a 900 billion yuan reverse repo operation with a term of 6 months, utilizing a fixed quantity, interest rate bidding, and multiple price levels [1]. - This operation marks the second reverse repo conducted by the PBOC in January, following an earlier operation of 1.1 trillion yuan for a 3-month term on January 8, 2026 [4]. - The PBOC has been increasing the amount of 6-month reverse repos for five consecutive months, indicating a sustained effort to inject medium-term liquidity into the market [4]. Group 2: Market Liquidity and Economic Context - The overall liquidity in January has remained stable, although there was a slight tightening mid-month due to the maturity of 6-month reverse repos and government bond issuance pressures [4]. - Analysts suggest that the PBOC's actions are aimed at ensuring liquidity around the reserve requirement payment date of January 15, which is a critical time for banks [4]. - The PBOC's operations are seen as a reflection of its commitment to a moderately accommodative monetary policy for 2026, supporting government bond issuance and encouraging financial institutions to increase credit supply [4][5]. Group 3: Future Monetary Policy Outlook - The PBOC is expected to continue using various monetary policy tools, including reverse repos and Medium-term Lending Facility (MLF), to maintain liquidity and support economic growth [5]. - The central bank's recent work meeting emphasized the need for flexible and efficient use of monetary policy tools to ensure liquidity remains ample and financing conditions are relatively loose [5][6]. - The monetary policy in 2026 aims to balance multiple objectives, including promoting economic growth and risk prevention, while supporting stability in employment, businesses, markets, and expectations [6].