Group 1: Monetary Policy and Economic Support - The People's Bank of China (PBOC) is implementing a moderately loose monetary policy to support stable economic growth and high-quality development, with a focus on both stock and incremental policy effects [4][7] - In 2025, the PBOC conducted a net injection of 6 trillion yuan through open market operations, including a net buy of government bonds amounting to 120 billion yuan [2] - The PBOC plans to continue using various monetary policy tools, including potential interest rate cuts and reserve requirement ratio (RRR) reductions, to maintain liquidity and support economic stability [4][5] Group 2: Government Bond Operations - The PBOC's operations in government bonds aim to enhance the pricing benchmark role of the yield curve and prevent market volatility, with a total issuance of 16 trillion yuan in government bonds in 2025 [2][3] - The PBOC's buyback operations have contributed to a government bond balance of nearly 7 trillion yuan, improving market liquidity [2][3] - The PBOC will flexibly conduct government bond operations based on market conditions and liquidity needs to ensure a conducive environment for government bond issuance [3] Group 3: Price Stability and Inflation Management - Recent data shows a positive trend in China's price levels, with the Consumer Price Index (CPI) rising by 0.8% year-on-year in December 2025, the highest since March 2023 [7] - The PBOC emphasizes the importance of maintaining a supportive monetary policy stance to promote reasonable price recovery and ensure that monetary supply growth aligns with economic growth and price expectations [7] - The PBOC will continue to monitor price trends closely and implement policies to foster a favorable monetary environment for price stability [7] Group 4: Exchange Rate Risk Management - There is an increasing awareness among enterprises regarding exchange rate fluctuations, with the scale of using foreign exchange derivatives for risk management exceeding 1.9 trillion USD in 2025, nearly doubling since 2020 [8] - The State Administration of Foreign Exchange (SAFE) plans to enhance services for enterprises in managing exchange rate risks, including promoting risk-neutral concepts and providing practical examples for hedging strategies [8] - SAFE aims to support compliant enterprises in conducting foreign exchange derivative transactions more conveniently, thereby improving their ability to hedge against exchange rate risks [8]

Core Viewpoint - The People's Bank of China (PBOC) is committed to supporting the high-quality development of the real economy through monetary policy adjustments, including a 0.25 percentage point reduction in various structural monetary policy tool rates, indicating that there is still room for further rate cuts and reserve requirement ratio (RRR) reductions [2][6]. Group 1: Monetary Policy Adjustments - The PBOC has lowered the rates of various structural monetary policy tools by 0.25 percentage points [2]. - There is still potential for further RRR and interest rate cuts [2]. - The PBOC emphasizes the importance of maintaining a stable RMB exchange rate, which is influenced by multiple factors including economic growth and geopolitical risks [2][3]. Group 2: Foreign Exchange Market Outlook - The State Administration of Foreign Exchange (SAFE) anticipates a stable operation of the foreign exchange market in 2026, with cross-border capital flows remaining orderly [4]. - The trading volume in China's foreign exchange market has reached historical highs, indicating a resilient market capable of absorbing external changes [4]. - The proportion of trade settled in RMB has increased to nearly 30%, reflecting a growing trend towards using RMB in international trade [4][9]. Group 3: Economic Indicators and Support Measures - Recent positive changes in China's price levels are noted, with the PBOC focusing on aligning monetary policy to support stable economic growth and reasonable price recovery [5][6]. - The PBOC plans to include medium-sized private enterprises in the re-lending support program, allocating a total of 1 trillion yuan for this purpose [7]. - The PBOC will also expand support for the health industry under the service consumption and elderly care re-lending program [8]. Group 4: Financial Market Developments - By the end of 2025, the total assets of asset management products are expected to reach 119.9 trillion yuan, with a year-on-year growth of 13.1% [12]. - The increase in funding for asset management products from households and non-financial enterprises is significant, with an additional 4 trillion yuan and 1 trillion yuan respectively compared to 2024 [13]. - Approximately 60% of import and export trade is minimally affected by exchange rate fluctuations, with ongoing improvements in financial services expected to enhance this resilience [9].

