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]

近年来，人民银行围绕支持增强消费能力、提升金融供给、释放消费潜力等方面系统施策，满足消费领 域多样化的融资需求。包括设立了5000亿元的服务消费与养老再贷款，引导金融机构创新消费金融产 品，持续推进支付服务便利化等。 下调各类结构性货币政策工具利率0.25个百分点；将科技创新和技术改造再贷款额度从8000亿元增加至 1.2万亿元；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……国务 院新闻办公室1月15日举行新闻发布会，介绍货币金融政策支持实体经济高质量发展成效。记者了解 到，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。 今年降准降息仍有一定空间 "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。"中国人民银行新闻发言人、副行 长邹澜介绍，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；拓展碳减排支持工具的支持领域；拓展服务消费 与养老再贷款的 ...

南都讯 记者潘珊菊发自北京 1月15日，中国人民银行新闻发言人、副行长邹澜在国新办发布会上透露， 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。 中央经济工作会议明确，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。 邹澜提到，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。 具体包括以下八项： 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。 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 ...

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]

中央经济工作会议已经明确，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。1月15日，中国人民银 行副行长邹澜在国新办新闻发布会上表示，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。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 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to implement a moderately accommodative monetary policy until 2026, focusing on supporting the high-quality development of the real economy through various structural monetary policy measures [1] Group 1: 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% [3] - 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 [3] - 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 [3] Group 2: Support for Specific Sectors - A combined risk-sharing tool for bonds of technological innovation and private enterprises will be established, providing a total re-lending quota of 200 billion yuan [3] - 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 [4] - 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 [4] 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 [4] - Financial institutions are encouraged to enhance their foreign exchange risk management services, providing enterprises with cost-effective and flexible foreign exchange risk management tools [4]

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。 中国经济网北京1月15日讯中国人民银行副行长邹澜今天在国新办发布会上表示，中央经济工作会议已 经明确，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。 邹澜介绍，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： 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。 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 支持领域中纳入健康产业。 七是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 ...

Group 1: Report Summary - Market focus includes China's central bank continuing a moderately loose monetary policy, the US GDP growth accelerating in 2026, the EU carbon tariff implementation increasing steel export costs, and no substantial impact on coal mines from market rumors [6] - Key data shows an increase in US initial jobless claims, a decline in Chinese steel mills' crude steel output and inventory in late December, and a rise in Tangshan billet prices [7] - In the first week of 2026, the steel price reached the upper limit of the range with limited further upside, and the iron ore price is expected to be strong and volatile [8] Group 2: Bull - Bear Focus Bull - bear factors for rebar - Bullish factors are the improvement in December's manufacturing sentiment, the central bank's loose monetary policy, and enhanced cost support [11] - Bearish factors include seasonal decline in steel demand, inventory accumulation, increased steel production, and uncertain impact of export licenses [11] Bull - bear factors for iron ore - Bullish factors are the Fed's interest - rate cut, positive domestic policies, an expanded CPI increase in November, and low steel mill inventories with restocking expectations [12] - Bearish factors are the continuous accumulation of port inventories, seasonal decline in hot metal production, and increased shipments in the current week [12] Group 3: Data Analysis Macroeconomic data - China's December manufacturing PMI rose to 50.1%, and non - manufacturing business activity index returned to the expansion range [13] - China's CPI increase continued to expand in December, and PPI's year - on - year decline narrowed [17] - In the US, the manufacturing sentiment declined in December 2025, while the service industry was strong. Attention should be paid to the December non - farm payroll data [19] Rebar data - Rebar spot prices were stable, and the basis narrowed [21] - Steel mill profitability decreased slightly, with the profitability rate dropping to 37.66% [23] - The blast furnace and electric furnace operating rates increased, with the blast furnace rate rising to 79.31% and the electric furnace rate to 72.97% [25] - Steel output continued to rise, with five types of building materials reaching 818.59 (+3.41) million tons [29] - Steel apparent demand was in a seasonal decline, with five types of building materials at 796.82 (-44.2) million tons [30] - Rebar inventory accumulated, with the total inventory reaching 438.11 (+16.08) million tons [34] Iron ore data - Iron ore spot prices rose, and the basis fluctuated narrowly [35] - In November, China's iron ore imports decreased, and the initial 2026 shipments also declined [39] - Iron ore arrivals increased in the week from December 29, 2025, to January 4, 2026 [40] - Hot metal production remained resilient, with an average daily output of 229.5 million tons [42] - Port inventories continued to accumulate as the port clearance volume decreased [46] - Steel mills' iron ore consumption and inventory increased simultaneously, with the inventory reaching 8989.59 million tons [48] Group 4: Market Outlook - For steel, the upward space is limited, and it will continue to operate within the range. Attention should be paid to the inventory accumulation during the Spring Festival and the impact of export licenses [51] - For iron ore, the short - term drivers are mostly positive, and it is expected to be in a strong and volatile state [53]

