In June 2024, the People’s Bank of China (PBOC) implemented the first structural ‘interest rate cut’ of the year, lowering the rates on Medium-term Lending Facility (MLF) and open market reverse repo operations by 10 basis points each. This move signals a policy stance aimed at stabilizing growth and boosting domestic demand. Unlike a broad-based rate cut, this structural approach targets specific sectors—such as technological innovation, green development, and small and micro enterprises—to ensure credit flows precisely where needed, while avoiding excessive liquidity in overheated areas like real estate. The PBOC’s action reflects its commitment to maintaining a prudent monetary policy while flexibly using targeted tools to reduce financing costs for the real economy. Analysts note that amid an uneven economic recovery and heightened global uncertainties, such a measured rate cut can help bolster market confidence and stabilize expectations, while preserving room for future coordination between fiscal and monetary policies. Going forward, the central bank is likely to continue employing targeted reserve requirement ratio cuts and relending facilities to strengthen financial support for vulnerable sectors and priority areas, thereby promoting high-quality economic growth.
2024年6月，中国人民银行宣布年内首次结构性‘降息’，通过下调中期借贷便利（MLF）和公开市场逆回购操作利率各10个基点，释放稳增长、促内需的政策信号。与全面降息不同，结构性降息更注重精准滴灌，重点支持科技创新、绿色发展、小微企业等关键领域，避免资金空转或流入房地产等过热行业。此次操作体现了央行在保持货币政策稳健的同时，灵活运用结构性工具引导实体经济融资成本下行。分析人士指出，在当前经济复苏基础尚不牢固、外部环境复杂多变的背景下，结构性降息有助于提振市场信心、稳定预期，并为后续财政与货币政策协同发力预留空间。未来，央行可能继续通过定向降准、再贷款等工具，强化对薄弱环节和重点领域的金融支持，推动经济高质量发展。
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