维护资本市场稳定，央行会议释放最新信号

Core Viewpoint - The People's Bank of China emphasizes the need for a moderately accommodative monetary policy to support economic stability and address challenges such as insufficient domestic demand and low price levels [5][9]. Monetary Policy - The meeting highlighted the importance of implementing a moderately accommodative monetary policy and enhancing counter-cyclical adjustments, shifting from "maintaining" to "promoting" economic stability and reasonable price levels [5][7]. - The central bank aims to strengthen monetary policy regulation, improve its foresight, targeting, and effectiveness, and flexibly adjust the intensity and pace of policy implementation based on domestic and international economic conditions [7][9]. Capital Market - The meeting reiterated the need to "maintain capital market stability" and proposed utilizing securities, fund, and insurance company swap facilities, as well as stock repurchase and increased loans, to explore normalized institutional arrangements [5][10]. Economic Indicators - Since July, various economic indicators released by the National Bureau of Statistics have underperformed market expectations, prompting the central bank to adapt its policies accordingly [7]. - The external constraints on China's monetary policy have diminished following the Federal Reserve's 25 basis point rate cut [7]. Interest Rates - The meeting suggested reinforcing the central bank's policy interest rate guidance and improving the market-based interest rate transmission mechanism to lower overall financing costs [7][8]. Stability Measures - The meeting called for maintaining policy continuity and stability while enhancing flexibility and foresight to stimulate domestic demand and stabilize expectations [9]. - It emphasized the need to monitor long-term yield changes in the bond market and prevent capital turnover risks [9]. Real Estate Market - The meeting stressed the importance of stabilizing the real estate market and ensuring the effective implementation of existing financial policies [10]. Financial Services - Large banks are encouraged to play a leading role in providing financial services to the real economy, while smaller banks should focus on their core responsibilities and enhance capital strength [10].