再提“维护资本市场稳定”！央行召开重要会议→

Core Viewpoint - The People's Bank of China (PBOC) has shifted its assessment of the external economic environment from "weakening" to "insufficient," indicating a more cautious outlook on global economic growth [2][3] Monetary Policy - The meeting emphasized the continuation of a moderately loose monetary policy, increasing counter-cyclical and cross-cyclical adjustments to better utilize both the total and structural functions of monetary policy tools [3] - The focus has shifted from "increasing the intensity of monetary policy regulation" to "leveraging the integrated effects of incremental and stock policies," suggesting a more nuanced approach to policy implementation based on economic conditions [3] Economic Conditions - The meeting noted that the domestic economy still faces significant challenges, particularly the imbalance between strong supply and weak demand [2][3] - There was no mention of "low price levels" as in previous meetings, indicating a potential shift in focus towards addressing supply-demand issues [2] Financial Market Stability - The PBOC aims to maintain ample liquidity, aligning the growth of social financing and money supply with economic growth and price level expectations [3] - The meeting did not reiterate previous suggestions for financial institutions to increase credit supply, indicating a potential shift in strategy [3] Tools and Instruments - The PBOC's toolbox for monetary policy has become more diverse, with a range of liquidity injection tools available, including long-term reserve requirement ratio cuts and various market operations [4] - The meeting suggested enhancing the guidance of central bank policy rates and improving the transmission mechanism of market-based interest rates [4] Capital and Foreign Exchange Markets - The meeting highlighted the importance of maintaining stability in the capital market and suggested utilizing various financial instruments to support this goal [4] - Emphasis was placed on enhancing the resilience of the foreign exchange market and stabilizing market expectations to prevent excessive fluctuations in the exchange rate [4]