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 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 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音频视频 | 市场动态 ...

央行在开年首场发布会上推出八项重磅政策措施，进一步助力经济结构转型优化。 央行在开年首场发布会上推出八项重磅政策措施，进一步助力经济结构转型优化。 1月15日，国新办举行货币金融政策支持实体经济高质量发展成效新闻发布会。央行副行长邹澜在发布 会上表示，根据当前经济金融形势需要，人民银行将先行推出两方面政策措施：首先，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；其次，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。 具体措施则包括，下调各类结构性货币政策工具利率0.25个百分点、设立专项民营企业再贷款额度1万 亿元、降低商用房最低首付比例至30%等八项举措。 邹澜表示，相关措施的政策文件将于近日发布，实施过程中将与财政贴息、担保和风险成本分担等财政 政策协同配合，进一步放大政策效能，共同促进扩大有效内需。央行还将继续加大流动性投放力度，灵 活搭配公开市场操作各项工具，保持流动性充裕，引导隔夜利率在政策利率水平附近运行。 降准降息仍有空间 对于降准降息的相关提问，邹澜也在发布会上明确表示，从今年看，降准降息还有一定空间。 结构性工具加量降价 利率下调、额度增加、范围扩容，结构性 ...

金融是国民经济的血脉。1月15日中国人民银行发布的数据显示，2025年全年新增贷款16.27万亿元。这背后是适度宽松的货币政策发力显效，企业和居民有 效信贷需求持续释放，为中国经济注入强劲活力。 2025年的金融成绩单亮点突出：全年社会融资规模增量累计为35.6万亿元，广义货币（M2）余额超340万亿元，人民币贷款余额超过270万亿元……一个个 总量数据展现出金融体系的坚实支撑，为提振内需、稳定经济蓄势赋能。 过去一年，货币政策精准发力：降低存款准备金率0.5个百分点，下调政策利率0.1个百分点，全面下调结构性货币政策工具利率0.25个百分点……一系列政 策措施落地见效，不仅促进社会融资规模和货币信贷合理增长，更带动贷款利率持续保持低位水平。 2025年12月，新发放企业贷款加权平均利率在3.1%左右，自2018年下半年下降了2.5个百分点。融资成本稳步走低，让更多企业"轻装上阵"，投身生产经 营、技术创新的底气更足。 这些亮眼数据的背后，是结构性货币政策工具不断优化完善。 增加科技创新和技术改造再贷款、支农支小再贷款额度；推出债券市场"科技板"，设立科技创新债券风险分担工具、服务消费与养老再贷款……2025 ...

Core Insights - The financial sector is crucial for the national economy, with the People's Bank of China reporting a total of 16.27 trillion yuan in new loans for 2025, reflecting the effectiveness of moderately loose monetary policies and sustained credit demand from businesses and households [1] - The total social financing increment for 2025 reached 35.6 trillion yuan, with broad money (M2) exceeding 340 trillion yuan and the RMB loan balance surpassing 270 trillion yuan, indicating a robust financial system supporting economic stability and internal demand [1] - Monetary policy measures included a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point cut in policy interest rates, contributing to a sustained low loan interest rate environment [1] Financial Performance - New corporate loans amounted to 15.47 trillion yuan in 2025, with over 90% of new loans directly addressing corporate needs, and more than half of these loans being medium to long-term, indicating a stable outlook for corporate financing [2] - Key sectors attracting significant credit include technology (11.5% growth), green initiatives (23%), inclusive finance (10.3%), elderly care (60.2%), and digital fields (14.6%), all surpassing the overall loan growth rate [2] Policy and Structural Changes - The optimization of structural monetary policy tools has led to increased support for technological innovation, agricultural financing, and small enterprises, alongside the introduction of a "technology board" in the bond market [4] - Continuous policy initiatives since 2025 have focused on enhancing financial services for high-quality economic development, with emerging industries like humanoid robotics and biomedicine gaining momentum [4] Economic Outlook - The People's Bank of China plans to maintain a moderately loose monetary policy in 2026, emphasizing counter-cyclical adjustments to stimulate domestic demand and optimize supply, thereby fostering stable economic growth and a favorable financial environment [4] - The ongoing improvement in financial support quality is expected to align financial supply with the high-quality development of the real economy, reinforcing the positive economic momentum [5]

Report Summary Core View - The central bank's decision on January 15, 2026, to cut the rediscount and relending rates is not a general - type interest rate cut. It aims to encourage commercial banks to lend to specific sectors through the structural monetary policy tool [1][3]. Key Information - **Interest Rate Adjustment Details**: Starting from January 19, 2026, the central bank will cut the relending and rediscount rates by 0.25 percentage points. After the cut, the 3 - month, 6 - month, and 1 - year relending rates for supporting agriculture and small businesses are 0.95%, 1.15%, and 1.25% respectively. The rediscount rate is 1.5%, the pledged supplementary lending rate is 1.75%, and the special structural monetary policy tool rate is 1.25% [3]. - **Function of Structural Monetary Policy Tool**: It is a targeted regulation system established by the central bank. It uses relending and incentive funds to guide financial institutions to precisely support key areas of the national economy. There are long - term and phased types, and it adopts a "lend first, borrow later" mechanism [3]. - **Impact on Commercial Banks**: After the adjustment, the 1 - year relending rate for supporting agriculture and small businesses is 1.25%, lower than the current 7 - day reverse repurchase rate in the open market (1.4%). This gives commercial banks a higher interest rate spread, motivating them to lend to specific sectors and achieving policy - oriented capital support [3]. - **Impact on the Bond Market**: After the news was released in the afternoon, the 10 - year Treasury bond futures briefly rose and then fell because this interest rate cut is not a general one [3].

