潘功胜：把握好货币政策的力度、时机和节奏

Core Viewpoint - The People's Bank of China emphasizes the dual objectives of maintaining currency stability and financial stability, utilizing a robust monetary policy framework and macro-prudential management system as foundational tools for macroeconomic management [1] Group 1: Monetary Policy Framework - The central bank aims to construct a scientifically sound and robust monetary policy system that effectively combines currency stability and financial stability, which is crucial for supporting the construction of a financial powerhouse [1] - It is essential to accurately grasp the connotations and requirements of a scientific and robust monetary policy, focusing on the strength, timing, and rhythm of monetary policy [1] Group 2: Economic Adjustment - The central bank should enhance cross-cycle and counter-cyclical adjustments, ensuring that monetary conditions align with supporting potential economic growth and basic price stability [1] - There is a need to manage the relationship between short-term and long-term objectives, utilizing various monetary policy tools to smooth economic fluctuations while avoiding excessive policy interventions that could lead to diminishing returns and long-term side effects [2] Group 3: Financial Support and Risk Management - The relationship between stabilizing growth and preventing risks is critical, as changes in the economic structure and credit structure affect the demand for monetary credit growth [2] - Improving the efficiency of existing funds and optimizing the allocation of new loans are equally important for supporting economic growth [2] Group 4: Internal and External Relations - Domestic economic and financial conditions primarily guide China's monetary policy, while also considering the spillover effects from other economies and their monetary policy cycles [2] - The flexibility of the RMB exchange rate has gradually increased, and the maturity of foreign exchange market participants has improved, enabling better management of internal and external relationships [2]