央行：加强货币政策调控 保持流动性充裕

Core Viewpoint - The People's Bank of China (PBOC) is focusing on enhancing the effectiveness of both incremental and stock policies in its monetary policy framework for the fourth quarter of 2025, aiming to align monetary supply with economic growth and price level expectations [1] Group 1: Monetary Policy Strategy - The PBOC suggests using a combination of various tools to strengthen monetary policy adjustments based on domestic and international economic conditions [1] - The goal is to maintain ample liquidity, ensuring that the growth of social financing and money supply aligns with economic growth and price expectations [1] - There is an emphasis on reinforcing the central bank's policy interest rate guidance and improving the market-based interest rate transmission mechanism [1] Group 2: Financial Market Monitoring - The PBOC will observe and assess the bond market from a macro-prudential perspective, paying attention to changes in long-term yields [1] - The central bank aims to enhance the resilience of the foreign exchange market, stabilize market expectations, and prevent excessive fluctuations in the exchange rate [1] - Maintaining the stability of the Renminbi exchange rate at a reasonable and balanced level is a priority for the PBOC [1]