央行，重要会议！维护资本市场稳定

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a moderately accommodative monetary policy to support economic stability and growth, while addressing challenges in both domestic and international economic environments [1][2][3]. Group 1: Monetary Policy Strategy - The PBOC plans to continue implementing a moderately accommodative monetary policy and increase counter-cyclical and cross-cyclical adjustments [2][3]. - The integration of incremental and stock policies will be leveraged to enhance the effectiveness of monetary policy tools [2][3]. - The PBOC aims to maintain ample liquidity, ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations [3][4]. Group 2: Financial Market Stability - The meeting highlighted the importance of guiding large banks to play a key role in providing financial services to the real economy, while encouraging small and medium-sized banks to focus on their core responsibilities [4]. - The PBOC will utilize structural monetary policy tools effectively to support key areas such as expanding domestic demand, technological innovation, and small and micro enterprises [4]. - Measures will be taken to maintain capital market stability, including the use of securities, funds, and insurance company swap facilities, as well as stock repurchase and increased re-lending [2][4]. Group 3: Economic Environment Analysis - The PBOC noted that the external economic environment is becoming increasingly challenging, with insufficient global economic growth and rising trade barriers [3]. - Despite facing issues such as strong supply and weak demand, China's economy is generally stable and making progress towards high-quality development [3]. - The PBOC will enhance the resilience of the foreign exchange market and stabilize market expectations to prevent excessive fluctuations in the exchange rate [3].