英语新闻丨央行下调定向货币政策工具利率

China will cut interest rates on targeted monetary policy tools and expand related quotas to spur lending in key areas and improve market expectations, underscoring policymakers' resolve to support a solid economic start to the 15th Five-Year Plan (2026-30) period, officials and experts said.

官员和专家表示，中国将下调定向货币政策工具利率并扩大相关额度，以促进重点领域信贷投放、改善市场预期，凸显政策层支持“十五五”规划（2026—2030年）开局良好的坚定决心。

Zou Lan, vice-governor of the People's Bank of China, said on Thursday that the central bank will reduce interest rates of various structural monetary instruments by 0.25 percentage points as it implements a moderately accommodative monetary policy, with the one-year rate on central bank lending facilities to be lowered from 1.5 percent to 1.25 percent.

中国人民银行副行长邹澜周四表示，在实施适度宽松的货币政策背景下，央行将把多项结构性货币政策工具利率下调25个基点，其中一年期央行贷款工具利率将由1.5%下调至1.25%。

Interest rates for other maturities will be adjusted accordingly, with effect from Monday.

其他期限的利率也将相应调整，并自周一起生效。

Speaking at a news conference, Zou said the quota of key structural monetary instruments will be expanded. This includes a central bank lending quota worth 1 trillion yuan ($143.4 billion) to support small and medium-sized private companies, and a 400 billion yuan increase in the central bank lending quota for technological innovation and upgrades, bringing the total to 1.2 trillion yuan.

邹澜在新闻发布会上表示，重点结构性货币政策工具额度将进一步扩大。其中包括新增1万亿元人民币（约1434亿美元）的央行贷款额度，用于支持中小民营企业；同时，将科技创新和技术改造领域的央行贷款额度增加4000亿元，使总规模达到1.2万亿元。

In terms of broad-based easing measures, Zou said there remains room this year for benchmark interest rate cuts and reductions in the reserve requirement ratio, or RRR — the proportion of deposits that banks must hold as reserves, which now stands at 6.3 percent on average.

在全面宽松措施方面，邹澜表示，今年基准利率下调以及下调存款准备金率（RRR）仍有空间。目前银行存款准备金率平均为6.3%。

"Overall, the exchange rate does not pose a strong constraint (on interest rate cuts)," Zou said. Domestically, he said that net interest margins of banks started to stabilize in 2025, and that the latest reduction in rates on structural policy tools will further lower funding costs of banks, making room for broad-based rate cuts.

“总体来看，汇率并未对降息形成明显制约。”邹澜表示。从国内情况看，银行净息差在2025年开始企稳，而此次下调结构性政策工具利率将进一步降低银行资金成本，为全面降息创造空间。

Lou Feipeng, a researcher at the Postal Savings Bank of China, said the policy package has sent a clear signal of targeted easing, helping anchor market expectations while strengthening the precision and sustainability of financial support for the real economy.

中国邮政储蓄银行研究员娄飞鹏表示，该政策组合释放了明确的定向宽松信号，有助于稳定市场预期，同时提升金融支持实体经济的精准性和可持续性。

"With banks' net interest margins stabilizing and about 50 trillion yuan of medium- to long-term deposits set to mature in 2026, expectations for a first-quarter RRR cut have strengthened. Heavy government bond issuance in January and related liquidity demand could further raise the odds of such a move," Lou said.

娄飞鹏指出，随着银行净息差趋稳，且约50万亿元的中长期存款将于2026年到期，市场对一季度降准的预期有所增强；1月份地方和中央政府债券的集中发行及其带来的流动性需求，或将进一步提高降准的可能性。

Zou, the central bank vice-governor, vowed to increase liquidity injections and flexibly conduct open market operations of buying and selling government bonds to create a supportive monetary and financial environment for the smooth issuance of government debt.

央行副行长邹澜表示，将加大流动性投放力度，灵活开展买卖国债的公开市场操作，为政府债券平稳发行营造良好的货币金融环境。

Zou added that the minimum down payment ratio for loans to purchase commercial properties will be lowered to 30 percent to help reduce inventory in the commercial real estate market.

邹澜还表示，购买商业用房贷款的最低首付比例将下调至30%，以帮助消化商业房地产市场库存。

Ming Ming, chief economist at CITIC Securities, said, "Given current capital market conditions, the new policies — cutting rates on structural tools while keeping an active tone on broad-based measures — will serve the dual goals of stabilizing market expectations and preventing asset bubbles."

中信证券首席经济学家明明表示：“在当前资本市场环境下，此次政策在下调结构性工具利率的同时保持对全面措施的积极基调，将有助于同时实现稳定市场预期和防范资产泡沫的双重目标。”

According to Zou, the renminbi exchange rate is expected to continue "moving in both directions with flexibility", with China's vast market and complete industrial chain to help offset external uncertainties.

邹澜表示，人民币汇率有望继续保持“双向波动、弹性增强”的运行态势，中国庞大的市场规模和完整的产业链将有助于对冲外部不确定性。

targeted monetary policy tools 
定向货币政策工具

structural monetary instruments
结构性货币政策工具

central bank lending facilities 
央行贷款工具

reserve requirement ratio (RRR)
存款准备金率

net interest margin /net ˈɪntrəst ˈmɑːrdʒɪn/
净息差

liquidity injections /lɪˈkwɪdəti ɪnˈdʒekʃənz/
流动性投放