降准降息仍是政策工具选项，央行明年工作准备这么干！

Core Viewpoint - The People's Bank of China (PBOC) emphasizes a flexible and efficient monetary policy, focusing on balancing multiple objectives while implementing appropriate measures in response to economic conditions [1]. Group 1: Monetary Policy Framework - The PBOC aims to build a scientific and robust monetary policy system, enhancing the evaluation and improvement of the monetary policy framework and expanding the toolbox for monetary policy [2][3]. - Key aspects include optimizing the base currency issuance mechanism, reducing focus on quantitative targets, and maintaining reasonable growth in financial totals [3]. - The PBOC will also work on establishing a market-oriented interest rate formation and transmission mechanism, transitioning towards a price-based regulatory system [3]. Group 2: Policy Tools and Implementation - The central economic work conference confirmed the continuation of a moderately loose monetary policy in the coming year, with flexible use of tools such as reserve requirement ratio (RRR) cuts and interest rate reductions [4]. - The PBOC will maintain ample liquidity and support the real economy while ensuring the effective implementation of monetary policies [4]. - Analysts suggest that the PBOC may narrow the interest rate corridor and stabilize the yield curve of government bonds to enhance the transmission effect of monetary policy [5]. Group 3: Financial Risk Management - A significant focus for the PBOC will be on preventing and mitigating financial risks in key areas, particularly in real estate, financing platform debt, and risks associated with small and medium-sized financial institutions [6]. - The PBOC is committed to supporting the resolution of financing platform debt risks and managing real estate finance with a macro-prudential approach [6]. - The ongoing risk management efforts will likely lead to a shift towards the resolution of operational debts of financing platforms, with an emphasis on the reform and sustainable development of small financial institutions [6].