央行：发挥增量政策和存量政策集成效应，强化央行政策利率引导

Core Viewpoint - The People's Bank of China (PBOC) is focusing on integrating incremental and stock policies to enhance monetary policy effectiveness, aiming to align monetary supply with economic growth and price level expectations [1] Group 1: Monetary Policy Strategy - The PBOC plans to utilize various tools to strengthen monetary policy regulation based on domestic and international economic conditions [1] - The goal is to maintain ample liquidity, ensuring that the growth of social financing and money supply aligns with economic growth and price expectations [1] - There is an emphasis on reinforcing the guidance of central bank policy rates and improving the transmission mechanism of market-based interest rates [1] Group 2: Financial Market Monitoring - The PBOC will observe and assess the bond market from a macro-prudential perspective, paying attention to changes in long-term yields [1] - The central bank aims to enhance the resilience of the foreign exchange market, stabilize market expectations, and prevent excessive fluctuations in the exchange rate [1] - Maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level is a priority for the PBOC [1]