央行：实施好适度宽松的货币政策 保持社会融资条件相对宽松

Core Viewpoint - The People's Bank of China emphasizes the implementation of a stable yet progressive monetary policy, aiming to balance economic growth with risk prevention while enhancing the financial system's robustness and openness [1] Group 1: Monetary Policy Strategy - The central bank will maintain a reasonable growth of financial aggregates and implement a moderately loose monetary policy to ensure social financing conditions remain relatively relaxed [2] - The focus will be on using various monetary policy tools to maintain ample liquidity and align the growth of social financing and money supply with economic growth and price level expectations [2] Group 2: Financial Support and Development - The central bank aims to enhance the guiding role of monetary and credit policies by promoting technology finance, green finance, inclusive finance, and digital finance, supporting key national strategies and sectors [3] - There will be a focus on improving financial support mechanisms for small and micro enterprises, enhancing credit systems, and promoting consumption through financial measures [3] Group 3: Interest and Exchange Rate Management - The central bank will deepen interest rate marketization reforms and improve the transmission channels of monetary policy, ensuring that market-driven interest rates reflect true lending costs [4] - A managed floating exchange rate system will be maintained, with measures to stabilize the RMB exchange rate and enhance the resilience of the foreign exchange market [4] Group 4: Financial Market Development and Openness - The development of a multi-tiered bond market will be accelerated, with a focus on supporting private technology enterprises and enhancing the legal framework for bond issuance [5] - The central bank will promote the internationalization of the RMB and expand its use in cross-border trade and investment [5] Group 5: Risk Prevention and Management - A comprehensive macro-prudential management system will be established to monitor and mitigate systemic financial risks, with an emphasis on enhancing the oversight of systemically important financial institutions [6] - The central bank will explore innovative financial tools and strengthen cross-border regulatory cooperation to maintain market stability [6]