文/刘佳 1月15日，在国新办新闻发布会上，中国人民银行新闻发言人、副行长邹澜表示，关于降准降息，从今 年看还有一定的空间。 四是做好预期引导，持续健全可置信、常态化、制度化的政策沟通机制，多元化多渠道做好政策解读与 信息公布，不断提升货币政策的透明度。 编辑：冯樱子 谈及2026年人民银行在落实中央经济工作会议的决策部署上，邹澜表示，继续实施适度宽松的货币政 策，发挥存量政策和增量政策的集成效应，加大逆周期和跨周期调节力度，为经济稳定增长和高质量发 展创造适宜的货币金融环境。具体来讲： 一是根据国内外经济金融形势和金融市场运行情况，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，灵活高效运用包括降准降息在内的多种政策工具，保持流动性充裕，保持社会融资条件相 对宽松，引导金融总量合理增长、信贷均衡投放，使社会融资规模、货币供应量增长同经济增长和价格 总水平预期目标相匹配。 二是发挥好货币政策总量和结构双重功能，加快落地近期推出的一系列结构性货币政策工具，引导金融 机构加力支持扩大内需、科技创新、中小微企业等重点领域，扎实做好金融"五篇大文章"。同时，加强 与财政政策协同发力，放大政策激励效能。 三是 ...

Group 1: Monetary Policy Changes - The People's Bank of China announced a 0.25 percentage point reduction in the structural monetary policy tool rate, effective January 19, lowering the one-year re-lending and re-discount rates to 1.25% [2] - The re-lending quota for technological innovation was increased from 800 billion to 1.2 trillion yuan, with a separate quota of 1 trillion yuan for private enterprises [2] - The minimum down payment ratio for commercial property loans was reduced to 30%, while residential mortgage rates remained unchanged [3] Group 2: Market Reactions - The A-share market reacted positively to the policy, with brokerages and technology sectors seeing a boost, although there were concerns about funds not flowing into infrastructure and real estate [5] - Precious metals surged, with gold surpassing $4,630 per ounce and silver reaching a historical high of $92, driven by global rate cut expectations and increased demand from the photovoltaic and AI industries [5] Group 3: Impact on Individuals and Enterprises - For individuals, the pressure on existing mortgage holders may ease, but the downward trend in deposit rates could reduce annual interest on a 100,000 yuan fixed deposit by approximately 200 yuan [8] - Technology and manufacturing sectors are expected to benefit from low-cost financing, while demand for silver in the photovoltaic and new energy vehicle sectors is driving up industrial metal prices [10] - Export-oriented companies face pressure due to the appreciation of the yuan, which is squeezing profits in industries like textiles and home appliances [11] Group 4: International Dynamics - The political pressure on the Federal Reserve has intensified, with former President Trump calling for rate cuts and initiating a criminal investigation against Powell, which raises concerns about the independence of the central bank [7] - If the Federal Reserve implements rate cuts, a weaker dollar could lead to capital inflows into emerging markets, benefiting A-shares and RMB assets [13] - Japan's plan to raise interest rates to 0.75% may create risks associated with carry trade unwinding due to diverging policies from the US and Europe [13]

央行表示，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 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | R | | 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 ...

Core Viewpoint - The People's Bank of China (PBOC) announced eight new financial policies aimed at supporting high-quality development of the real economy, including interest rate cuts and increased loan quotas for specific sectors [1][3]. Group 1: Interest Rate 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% [1][3]. - This adjustment is expected to enhance the willingness of banks to lend in key areas [1][3]. Group 2: Loan Quotas and Support for Specific Sectors - The PBOC will merge the quotas for agricultural and small enterprise re-lending and re-discounting, increasing the re-lending quota for these sectors by 500 billion yuan, with a total quota of 1 trillion yuan specifically for private enterprises [1][3]. - The re-lending quota for technological innovation and technological transformation will be raised from 800 billion yuan to 1.2 trillion yuan, including support for private small and medium-sized enterprises with high R&D investment [1][3]. - The PBOC will also consolidate existing financing support tools for private enterprises and technological innovation, maintaining a total re-lending quota of 200 billion yuan [1][3]. Group 3: Expansion of Support Areas - The PBOC has expanded the support areas for two tools, including energy-saving renovations, green upgrades, and low-carbon energy transition projects under the carbon reduction support tool [1][3]. - The health industry has been included in the support areas for service consumption and elderly care re-lending [1][3]. Group 4: Commercial Property Loan Adjustments - The minimum down payment ratio for commercial property loans has been reduced to 30% to support the destocking of the commercial property market [2][4]. - The PBOC indicated that there is still room for further reductions in reserve requirements and interest rates, given the current average reserve requirement ratio of 6.3% [2][4].

