宣昌能：中国人民银行持续推进货币政策框架转型

Core Viewpoint - The People's Bank of China (PBOC) is evolving its monetary policy framework to adapt to significant changes in the economic and financial structure of China, focusing on price-based tools rather than quantitative targets [3][4]. Group 1: Monetary Policy Framework Evolution - The PBOC is de-emphasizing quantitative targets and placing greater importance on the role of interest rates and other price-based regulatory tools [4]. - A market-oriented interest rate adjustment mechanism is being further developed, with the 7-day reverse repurchase operation rate being established as the main policy interest rate [4]. - The toolbox for monetary policy is being enriched to include secondary market transactions of government bonds [4]. Group 2: Structural Monetary Policy Tools - The PBOC is enhancing a structural monetary policy tool system that includes measures to maintain capital market stability [5]. - There is a continuous effort to improve the transparency of monetary policy and establish a credible, normalized, and institutionalized policy communication mechanism to guide expectations [5]. Group 3: International Engagement - During the BIS meeting, discussions were held with central bank governors on global economic and financial conditions, corporate investment in uncertain environments, regional economic and financial integration amid global fragmentation, and inflation expectations among households [5].