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 ...

Group 1 - The central bank has announced a reduction in structural monetary policy rates by 0.25 percentage points, following a previous cut in May 2025, to stimulate credit flow to key sectors [1] - The one-year interest rate for various structural monetary policy tools has been lowered from 1.5% to 1.25%, which will reduce the cost for banks to obtain refinancing from the central bank [1] - This rate cut is expected to encourage banks to offer loans at lower rates to small and micro enterprises, technological innovation, and green transformation, thereby reducing the overall financing costs for the real economy [1] Group 2 - The targeted nature of the structural policy tool rate cut is designed to enhance the efficiency of fund utilization and improve financial services for the real economy [2] - The policy signals a strong commitment from the government to support specific industries such as technology, consumption, and elderly care, which is anticipated to boost confidence among business entities and stabilize market expectations [2] - The central bank plans to enhance support for structural tools, including increasing the quota for agricultural and small enterprise refinancing by 500 billion yuan and establishing a separate refinancing quota of 1 trillion yuan for private enterprises [2] Group 3 - The refinancing quota for technological innovation and technical transformation has been increased from 800 billion yuan to 1.2 trillion yuan, expanding the support to high R&D investment private small and medium enterprises [2] - The central bank aims to streamline the management of existing bond financing support tools for private enterprises and technological innovation, providing a combined refinancing quota of 200 billion yuan [2] - Future monetary policy will focus on effectively balancing short-term and long-term goals, growth stability, and risk prevention, while directing financial resources towards technological innovation, green development, and consumption [3]

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].

Group 1: Monetary Policy Adjustments - The People's Bank of China (PBOC) is implementing measures to support the real economy, including lowering the rates of structural monetary policy tools and expanding the quota for relending [1][2] - From January 19, 2026, the PBOC will reduce the rates of various structural monetary policy tools by 0.25 percentage points, with specific rates for different loan types [2] - The average reserve requirement ratio for financial institutions is currently 6.3%, indicating room for further reductions [2] Group 2: Economic Growth and Price Stability - The PBOC emphasizes promoting stable economic growth and reasonable price recovery as key considerations in monetary policy [3] - Recent positive changes in price levels and improved supply-demand matching are expected to boost market confidence [3] Group 3: Support for Technological Innovation - The quota for relending aimed at technological innovation and transformation will increase by 400 billion yuan, raising the total to 1.2 trillion yuan [4] - Starting in 2026, private small and medium-sized enterprises with high R&D investment will be included in the support scope [4] Group 4: Financial Support for SMEs - The PBOC will merge the quotas for agricultural and small business relending with the rediscount quota, adding 500 billion yuan for agricultural and small business relending, with a separate quota of 1 trillion yuan for small and medium-sized private enterprises [5] - This arrangement aims to enhance the flexibility and efficiency of policy tool usage, addressing financing difficulties for SMEs [5] Group 5: Financing Costs and Real Estate Support - The weighted average interest rate for new corporate loans and personal housing loans is approximately 3.1%, showing a significant decrease compared to 2018 [7] - The minimum down payment ratio for commercial property loans has been lowered to 30% to support reasonable financing needs in the real estate market [8] Group 6: Green Finance Initiatives - The PBOC will include projects with direct carbon reduction effects in its carbon reduction support tool, with an annual operation volume not exceeding 800 billion yuan [9] Group 7: Liquidity Management - The PBOC will flexibly conduct government bond trading operations to maintain liquidity and create a favorable monetary environment for government bond issuance [10] Group 8: Exchange Rate Stability - The PBOC reaffirms its commitment to a market-oriented exchange rate formation mechanism, maintaining the stability of the RMB at a reasonable equilibrium level [11] - The RMB exchange rate is expected to continue to fluctuate within a dual-directional range, influenced by various external factors [11]

