Core Viewpoint - The People's Bank of China (PBOC) is implementing two main policy measures to support economic transformation and optimize the economic structure in response to current economic and financial conditions [1][3]. Group 1: Monetary Policy Adjustments - The PBOC will lower the interest rates of various structural monetary policy tools by 0.25 percentage points, reducing the one-year relending rate from 1.5% to 1.25% [3]. - The PBOC will merge the relending and rediscounting for agriculture and small enterprises, increasing the relending quota by 500 billion yuan, with a separate quota of 1 trillion yuan specifically for private enterprises [3]. - The quota for relending aimed at 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 [3]. Group 2: Support for Specific Sectors - The PBOC will combine the management of the previously established private enterprise bond financing support tool and the technological innovation bond risk-sharing tool, providing a total relending quota of 200 billion yuan [4]. - The support scope for carbon reduction tools will be expanded to include energy-saving renovations, green upgrades, and projects with low-carbon transformation effects [4]. - The support areas for service consumption and elderly care relending will be expanded to include the health industry based on health industry recognition standards [4]. Group 3: Real Estate and Financial Services - The minimum down payment ratio for commercial property loans will be lowered to 30% in collaboration with the financial regulatory authority to support the destocking of the commercial real estate market [5]. - Financial institutions are encouraged to enhance their foreign exchange risk hedging services by providing cost-effective and flexible foreign exchange risk management tools [5]. - The PBOC will continue to increase liquidity and maintain ample liquidity to guide overnight rates to operate near policy rate levels [5].

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 [1][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% [1] - The PBOC will merge the agricultural and small enterprise re-lending with re-discounting, increasing the re-lending quota for agricultural and small enterprises by 500 billion yuan, with a separate quota of 1 trillion yuan designated for private enterprises [1][2] - 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 high R&D investment private small and medium-sized enterprises [2] Group 2: Support Tools and Initiatives - The PBOC will merge the existing 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 carbon reduction support tool will be expanded to include more projects with carbon reduction effects, such as energy-efficient renovations and green upgrades [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 [2] Group 3: Coordination and Implementation - The related policy documents will be released soon, and the implementation will be coordinated with fiscal policies such as interest subsidies and risk cost sharing to enhance policy effectiveness [3] - The PBOC will continue to increase liquidity and maintain ample liquidity levels, guiding overnight interest rates to operate near policy rate levels [3]

Core Viewpoint - The People's Bank of China (PBOC) is implementing two main policy measures to support the economy, including lowering interest rates on various 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 merge the management of the previously established private enterprise bond financing support tool and the technological innovation bond risk-sharing tool, 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]. - The support areas for service consumption and elderly care re-lending will be expanded to include the health industry, based on health industry recognition standards [2]. Group 3: Real Estate and Financial Services - The minimum down payment ratio for commercial property loans will be lowered to 30% in collaboration with the financial regulatory authority, supporting the destocking of 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 foreign exchange risk management tools [2].

来源：央视新闻客户端 2026年1月15日，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的成 效，并发布了一系列新的政策措施。 推出八项政策措施 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。 5 拓展碳减排支持工具 2 增加支农支小再贷款额度 合并使用支农支小再贷款与再贴现额度，增加支农支小再贷款额度5000亿元，总额度中单设一项民营企 业再贷款，额度1万亿元，重点支持中小民营企业。 3 加大科技创新再贷款支持 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。 4 合并管理债券融资支持工具 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。 助力经济结构转型优化 为适应当前经济金融形势需要，进一步助力经济结构转型优化，发布会上，央行负责人宣布推出八项具 体政策措施： 1 下调结构性货币政策工具利率 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 ...

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。 中新社北京1月15日电 (陶思阅)中国央行副行长邹澜15日在国新办新闻发布会上表示，根据当前经济金 融形势需要，中国央行决定推出八项政策措施，提高银行重点领域信贷投放的积极性，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。 一是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。 二是将支农支小再贷款与再贴现打通使用，增加额度，并单设民营企业再贷款。合并使用支农支小再贷 款与再贴现额度，增加支农支小再贷款额度5000亿元(人民币，下同)，总额度中单设一项民营企业再贷 款，额度1万亿元，重点支持中小民营企业。 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 ...

Core Viewpoint - The People's Bank of China has announced multiple financial policies aimed at supporting the high-quality development of the real economy, responding to current economic and financial conditions. Group 1: Monetary Policy Adjustments - The interest rates of 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 aimed at 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 the technological innovation bond risk-sharing tool will provide a total re-lending quota of 200 billion yuan [2] - The support areas for carbon reduction 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, providing enterprises with cost-effective and flexible foreign exchange risk management tools [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 announced a reduction in the re-lending and rediscount rates by 0.25 percentage points, effective January 19, 2026, which will lower borrowing costs for banks and encourage credit allocation in key sectors, aiding economic structural transformation and optimization [1]. Group 1 - The reduction in rates will make it cheaper for banks to borrow from the People's Bank of China [1]. - This policy aims to enhance the enthusiasm for credit issuance in priority areas [1]. - The move is part of broader efforts to support economic restructuring and optimization [1].

Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately accommodative monetary policy until 2026, focusing on counter-cyclical and cross-cyclical adjustments to support the economy's development during the 14th Five-Year Plan period [1] Group 1: Monetary Policy Adjustments - The PBOC plans to lower the interest rates of various structural monetary policy tools by 0.25 percentage points, reducing the one-year relending rate from 1.5% to 1.25% [3] - The PBOC will merge the relending for agriculture and small enterprises with rediscounting, increasing the relending quota for agriculture and small enterprises by 500 billion yuan, with a separate quota of 1 trillion yuan specifically for private enterprises [3] - The quota for relending 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 [3] Group 2: Support for Specific Sectors - The PBOC will merge the existing private enterprise bond financing support tool and the technological innovation bond risk-sharing tool, providing a total relending quota of 200 billion yuan [4] - The carbon reduction support tool will be expanded to include more projects with carbon reduction effects, such as energy-saving renovations and green upgrades [4] - The support areas for service consumption and elderly care relending will be expanded to include the health industry, based on health industry recognition standards [5] Group 3: 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 [6] - Financial institutions will be encouraged to enhance their foreign exchange risk hedging services, providing enterprises with cost-effective and flexible foreign exchange risk management tools [7] - The PBOC will continue to increase liquidity and maintain ample liquidity levels, guiding overnight interest rates to operate near policy rate levels [7]

国务院新闻办公室今天下午举行新闻发布会，中国人民银行有关负责人介绍， 根据当前经济金融形势需要，人民银行将推出8项政策措施，进一步助 力经济结构转型优化。 1、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。 2、合并使用支农支小再贷款与再贴现额度，增加支农支小再贷款额度5000亿元，总额度中单设一项民营企业再贷款，额度1万亿元，重点支持中小 民营企业。 3、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。 4、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。 5、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。 6、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。 7、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 ...