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、副行长邹澜重磅宣布八项政策，为2026开年货币政策实施奠基。与此同时，邹澜就降准降息等总量政 策、恢复国债买卖、当前物价走势等进行解释与预测。整体来看，2026年货币政策将继续以"适度宽松"为基 调，把促进经济稳定增长、物价合理回升作为重要考量，保持流动性合理充裕，同时各类结构性货币政策工 具精准发力。 结构性工具：降利率、增额度、合并整理 八项政策中，多数为针对结构性货币政策工具的调整，包括降利率、增额度、合并整理。 具体来看，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，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。 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 ...

围绕部分政策措施以及本场发布会释放的信息，风口财经记者采访了招联首席研究员董希淼、东方金诚 首席宏观分析师王青。 精准"滴灌"支持实体经济 国务院新闻办公室于2026年1月15日（星期四）下午3时举行新闻发布会，请中国人民银行（简称"央 行"）新闻发言人、副行长邹澜，国家外汇管理局新闻发言人、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。 邹澜在会上表示，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。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型优化。包括下调各类结构性货币政策工具利率0.25个百分点；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；增加科技创新和技术改造再贷款 额度并扩大支持范围等八项措施。 邹澜表示，以上相关措施的政策文件将于近日发布。按照国务院常务会议部署，在实施过程中，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。 图片来源：国新办网站 风口财经：在2025年5月下调结构性货币政策利率0. ...

1、央行：下调各类结构性货币政策工具利率0.25个百分点 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，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降至1.25%，其他期限档次利率同步调整。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。 2、中国人民银行决定下调再贷款、再贴现利率 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%。 3、中国人民银行新闻发言人、副行长邹澜：人民银行将先行推出两方面政策措施 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。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型优化。具体包括以下几项：一是下调各类 ...

Core Viewpoint - The central bank's announcement of a structural interest rate cut of 0.25 percentage points and signals of potential further monetary easing have created mixed reactions in the bond market, with long-term bond yields experiencing volatility despite the positive news [1][4]. Group 1: Monetary Policy Actions - The central bank has introduced a package of policies, including a 0.25 percentage point reduction in various structural monetary policy tools and a reduction in the minimum down payment ratio for commercial housing loans to 30% [4]. - The average statutory deposit reserve ratio for financial institutions is currently 6.3%, indicating room for further reserve requirement cuts [4]. - The central bank emphasized that there is still space for both reserve requirement and interest rate cuts this year, which aligns with market expectations [2][4]. Group 2: Bond Market Reactions - Following the central bank's announcement, the yields on long-term bonds initially fell but then rose again, indicating a lack of strong bullish sentiment in the market [2][3]. - The 10-year government bond yield dropped from around 1.85% to 1.835% before rising back to 1.8555%, while the 30-year bond yield fluctuated similarly [2]. - The bond futures market also showed significant volatility, with most contracts closing higher, although the 30-year contract saw a slight decline [3]. Group 3: Market Dynamics and Expectations - Since the beginning of the year, long-term bond yields have continued a downward trend, with the 10-year bond yield approaching 1.9% and the 30-year bond yield exceeding 2.3% [3]. - Analysts suggest that the bond market is likely to remain volatile in the short term due to mixed signals regarding macroeconomic policy and a lack of clear bullish factors [3][4]. - The central bank's approach to bond buying is seen as a means to maintain liquidity and support the issuance of government bonds, with a focus on balancing monetary and fiscal policies [6][7]. Group 4: Government Bond Issuance - In 2025, the government issued 16 trillion yuan in bonds, with a net increase of 6.6 trillion yuan, resulting in a year-end balance of approximately 40 trillion yuan [6]. - The central bank's bond buying operations are intended to ensure that government bonds are issued at reasonable costs while enhancing market liquidity [7]. - The central bank's bond buying strategy is also aimed at stabilizing the yield curve and preventing excessive market fluctuations [7].

