再提“维护资本市场稳定”！央行召开重要会议→

Core Viewpoint - The recent meeting highlighted a shift in the assessment of external economic conditions, indicating a transition from "weakened" to "insufficient" growth momentum for the global economy, while domestic economic challenges remain prominent, particularly the imbalance between strong supply and weak demand [3]. Monetary Policy - The meeting emphasized the continuation of a moderately loose monetary policy, advocating for enhanced counter-cyclical and cross-cyclical adjustments to better utilize monetary policy tools for both total volume and structural functions [3][4]. - The approach to monetary policy has shifted from increasing the intensity of policy adjustments to integrating both incremental and stock policies, utilizing various tools to strengthen monetary policy control [3]. Liquidity and Financing - The meeting suggested maintaining ample liquidity to align the growth of social financing and money supply with economic growth and price level expectations, while not reiterating previous calls for increased credit supply from financial institutions [4]. - The diversity of monetary policy tools has increased, with a focus on creating a suitable liquidity environment to support key sectors and weak links in the economy [4]. Interest Rates - The meeting continued to recommend strengthening the guidance of central bank policy rates and improving the transmission mechanism of market-based interest rates, emphasizing the importance of effective execution and supervision of interest rate policies [4]. Bond Market - The meeting advised monitoring the bond market from a macro-prudential perspective, paying attention to changes in long-term yields [5]. Foreign Exchange and Capital Markets - The meeting reiterated the need to enhance the resilience of the foreign exchange market, stabilize market expectations, and prevent excessive fluctuations in the exchange rate, while maintaining the RMB at a reasonable and balanced level [6]. - For the capital market, the meeting suggested maintaining stability and utilizing various financial instruments to support market operations [6]. Real Estate Market - No specific recommendations were made regarding the real estate market, but there was a call for large banks to enhance their role in serving the real economy and for smaller banks to focus on their core responsibilities [6].