FINANCIAL STREET(SZ:000402) Xin Hua Cai Jing·2025-12-24 14:07Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a moderately loose monetary policy to support high-quality economic development and stabilize growth amid external uncertainties and domestic challenges [1][2]. Group 1: Monetary Policy and Economic Environment - The PBOC's monetary policy committee meeting highlighted the effectiveness of various monetary policy tools in enhancing the transmission efficiency of monetary policy and maintaining low social financing costs [1][2]. - The meeting acknowledged the challenges posed by external economic conditions, including insufficient global growth momentum and increasing trade barriers, while noting that China's economy remains stable with progress in high-quality development [1][2]. - The PBOC plans to continue implementing a moderately loose monetary policy, focusing on counter-cyclical adjustments to promote stable economic growth and reasonable price recovery [1][2]. Group 2: Policy Implementation Strategies - The meeting discussed the integration of incremental and stock policies, emphasizing the need for a comprehensive approach to monetary policy that aligns with economic growth and price level expectations [2]. - It was suggested to enhance the guidance of central bank policy rates and improve the market-based interest rate formation mechanism to ensure low financing costs [2]. - The PBOC aims to strengthen the resilience of the foreign exchange market and maintain the stability of the RMB exchange rate at a reasonable equilibrium level [2]. Group 3: Financial Sector Support - The meeting called for large banks to play a leading role in providing financial services to the real economy, while encouraging small and medium-sized banks to focus on their core responsibilities [3]. - There is a commitment to effectively implement structural monetary policy tools to support key areas such as domestic demand expansion, technological innovation, and small and micro enterprises [3]. - The PBOC aims to enhance financial services for the private economy and promote high-level financial openness while improving risk management capabilities [3].