中国央行：防范汇率超调风险，保持人民币汇率在合理均衡水平上的基本稳定

Core Viewpoint - The report from the State Council emphasizes the implementation of a moderately loose monetary policy to support the ongoing economic recovery and create a conducive financial environment [1] Monetary Policy Implementation - The report highlights the need to effectively execute existing monetary policy measures and continuously release their effectiveness [1] - It calls for the comprehensive use of various monetary policy tools to maintain ample liquidity, ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations [1] Efficiency and Cost Management - The focus is on revitalizing existing funds and optimizing new funds to improve capital utilization efficiency [1] - There is an emphasis on strengthening the execution and supervision of interest rate policies, as well as deepening the work on the comprehensive financing cost of loans to drive down the overall financing costs in society [1] Exchange Rate Stability - The report advocates for maintaining exchange rate flexibility, enhancing expectation guidance, and preventing excessive fluctuations in the exchange rate [1] - It aims to keep the RMB exchange rate stable at a reasonable and balanced level [1]