---
title: "Standard Chartered: The People's Bank of China lowering the relending rate slightly exceeds expectations, but does not indicate a narrowing of future broad-based easing space"
description: "Standard Chartered's Chief Strategist for Greater China, Liu Jie, stated that the People's Bank of China lowered the re-lending and rediscount rates by 0.25 percentage points, slightly exceeding expec"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/272770755.md"
published_at: "2026-01-16T01:46:48.000Z"
---

# Standard Chartered: The People's Bank of China lowering the relending rate slightly exceeds expectations, but does not indicate a narrowing of future broad-based easing space

> Standard Chartered's Chief Strategist for Greater China, Liu Jie, stated that the People's Bank of China lowered the re-lending and rediscount rates by 0.25 percentage points, slightly exceeding expectations, and it is anticipated that there will be room for expansion of re-lending tools this year. This move aims to stimulate credit growth and reduce the overall funding costs for banks, but it does not indicate a reduction in the future scope for broad-based easing. Standard Chartered believes that China's interest rate curve will remain steep, with a forecast for the ten-year government bond yield at 1.9%, which may drop to 1.7% by the end of the year

Liu Jie, the Chief Strategist for Greater China at Standard Chartered and Head of Rates for Greater China, North Asia, ASEAN, and South Asia, believes that the People's Bank of China (PBOC) has lowered the re-lending and rediscount rates by 0.25 percentage points, which slightly exceeds expectations. This is because typically, the re-lending rate would not be adjusted downward independently without changes to policy rates, such as the Open Market Operations (OMO) or the Medium-term Lending Facility (MLF) rates. The magnitude of this adjustment is also significant. Standard Chartered expects that there will be room for expansion in re-lending tools this year, and rates may be further cut more substantially when OMO rates are lowered.

Liu Jie stated that this is a targeted easing policy by the PBOC, and it does not imply a reduction in the potential for broader easing measures, such as reserve requirement ratio (RRR) cuts or reductions in OMO and MLF rates. The purpose of this measure is to stimulate credit growth without further eroding the net interest margin of the banking sector, and it also aims to lower the overall funding costs for banks.

Data shows that as of March 2025, the balance of the PBOC's structural monetary policy tools was RMB 5.9 trillion, accounting for 13% of its total balance sheet. Although this balance has been declining since the first quarter of 2024, the rate of decline is slower than that of the MLF balance, indicating that the PBOC has begun to shift some loans from the higher-cost MLF to re-lending. Given that the overall funding costs are expected to decrease, this could provide more room for the PBOC to lower OMO rates in the future.

Standard Chartered believes that the Chinese interest rate curve will remain steep, but there is limited room for further increases in bond yields; it maintains its forecast for the first quarter ten-year Chinese government bond yield at 1.9%, expecting it to decline to 1.7% before the end of the year

### Related Stocks

- [02888.HK - STANCHART](https://longbridge.com/en/quote/02888.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| 渣打 CFO 閃辭跳槽打擊大 股價續跌 分析︰過去為集團帶來倍數升幅「曾產生變革性影響 」 | 渣打銀行（2888）CFO 杜智高（Diego De Giorgi）突然離任，轉任阿波羅全球管理的歐洲、中東及非洲地區主管。此消息導致渣打股價大幅下跌，昨日收市跌 1.9%，今日再跌 0.9%。高盛分析認為此人事變動令人意外，可能影響 CE | [Link](https://longbridge.com/en/news/275577029.md) |
| 【比特日報】大多頭渣打突然投降，目標價下調 5 萬！比特幣一度下探 6.5 萬，「週期拐點」信號出現？ | 渣打銀行下調比特幣目標價至 10 萬美元，警告未來幾個月可能出現進一步下跌。比特幣一度跌至 65,079 美元，現回升至 66,400 美元。市場分析師指出，若比特幣跌破 58,000 美元，可能進一步下探至 4 萬美元。整體加密市場市值蒸 | [Link](https://longbridge.com/en/news/275974635.md) |
| 渣打據報探討出售印度零售信用卡業務 集團：當地聚焦多產品關係 | 渣打集團正在檢討其印度零售信用卡業務，可能在今年內作出決定。此舉是其全球業務重塑策略的一部分，出售信用卡業務是考慮的選項之一。渣打表示，信用卡業務仍是其印度財富及零售銀行業務策略中不可或缺的一部分。外資銀行在印度的消費業務持續縮減，花旗和巴 | [Link](https://longbridge.com/en/news/272821932.md) |
| 渣打銀行（OTCMKTS:SCBFF）的空頭頭寸顯著增長 | 標準 Chartered PLC (OTCMKTS:SCBFF) 的空頭頭寸顯著增加，截止到 1 月 30 日上升了 21.1%，達到 210,583 股。當前的空頭比例為 19.2 天，基於平均每日交易量 10,992 股。分析師的觀點不 | [Link](https://longbridge.com/en/news/276119010.md) |
| 如何理解央行買賣國債常態化？ | 國聯民生證券認為，央行國債買賣轉向常態化，旨在開闢基礎貨幣投放新渠道並調控長端利率。目前我國央行持債比例遠低於美日，增持空間大。同時，2025 年四季度貸款利率降幅顯著收窄，顯示銀行息差壓力緩解，預計短期內降準降息概率降低。中期 “資產荒” | [Link](https://longbridge.com/en/news/275583301.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.