加强货币政策调控、增强外汇市场韧性，央行例会释放多重信号

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a moderately loose monetary policy to address domestic demand insufficiency and low price levels while promoting stable economic growth and reasonable price levels [2][4]. Group 1: Economic Conditions - China's economy is showing steady progress, with improved social confidence and new achievements in high-quality development, but still faces challenges such as insufficient domestic demand and low price levels [2]. - The market has high expectations for policy strength amid ongoing downward pressure on the economy [4]. Group 2: Monetary Policy Strategy - The PBOC plans to implement a moderately loose monetary policy, enhance counter-cyclical adjustments, and better utilize both total and structural monetary policy tools [2]. - The central bank aims to maintain ample liquidity and guide financial institutions to increase credit supply, aligning social financing scale and money supply growth with economic growth and price level expectations [2][4]. Group 3: Policy Implementation - The PBOC suggests that monetary policy adjustments should be flexible based on domestic and international economic conditions, without setting specific policy windows [4]. - There is a focus on strengthening the guidance of central bank policy rates and improving the market-based interest rate transmission mechanism [4]. Group 4: Support for Specific Sectors - The PBOC is committed to supporting the development of the private economy and enhancing financing for small and micro enterprises, addressing financing bottlenecks [5]. - Efforts will be made to implement existing financial policies effectively, boost the vitality of existing real estate and land, and stabilize the real estate market [5].