【纠错】 【责任编辑:胡蓉】 新华社音视频部制作 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成效，并答 记者问。中国人民银行新闻发言人、副行长邹澜介绍，关于降准降息，从今年看还有一定的空间。 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing monetary policy measures to support high-quality economic development, including lowering interest rates on structural monetary policy tools and enhancing support for economic restructuring [1][2]. Group 1: Monetary Policy Measures - The PBOC plans to lower interest rates on various structural monetary policy tools to encourage bank lending in key areas [1]. - The central bank aims to improve the structure of these tools and increase support to facilitate economic transformation and optimization [1]. - In 2025, the PBOC will restore operations for buying and selling government bonds in the open market, with considerations for market conditions influencing the scale of operations [1][2]. Group 2: Government Bond Issuance - In 2025, the total issuance of government bonds reached 16 trillion yuan, with a net increase of 6.6 trillion yuan, resulting in an end-of-year balance of approximately 40 trillion yuan [3][4]. - Financial institutions, including banks and non-bank financial entities, hold significant portions of these bonds, with banks holding 27 trillion yuan [4]. - The PBOC's bond buying operations are intended to ensure the smooth issuance of government bonds at reasonable costs while enhancing market liquidity [4]. Group 3: Interest Rate Adjustments - There is still room for further reductions in the reserve requirement ratio (RRR) and interest rates, with the current average RRR at 6.3% [5]. - The PBOC has noted that the stability of the RMB exchange rate and the ongoing interest rate cuts in the US provide a favorable environment for potential rate cuts [5]. - Measures are being taken to lower the overall financing costs for businesses, including promoting transparency in loan costs and reducing intermediary fees [5].

1月15日，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、副局长李斌等 介绍了2025年货币金融政策支持实体经济高质量发展的成效，并透露了2026年政策发力方向。 本次发布会信息量巨大，核心聚焦稳增长、稳物价、稳汇率、促消费、支持民营经济等多个关键议题。"十五五"开局之年的政 策基调与工具箱已清晰呈现。以下为本报记者梳理的发布会核心要点： 一、货币政策明确发力：稳增长、促物价是首要考量，降息还有一定空间 "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"。邹澜表示，2026年要继续实施适度宽松的货币政策，人民银 行将按照党中央、国务院决策部署，加大逆周期和跨周期调节力度，有效支持"十五五"开好局、起好步。 在备受关注的物价问题上，邹澜指出，"近期，中国的物价水平已经出现了积极变化"，并给出了最新数据支持："2025年12月， CPI同比上涨0.8%，已经回升到了2023年3月以来的最高水平；不包括食品和能源的核心CPI同比上涨1.2%，涨幅连续4个月保持 在1%以上，PPI同比降幅也较7月低点收窄了1.7个百分点，环比连续3个月上涨。" 展望下一步，邹澜称央 ...

Key Points - The article discusses the effectiveness of monetary and financial policies in supporting the high-quality development of the real economy in China [2] Group 1: Monetary Policy Measures - The People's Bank of China (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% [6] - The PBOC will merge the re-lending and re-discount for agriculture and small enterprises, increasing the re-lending quota by 500 billion yuan, with a separate quota of 1 trillion yuan for private enterprises [6] - The quota for re-lending for technological innovation and technological transformation will be increased from 800 billion yuan to 1.2 trillion yuan, expanding the support to high R&D investment private SMEs [6] - A combined risk-sharing tool for bonds of technological innovation and private enterprises will be established, providing a re-lending quota of 200 billion yuan [6] - The PBOC will lower the minimum down payment ratio for commercial property loans to 30% to support the real estate market [7] - Financial institutions will be encouraged to enhance their foreign exchange risk hedging services [7] Group 2: Economic Growth and Price Stability - The PBOC will continue to implement a moderately loose monetary policy to promote stable economic growth and reasonable price recovery [15] - There is still room for further reductions in the reserve requirement ratio (RRR) and interest rates, with the current average RRR at 6.3% [12] Group 3: Exchange Rate Policy - The PBOC has no intention of devaluing the currency to gain an international trade competitive advantage, emphasizing a stable and reasonable exchange rate [18] - The PBOC will continue to enhance the cross-border use of the renminbi and improve foreign exchange risk management tools for enterprises [18] Group 4: Support for Consumption and Private Enterprises - The PBOC will expand the support for service consumption and elderly care loans, including the health industry once recognized standards are established [21] - Measures will be taken to accelerate the implementation of re-lending for private enterprises, improving the financing environment for SMEs [24] Group 5: Financial Market Development - The PBOC aims to optimize the financial market structure, focusing on increasing the efficiency of financial resources directed towards key areas and weak links [26] - The State Administration of Foreign Exchange (SAFE) will enhance the facilitation of foreign exchange reforms and improve the management of cross-border capital flows [28] Group 6: Foreign Exchange Management - SAFE will promote the orderly issuance of Qualified Domestic Institutional Investor (QDII) investment quotas and enhance the openness of the financial market [40] - Efforts will be made to simplify foreign exchange registration procedures for foreign direct investment to facilitate foreign investment in China [41]

