Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately accommodative monetary policy through 2026, focusing on counter-cyclical and cross-cyclical adjustments to support economic growth and structural transformation [1] Summary by Sections Monetary Policy Adjustments - The PBOC will lower the interest rates of various structural monetary policy tools by 0.25 percentage points, with the one-year re-lending rate decreasing from 1.5% to 1.25% [2] - The PBOC will enhance the use of re-lending and rediscounting for agriculture and small enterprises, increasing the re-lending quota for agriculture and small enterprises by 500 billion yuan, with a separate quota of 1 trillion yuan for private enterprises [2] Support for Innovation and Technology - 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 [2] - A combined risk-sharing tool for bonds related to technological innovation and private enterprises will be established, providing a total re-lending quota of 200 billion yuan [2] Environmental and Consumer Support - The PBOC will expand the support areas for carbon reduction tools to include energy-saving renovations and green upgrades, guiding banks to support comprehensive green transitions [2] - The support areas for re-lending related to service consumption and elderly care will be expanded to include the health industry, based on health industry recognition standards [2] Real Estate and Financial Services - 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] - Financial institutions will be encouraged to enhance foreign exchange risk management services, providing cost-effective and flexible tools for managing exchange rate risks [3] Implementation and Coordination - Relevant policy documents will be released soon, and the implementation will be coordinated with fiscal policies such as interest subsidies and risk cost sharing to amplify policy effectiveness [3] - The PBOC will continue to increase liquidity and maintain ample liquidity levels, guiding overnight rates to operate near policy rate levels [3]