2026.01. 15 本文字数：1203，阅读时长大约2分钟 作者 | 第一财经 杜川 央行重磅官宣，结构性货币政策工具降息落地。在2025年5月下调结构性货币政策利率0.25个百分点 之后，央行再次下调结构性货币政策利率0.25个百分点。 1月15日，央行副行长邹澜在国新办新闻发布会上称，根据当前经济金融形势需要，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。具体而言，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。 招联首席研究员董希淼对第一财经表示，此次降息之后，支农支小再贷款、科技创新与技术改造再贷 款、碳减排支持工具等多数结构性货币政策工具一年期利率从1.50%降至1.25%。结构性货币政策工 具利率下调，将直接降低银行从央行获取再贷款资金的成本，激励银行以更低的利率向小微企业、科 技创新、绿色转型等重点领域发放贷款，降低实体经济综合融资成本。 与全面降息不同，结构性政策工具 ...

Core Viewpoint - The People's Bank of China (PBOC) announced eight policies aimed at supporting high-quality development of the real economy, establishing a foundation for monetary policy implementation in 2026, with a focus on maintaining "moderately accommodative" monetary policy and promoting stable economic growth and reasonable price recovery [1][3]. Structural Monetary Policy Tools - The majority of the eight policies involve adjustments to structural monetary policy tools, including a 0.25 percentage point reduction in interest rates for various structural monetary policy tools, bringing the one-year interest rate for various relending facilities down from 1.5% to 1.25% [3][4]. - The policies include merging agricultural and small business relending with rediscounting, increasing the relending quota by 500 billion yuan, and establishing a separate relending quota of 1 trillion yuan specifically for private enterprises [3][4]. - The relending quota for technological innovation and technological transformation has been increased from 800 billion yuan to 1.2 trillion yuan, expanding the support scope to include high R&D investment private SMEs [3][4]. - A new risk-sharing tool for bonds issued by private enterprises and technological innovation has been established, providing a total relending quota of 200 billion yuan [3][4]. - The support scope for carbon reduction tools has been expanded to include energy-saving renovations and green upgrades [3][4]. Interest Rate and Reserve Requirement Adjustments - The PBOC indicated that there is still room for further reductions in reserve requirements and interest rates in 2026, with the current average reserve requirement ratio at 6.3% [6][7]. - The PBOC has previously lowered policy interest rates ten times since the second half of 2018, with the average interest rates for new corporate and personal housing loans at around 3.1% as of December 2025, reflecting a decline of 2.5 and 2.6 percentage points respectively since mid-2018 [6][7]. Coordination of Monetary and Fiscal Policies - The PBOC plans to resume open market operations for government bonds, which had been paused since early 2025, to enhance the coordination between monetary and fiscal policies [9][10]. - In 2025, the issuance of government bonds reached 16 trillion yuan, with a net increase of 6.6 trillion yuan, indicating a significant role for banks and financial institutions in holding government bonds [10][11]. Price Trends and Economic Outlook - The PBOC noted positive changes in price levels, with the Consumer Price Index (CPI) rising by 0.8% year-on-year as of December 2025, the highest level since March 2023 [12][13]. - The PBOC will continue to implement moderately accommodative monetary policy, focusing on promoting stable economic growth and reasonable price recovery [13][14].

Core Viewpoint - The press conference highlighted the Chinese government's commitment to maintaining a loose monetary policy to support stable economic growth, reasonable price recovery, and the promotion of consumption and private enterprises in the context of the 14th Five-Year Plan [1][7]. Group 1: Monetary Policy - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy in 2026, focusing on stabilizing growth and promoting reasonable price increases [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 has noted that the net interest margin for banks has stabilized at 1.42% for two consecutive quarters, which supports the possibility of interest rate cuts [3][4]. Group 2: Structural Policy Measures - The PBOC announced eight new measures aimed at optimizing 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][5]. Group 3: Exchange Rate Policy - The PBOC emphasized a stable exchange rate policy, asserting that the Chinese yuan will remain stable at a reasonable equilibrium level, with a dual floating mechanism expected to continue [6]. - Approximately 30% of foreign trade transactions are conducted in yuan, reducing the impact of exchange rate fluctuations on trade [6]. Group 4: Foreign Exchange Market Resilience - In 2025, the foreign exchange market transaction volume reached 42.6 trillion USD, with the foreign exchange hedging ratio for enterprises rising to 30%, both historical highs [6]. - The outlook for 2026 suggests a stable foreign exchange market with orderly cross-border capital flows and enhanced resilience [6]. Group 5: Consumer Support Policies - The PBOC plans to enhance financial support for service consumption, including expanding loan support for health and elderly care sectors [7]. - Policies will also focus on improving consumer financing capabilities and optimizing the consumer finance service environment [7]. Summary - The press conference conveyed a clear signal that the monetary and financial policies in the opening year of the 14th Five-Year Plan will maintain a loose stance, focusing on stabilizing total volume, optimizing structure, reducing costs, preventing risks, and promoting openness to support stable economic growth and high-quality development [7].

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]

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 ...