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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 bro