反内卷风暴下，央行释放重磅信号，再提“促进物价合理回升作为重要考量”！相关表述连续四个季度现身货币政策执行报告

Core Viewpoint - The central bank emphasizes the importance of promoting a reasonable recovery in prices as a key consideration for monetary policy, aiming for a stable financial environment and effective liquidity management [1][2]. Monetary Policy - The central bank plans to implement a moderately loose monetary policy, ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations [1][7]. - There is a focus on maintaining ample liquidity and using various monetary policy tools to support credit stability and financial growth [7]. Price Management - The central bank has consistently highlighted the need for a reasonable recovery in prices over the past four quarters, indicating a cautious approach to price management [2]. - Recent regulatory measures aim to combat "involution" in competition, including the prohibition of selling goods below cost, to stabilize market prices [3][4]. Real Estate Market - The central bank is committed to implementing financial policies that support the stability of the real estate market, including measures for affordable housing [8]. Debt Financing - There is an emphasis on developing the bond market, particularly for private enterprises, to enhance financing options and support technological innovation [9]. Exchange Rate Management - The central bank aims to deepen the market-oriented reform of the exchange rate system, ensuring stability and preventing excessive fluctuations in the RMB exchange rate [10]. Consumption and Economic Growth - Financial policies will focus on supply-side improvements and collaboration with other policies to enhance high-quality service consumption and stimulate effective demand [10].