央行：建议发挥增量政策和存量政策集成效应，把握好政策实施的力度、节奏和时机

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the integration of incremental and stock policies to enhance monetary policy effectiveness, aiming to align social financing scale and money supply growth with economic growth and price level expectations [1] Group 1: Monetary Policy Strategy - The PBOC suggests using a variety of tools to strengthen monetary policy regulation based on domestic and international economic conditions [1] - The focus is on maintaining ample liquidity to ensure that social financing and money supply growth match economic growth and price level expectations [1] - The central bank aims to reinforce the guidance of policy interest rates and improve the transmission mechanism of market-based interest rates [1] Group 2: Financial Market Stability - The PBOC will monitor and assess the bond market from a macro-prudential perspective, paying attention to changes in long-term yields [1] - There is an emphasis on enhancing the resilience of the foreign exchange market to stabilize market expectations and prevent excessive fluctuations in the exchange rate [1] - The goal is to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level [1]