中国人民银行：强化央行政策利率引导，完善市场化利率形成传导机制

Core Viewpoint - The article discusses the main ideas for the next phase of monetary policy, emphasizing the integration of incremental and stock policies, and the use of various tools to strengthen monetary policy regulation based on domestic and international economic conditions and financial market operations [1] Group 1 - The recommendation is to enhance the effectiveness of both incremental and stock policies through a comprehensive application of multiple tools [1] - There is a focus on strengthening the guidance of central bank policy rates and improving the market-oriented interest rate formation and transmission mechanism [1] - The article highlights the importance of observing and assessing the bond market from a macro-prudential perspective, paying attention to changes in long-term yields [1] Group 2 - It emphasizes the need to improve the efficiency of monetary policy transmission mechanisms and enhance the resilience of the foreign exchange market [1] - The article mentions the importance of stabilizing market expectations and preventing excessive fluctuations in the exchange rate [1] - Maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level is also a key point [1]