货币政策委员会三季度例会：从宏观审慎的角度观察、评估债市运行情况

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for proactive and targeted monetary policy adjustments to align with domestic and international economic conditions, aiming to enhance the effectiveness of policy measures [1] Monetary Policy Strategy - The PBOC suggests strengthening monetary policy regulation to ensure liquidity remains ample and to guide financial institutions in increasing credit supply, aligning social financing scale and money supply growth with economic growth and price level expectations [1] - The central bank aims to enhance the guidance of policy interest rates and improve the market-based interest rate formation and transmission mechanism, ensuring effective implementation and supervision of interest rate policies [1] Financing Costs and Market Stability - The PBOC is focused on reducing the overall financing costs for society and monitoring the bond market from a macro-prudential perspective, paying attention to changes in long-term yields [1] - The central bank seeks to improve the transmission mechanism of monetary policy, enhance the efficiency of fund utilization, and prevent fund idling [1] - There is an emphasis on strengthening the resilience of the foreign exchange market, stabilizing market expectations, and preventing excessive fluctuations in the exchange rate, while maintaining the RMB exchange rate at a reasonable and balanced level [1]