精准把握货币政策实施力度和节奏

Core Viewpoint - The People's Bank of China emphasizes the construction of a scientific and stable monetary policy system to support high-quality economic development, focusing on the balance of short-term and long-term goals, the health of the financial sector, and internal and external relationships [1][2]. Monetary Policy Framework - The central bank will adopt a supportive monetary policy stance, utilizing various tools such as reverse repos and MLF operations to optimize liquidity and support key sectors [2][3]. - There is an expectation for a 0.5 percentage point reduction in the reserve requirement ratio (RRR) to release approximately 1 trillion yuan in liquidity, with potential further reductions in the following year [2]. Interest Rate and Financing Costs - The monetary policy will focus on price-type regulation of policy interest rates to lower financing costs for enterprises and households, which is crucial for stimulating consumption and investment [3]. - The average interest rate for new corporate loans was approximately 3.1% in September, down about 40 basis points year-on-year, indicating improved transmission of monetary policy [3]. Communication and Coordination - Enhanced communication with the market is vital for stabilizing expectations and improving the effectiveness of monetary policy transmission, with more frequent updates and guidance from the central bank [4]. - Coordination between fiscal and monetary policies is expected to strengthen, with a focus on supporting major projects through combined efforts of fiscal capital and monetary financing tools [4][5].