本报北京1月8日电（记者徐佩玉）2026年中国人民银行工作会议近日召开，部署了2026年重点工作。会 议强调，中国人民银行要继续实施适度宽松的货币政策，加大逆周期和跨周期调节力度，提升金融服务 实体经济高质量发展质效，增强宏观政策前瞻性针对性协同性，为经济稳定增长、高质量发展和金融市 场稳定运行营造良好的货币金融环境，为实现"十五五"良好开局提供有力的金融支撑。 提升金融服务实体经济高质量发展质效。进一步完善金融"五篇大文章"政策框架，实施好考核评价制 度，加强金融服务效果评估，提升金融服务专业化精细化水平。完善结构性货币政策工具体系，优化工 具设计和管理，加强对扩大内需、科技创新、中小微企业等重点领域的金融支持。高质量建设和发展债 券市场"科技板"。用好服务消费与养老再贷款，推动加大服务消费领域信贷投放。优化支农支小再贷 款、再贴现管理，提升金融机构中小微企业金融服务能力。加强重点供应链融资信息服务平台监管。 稳妥化解重点领域金融风险。继续做好金融支持融资平台债务风险化解工作，稳妥有序推进融资平台退 出。推进重点地区和重点机构风险处置，强化中小金融机构风险识别和早期纠正。充分发挥中央银行宏 观审慎管理和维护 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to continue implementing a moderately accommodative monetary policy in 2026, focusing on counter-cyclical and cross-cyclical adjustments to promote stable economic growth and reasonable price recovery [3]. Group 1: Monetary Policy - The PBOC will utilize various monetary policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity, aligning the growth of social financing and money supply with economic growth and price level expectations [3]. - In 2025, over 50% of the social financing scale was from non-loan financing methods, and this trend is expected to continue in 2026, with growth rates surpassing the overall social financing growth [3]. - The PBOC aims to improve the market-oriented interest rate formation and transmission mechanism, ensuring that policy interest rates effectively influence various market rates, thereby stabilizing the comprehensive financing costs for society [3][4]. Group 2: Financial Market Development - The PBOC has introduced a "Technology Board" in the bond market to enhance financial support for technological innovation, with a cumulative issuance of 1.8 trillion yuan in technology innovation bonds by the end of 2025 [5]. - The "Technology Board" is designed to meet the financing needs of technology enterprises throughout their lifecycle, supporting both mature and early-stage companies through differentiated institutional arrangements [5]. - The PBOC will continue to develop the "Technology Board" to foster a financial market ecosystem that supports high-level self-reliance and strength in technology [5]. Group 3: Regional Financial Initiatives - The PBOC's Fujian branch will deepen the high-level opening of cross-border trade and investment, focusing on expanding domestic demand, boosting consumption, and activating effective investment [6][8]. - The Fujian branch will also emphasize financial support for key areas such as technological innovation, private economy, green transformation, and urban-rural integration [7]. - The Guangdong branch will enhance financial services for the real economy, particularly in supporting domestic demand, technological innovation, and small and medium-sized enterprises [9][10].