Group 1 - The stock market experienced a slight decline, with December financial data meeting expectations and the central bank implementing a structural interest rate cut of 25 basis points [5] - The central bank conducted a net injection of 1,069.4 billion yuan through reverse repos, with 1,793 billion yuan in 7-day reverse repos and 9,000 billion yuan in a buyout reverse repo operation [3] - The interbank funding rates showed a mixed trend, with DR001 around 1.37% and DR007 around 1.50%, indicating a balanced funding environment [3][4] Group 2 - The 10-year government bond yield opened at 1.843% and fluctuated slightly, closing at 1.843% after a brief dip and recovery [5] - The central bank's announcement indicated that there is still room for further rate cuts and reserve requirement ratio reductions, reflecting a cautious approach to monetary policy [5] - The market sentiment in the bond market remained stable, with trading volumes and rates reflecting a cautious outlook among investors [4][5]

Monetary Policy - The People's Bank of China indicates that there is still room for reserve requirement ratio and interest rate cuts this year, with the current average reserve requirement ratio at 6.3% [1] - As of the end of December, the broad money supply (M2) reached 340.29 trillion yuan, reflecting an 8.5% year-on-year increase [1] Securities and Financing - Some brokerage firms are experiencing tight margin financing quotas, although major brokerages report sufficient funds [2] - Recent weeks have seen significant inflows into FOF products sold by fund companies through banks, with one company reporting over 200 million yuan in inflows [2] Automotive Industry - The price of entry-level LiDAR has dropped to around 1,000 to 3,000 yuan, which may enhance the adoption of traditional LiDAR in vehicles [3] - The demand for computing power in the automotive and autonomous driving sectors is expected to see a significant surge, potentially expanding tenfold with the rollout of L3 technology [3] Technology and Electronics - Global smartphone shipments are projected to reach 1.25 billion units in 2025, marking a 2% year-on-year increase, driven by seasonal demand and improved inventory management [4] - DRAM prices are rising due to suppliers hoarding inventory, with mainstream DDR4 prices increasing by approximately 9.64% [4] Corporate Developments - Vanke has proposed four debt restructuring plans, including options for full extension or partial repayment of principal, with a maximum of 40% principal repayment [4] - Longfor is seeking a valuation of approximately $30 billion for its Watsons retail subsidiary in an upcoming IPO [5] - Baoneng Automotive is reportedly facing a sales halt, with no vehicles available for sale [5] Financial Performance - China State Construction reported a 1% year-on-year increase in new contract value for 2025, totaling 45.458 trillion yuan [14] - China Metallurgical Group's new contract value for 2025 decreased by 10.8% year-on-year, totaling 1.1136 trillion yuan [15] - Siyuan Electric's net profit for 2025 is expected to grow by 54.35% year-on-year, reaching 3.163 billion yuan [16] - Chongqing Steel anticipates a net loss of 2.5 to 2.8 billion yuan for 2025, although this represents an improvement from the previous year's loss [18] Market Activity - The trading volume of the CSI 500 ETF exceeded 26.3 billion yuan, setting a historical record [22] - The Shanghai Composite Index fell by 0.33%, while the Shenzhen Component Index and the ChiNext Index saw gains [22][23]