央行：继续实施好适度宽松的货币政 策

Core Viewpoint - The central bank emphasizes the continuation of a moderately accommodative monetary policy to promote stable economic growth and reasonable price recovery, adjusting policy implementation based on domestic and international economic conditions [1] Monetary Policy Implementation - The central bank will flexibly and efficiently utilize various policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity and relatively loose social financing conditions [1] - The aim is to align the growth of social financing scale and money supply with economic growth and price level expectations [1] Interest Rate Management - There will be improvements in the interest rate adjustment framework, strengthening the guidance of central bank policy rates and enhancing the market-based interest rate formation transmission mechanism [1] - The focus is on reducing bank funding costs and promoting low comprehensive financing costs for society [1] Structural Monetary Policy Tools - The central bank will effectively implement various structural monetary policy tools to support key areas such as expanding domestic demand, technological innovation, and small and micro enterprises [1] Exchange Rate Stability - The central bank will maintain a managed floating exchange rate system, ensuring exchange rate flexibility and using it as an automatic stabilizer for macroeconomic and international balance of payments [1] - There is a commitment to prevent excessive fluctuations in the exchange rate and maintain the stability of the RMB at a reasonable and balanced level [1] Financial Stability - The central bank aims to enhance its macro-prudential and financial stability functions, improving the toolbox for macro-prudential and financial stability management to maintain market stability and prevent systemic financial risks [1]