Core Viewpoint - The press conference highlighted the effectiveness of monetary and financial policies in supporting the high-quality development of the real economy in China, with a focus on the 2025 financial statistics and upcoming policy measures for 2026 [3][9]. Financial Performance - In 2025, the People's Bank of China (PBOC) implemented a moderately accommodative monetary policy, resulting in a significant increase in financial metrics. By the end of December 2025, the total social financing stock grew by 8.3% year-on-year, and the broad money supply (M2) increased by 8.5%, both outpacing nominal GDP growth [3][4]. - The balance of RMB loans reached 272 trillion yuan, with a year-on-year growth of 6.4%, and after adjusting for local government debt impacts, the growth rate was around 7% [3]. Financing Costs and Structure - The overall financing costs in society have decreased, with the average interest rate for newly issued corporate loans and personal housing loans around 3.1%, down by 2.5 and 2.6 percentage points respectively since the second half of 2018 [4]. - The financial structure has been optimized, with significant support for key areas such as technology innovation and consumption. Loans in sectors like technology, green finance, and digital economy have maintained double-digit growth, surpassing the overall loan growth rate [4]. Market Stability - The foreign exchange market has remained stable, with the RMB appreciating by 4.4% against the US dollar in 2025. The yield on 10-year government bonds stabilized around 1.8%-1.9% [5]. - The capital market has shown improved confidence, with active trading and a balanced supply-demand situation in the foreign exchange market [5]. Upcoming Policies - For 2026, the PBOC plans to continue implementing a moderately accommodative monetary policy, with measures including a 0.25 percentage point reduction in various structural monetary policy tool rates and increased support for small and private enterprises [6][7]. - Specific measures include raising the quotas for agricultural and small enterprise loans by 500 billion yuan and establishing a separate quota of 1 trillion yuan for private enterprises [7]. - Additional support will be provided for technology innovation and green projects, with the quota for related loans increased to 1.2 trillion yuan [7][8]. Foreign Exchange Management - The State Administration of Foreign Exchange (SAFE) has focused on maintaining a stable foreign exchange market and enhancing regulatory capabilities. In 2025, the foreign exchange market transaction volume reached a record 42.6 trillion USD, with a significant increase in cross-border transactions [9][10]. - The net inflow of cross-border funds in 2025 was 302.1 billion USD, with a surplus in bank foreign exchange settlements of 196.6 billion USD [11].

Group 1 - The total social financing scale increment for the year 2025 reached 35.6 trillion yuan, an increase of 3.34 trillion yuan compared to the previous year [1][2] - The broad money supply (M2) balance at the end of December 2025 was 340.29 trillion yuan, reflecting a year-on-year growth of 8.5% [2] - The balance of RMB loans stood at 271.91 trillion yuan, with a year-on-year increase of 6.4% [2] Group 2 - The implementation of a moderately loose monetary policy has effectively supported stable growth in the real economy [1][2]

Group 1 - The core viewpoint of the article highlights the effectiveness of monetary policy in supporting the real economy, with significant growth in financial metrics observed in 2025 [1] - By the end of December 2025, the total social financing stock increased by 8.3% year-on-year, indicating robust financial support [1] - The broad money supply (M2) grew by 8.5% year-on-year, which is notably higher than the nominal economic growth rate, reflecting strong liquidity in the market [1]

Core Insights - The People's Bank of China reported that the total social financing scale increased by 3.34 trillion yuan in 2025, reaching a cumulative total of 35.6 trillion yuan compared to the previous year [3] - As of the end of December 2025, the broad money supply (M2) stood at 340.29 trillion yuan, reflecting a year-on-year growth of 8.5% [3] - The balance of RMB loans reached 271.91 trillion yuan, with a year-on-year increase of 6.4%, indicating the effectiveness of moderately accommodative monetary policy in supporting stable growth of the real economy [3]

Core Viewpoint - The forum emphasized the need for a capital market that adapts to the current complex landscape of opportunities and risks, highlighting the importance of supporting the real economy and technological self-reliance, particularly in the context of artificial intelligence [3][7]. Group 1: Current Market Challenges - The past five years have seen geopolitical changes, trade tensions, and the ongoing impact of the pandemic on supply chains, leading to increased uncertainty [3][7]. - The policy direction has shifted from passive responses focused on maintaining strategic stability to a more proactive approach aimed at overcoming challenges and risks [3][7]. Group 2: Development Goals - The focus has transitioned from "six stabilities" and "six guarantees" to promoting effective qualitative economic growth and reasonable quantitative improvement, placing greater emphasis on quality and structure [3][7]. Group 3: Proposed Market Adjustments - A more inclusive venture capital market is needed to provide sufficient early-stage financing for high-risk, long-cycle technology projects, especially in AI and other frontier fields [5][8]. - The secondary market should avoid excessive short-term speculation and volatility, shifting towards a more stable state that emphasizes long-term value and serves the real economy [5][8]. - There is a necessity to improve the legal environment, enhance investor protection, and combat illegal activities to establish a fair, transparent, and predictable market order [5][9].

Group 1 - The total social financing scale increment for the year 2025 reached 35.6 trillion yuan, an increase of 3.34 trillion yuan compared to the previous year [1][2] - The broad money supply (M2) balance at the end of December 2025 was 340.29 trillion yuan, reflecting a year-on-year growth of 8.5% [2] - The balance of RMB loans stood at 271.91 trillion yuan, with a year-on-year increase of 6.4% [2] Group 2 - The implementation of a moderately loose monetary policy has effectively supported stable growth in the real economy [1][2]