央行行长：加强逆周期调节，有力有效平滑经济波动

Core Viewpoint - The article emphasizes the importance of balancing monetary policy's strength, timing, and rhythm to support economic growth and maintain price stability while enhancing financial support for structural adjustments and high-quality development [1][2] Group 1: Short-term vs Long-term Relationship - The need for comprehensive use of various monetary policy tools to strengthen counter-cyclical adjustments and effectively smooth economic fluctuations is highlighted [1] - It is crucial to focus on cross-cycle balance to avoid excessive policy measures that could lead to diminishing returns and long-term side effects, thereby better supporting key areas and weak links for sustainable growth [1] Group 2: Growth vs Risk Prevention Relationship - The changing requirements for monetary credit growth in the real economy due to structural transformation necessitate improving the efficiency of existing funds and optimizing the allocation of new loans [1] - Balancing financial support for economic growth with the health of financial institutions is essential to enhance fund allocation efficiency and promote sustainable credit and financial stability [1] Group 3: Internal vs External Relationship - China's monetary policy primarily considers domestic economic and financial conditions while also accounting for the spillover effects of other economies' monetary policies [2] - The article notes that the flexibility of the RMB exchange rate has gradually increased, providing China with the capability to balance internal and external relationships effectively [2]