【金融街发布】人民银行：继续实施好适度宽松的货币政策

Core Viewpoint - The People's Bank of China emphasizes the continuation of a moderately accommodative monetary policy to promote stable economic growth and reasonable price recovery [2] Group 1: Monetary Policy Implementation - The report highlights the importance of adjusting the strength, pace, and timing of policy implementation based on domestic and international economic conditions and financial market operations [2] - It advocates for the flexible and efficient use of various policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity and relatively loose social financing conditions [2] - The goal is to align the growth of social financing scale and money supply with economic growth and price level expectations [2] Group 2: Interest Rate Management - The report calls for further improvement of the interest rate adjustment framework and strengthening the guidance of central bank policy rates [2] - It emphasizes the need to enhance the market-based interest rate formation and transmission mechanism, and to utilize self-discipline in market interest rate pricing [2] - The aim is to lower bank funding costs and promote low-level operation of comprehensive financing costs for society [2] Group 3: Structural Monetary Policy Tools - The report stresses the effective implementation of various structural monetary policy tools to support key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises [2] - It highlights the importance of maintaining a managed floating exchange rate system and ensuring the flexibility of the exchange rate to stabilize the macroeconomy and international balance of payments [2] - The report also mentions the need to strengthen expectation guidance and prevent excessive exchange rate fluctuations, maintaining the RMB exchange rate at a reasonable and balanced level [2] Group 4: Financial Stability - The report aims to expand and enrich the central bank's macro-prudential and financial stability functions, enhancing the toolbox for macro-prudential and financial stability management [2] - It emphasizes the maintenance of financial market stability and the commitment to preventing systemic financial risks [2]