保障金融市场稳健运行，流动性管理新工具呼之欲出

Core Viewpoint - The People's Bank of China (PBOC) is exploring mechanisms to provide liquidity to non-bank institutions, indicating a shift in monetary policy transmission from a bank-centric model to a more inclusive approach covering various financial institutions [1] Group 1: Monetary Policy Framework - The Central Committee's proposal emphasizes the need to improve the central bank system and establish a robust monetary policy framework along with a comprehensive macro-prudential management system [1] - The PBOC aims to enhance the transmission mechanism of monetary policy, addressing the "last mile" issue in liquidity support [1] Group 2: Market Impact - This exploration is expected to act as a stabilizer in extreme market conditions, reflecting a transition in China's monetary policy from "aggregate adjustment" to "structural optimization" [1] - The shift signifies a move from a bank-centered approach to a market-wide coverage in monetary policy implementation [1]