《货币政策执行报告》（2024Q4）解读·周报（第94期）内外形势有何变化，货币如何调整优化？

Monetary Policy Direction - The monetary policy has shifted from a "supportive stance" to "moderately loose" in response to significant internal and external pressures on the economy, indicating a strong willingness for policy easing[1] - The central bank has removed the term "reasonable" from its policy language, emphasizing the need to maintain ample liquidity and stimulate effective domestic demand[1] Economic Environment Assessment - The report expresses concerns about the deepening adverse impacts from external factors, particularly related to tariffs and policies from the Trump administration, which may negatively affect China's economy[1] - Internally, there is a focus on insufficient domestic demand and various risk hazards, highlighting ongoing economic challenges[1] Financing and Loan Growth - The emphasis has shifted towards price-based regulation, aiming to reduce financing costs for enterprises and households, while downplaying the previous requirement for promoting loan growth[2] - The report indicates a cautious outlook on new loan trends, particularly in the real estate sector, where new loans are expected to be limited as the market stabilizes[2] Exchange Rate and Currency Stability - The report highlights increased pressure for RMB depreciation due to external changes, stressing the importance of stabilizing the exchange rate and enhancing the resilience of the foreign exchange market[3] - It suggests that the central bank may reduce the use of certain policy tools that could lead to greater depreciation pressure, such as net purchases of government bonds[3] Capital Market Support - The report outlines two capital market support tools aimed at boosting market expectations and guiding long-term funds into the market, with a commitment to improving tool design for high-quality capital market development[4] - The tools are designed to follow market-oriented and legal principles, reflecting successful international practices[4] Risk Considerations - There is a risk that the monetary policy easing may not meet expectations, which could impact the effectiveness of the proposed measures[5]