维护资本市场稳定！央行会议，最新信号→

Core Viewpoint - The People's Bank of China (PBOC) held its 110th monetary policy committee meeting, emphasizing the need for a moderately loose monetary policy to support high-quality economic development and address challenges such as insufficient domestic demand and low price levels [2][3][4]. Group 1: Monetary Policy Adjustments - The meeting highlighted the importance of strengthening counter-cyclical adjustments and increasing the intensity of monetary policy to promote stable economic growth and maintain reasonable price levels [3][4]. - The PBOC plans to enhance the effectiveness of monetary policy tools and ensure sufficient liquidity to support consumption and effective investment [4][6]. Group 2: Economic Indicators and External Factors - Recent economic indicators released by the National Bureau of Statistics have underperformed market expectations, prompting a reassessment of monetary policy in light of external factors such as the U.S. Federal Reserve's interest rate cuts [4][5]. - The meeting acknowledged the weakening growth momentum in the global economy and the uncertainties surrounding inflation trends and monetary policy adjustments [2][3]. Group 3: Capital and Financial Markets - The PBOC reiterated its commitment to maintaining stability in the capital market and proposed measures such as utilizing securities, fund, and insurance company swaps, as well as stock buybacks to support market stability [3][7]. - The meeting also emphasized the need to monitor long-term yield changes in the bond market and enhance the resilience of the foreign exchange market to prevent excessive fluctuations in the RMB exchange rate [7][8]. Group 4: Real Estate and Structural Policies - The meeting stressed the importance of stabilizing the real estate market and ensuring the effective implementation of existing financial policies to revitalize stock housing and land [7]. - The PBOC called for large banks to play a leading role in providing financial services to the real economy while encouraging smaller banks to focus on their core responsibilities [7].