南都讯记者潘珊菊 发自北京 关于今年降准降息空间还有多大？中国人民银行新闻发言人、副行长邹澜1月15日在 国新办发布会上回应，从今年看还有一定的空间。从法定存款准备金率看，目前金融机构的法定存款准备金率平 均为6.3%，降准仍然有空间。 他还透露，央行还将继续综合施策，促进社会综合融资成本低位运行。比如，推动明示贷款综合融资成本，组织 银行会同企业填写"贷款明白纸"，详细明示企业获得贷款需要承担的利息和非利息成本，促进降低评估、担保等 融资中间费用，减轻企业费用支出，优化融资环境。与此同时，强化利率政策执行和监督，发挥好利率自律机制 作用，畅通利率政策传导。 从政策利率来看，外部约束方面，目前人民币汇率比较稳定，美元处于降息通道，总体来看汇率不构成很强的约 束；内部约束方面，2025年以来银行净息差已经出现企稳的迹象，连续两个季度保持在1.42%，2026年还有规模 较大的三年期及五年期等长期存款到期重定价，这次人民银行也下调了各项再贷款利率，这些都有助于降低银行 付息成本、稳定净息差，为降息创造一定空间。 ...

中国人民银行新闻发言人、副行长邹澜。图片来源：国新网 他介绍，从法定存款准备金率看，目前金融机构的法定存款准备金率平均为6.3%，降准仍然有空间。 封面新闻记者 张馨心 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、副行长邹澜表示，今年降准降息还有一 定空间。 内部约束方面，2025年以来银行净息差已经出现企稳的迹象，连续两个季度保持在1.42%，2026年还有规模较大的三年期及五年期等长期存款到期重定 价，此次人民银行也下调了各项再贷款利率。 "这些都有助于降低银行付息成本、稳定净息差，为降息创造一定空间。" 他表示，人民银行还将继续综合施策，促进社会综合融资成本低位运行。比如，推动明示贷款综合融资成本，组织银行会同企业填写"贷款明白纸"，详细 明示企业获得贷款需要承担的利息和非利息成本，促进降低评估、担保等融资中间费用，减轻企业费用支出，优化融资环境。强化利率政策执行和监督， 发挥好利率自律机制作用，畅通利率政策传导。 从政策利率来看，外部约束方面，目前人民币汇率比较稳定，美元处于降息通道，总体来看汇率不构成很强的约束。 ...

"我们还将继续综合施策，促进社会综合融资成本低位运行。"比如，推动明示贷款综合融资成本，组织 银行会同企业填写"贷款明白纸"，详细明示企业获得贷款需要承担的利息和非利息成本，促进降低评 估、担保等融资中间费用，减轻企业费用支出，优化融资环境。强化利率政策执行和监督，发挥好利率 自律机制作用，畅通利率政策传导。这些都有助于社会综合融资成本保持低位运行。 今天（1月15日）下午，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。 邹澜表示，关于降准降息，从今年看还有一定的空间。从法定存款准备金率看，目前金融机构的法定存 款准备金率平均为6.3%，降准仍然有空间。从政策利率来看，外部约束方面，目前人民币汇率比较稳 定，美元处于降息通道，总体来看汇率不构成很强的约束；内部约束方面，2025年以来银行净息差已经 出现企稳的迹象，连续两个季度保持在1.42%，2026年还有规模较大的三年期及五年期等长期存款到期 重定价，这次人民银行也下调了各项再贷款利率，这些都有助于降低银行付息成本、稳定净息差，为降 息创造一定空间。 中国人民银行新闻发言人、副行长邹澜在回答记者提问时表示，2026年人民银行 ...

邹澜表示，目前，金融机构的法定存款准备金率平均为6.3%，降准仍然有空间。利率方面，从外部来 看，目前人民币汇率比较稳定，美元处于降息通道，总体来看汇率不构成很强的约束；从内部来看， 2025年以来银行净息差已经出现企稳迹象，连续两个季度保持在1.42%，2026年还有规模较大的三年期 及五年期等长期存款到期重定价，人民银行也下调了各项再贷款利率，这些都有助于降低银行付息成 本、稳定净息差，为降息创造一定空间。 新京报讯（记者姜慧梓）在1月15日举行的国新办新闻发布会上，中国人民银行新闻发言人、副行长邹 澜表示，从今年情况来看，降准降息还有一定空间。 同时，人民银行还将继续综合施策，促进社会综合融资成本低位运行。比如，推动明示贷款综合融资成 本，组织银行会同企业填写"贷款明白纸"，详细明示企业获得贷款需要承担的利息和非利息成本，促进 降低评估、担保等融资中间费用，减轻企业费用支出，优化融资环境。强化利率政策执行和监督，发挥 好利率自律机制作用，畅通利率政策传导。 ...