Core Viewpoint - The People's Bank of China (PBOC) is focusing on establishing a dual-pillar framework for monetary policy and macro-prudential policy during the 14th Five-Year Plan period, aiming to achieve both currency stability and financial stability, while supporting high-quality economic development [1] Group 1 - The PBOC is constructing a scientific and robust monetary policy system, with a modern monetary policy framework that is continuously improving, effectively promoting reasonable growth in total financial volume, steady decline in financing costs, and optimization of credit structure, thereby maintaining currency stability [1] - The PBOC is enhancing the macro-prudential policy framework and the systemic financial risk prevention and disposal mechanism [1] - The PBOC is improving the financial market and financial market infrastructure system, having launched a "Technology Board" in the bond market and essentially established a multi-tiered bond market framework [1] Group 2 - The Chinese market is being orderly connected with global financial markets, with a steady increase in foreign capital participation [1] - The PBOC is building a higher-level open financial new system [1]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the importance of a dual-pillar framework for monetary and macro-prudential policies during the 14th Five-Year Plan, aiming for currency stability and financial stability to support high-quality economic development [1] Group 1: Monetary Policy - The PBOC is constructing a scientific and robust monetary policy system, with a modern monetary policy framework that is continuously improving, effectively promoting reasonable growth in financial volume, steadily decreasing financing costs, and optimizing credit structure to maintain currency stability [1] Group 2: Macro-Prudential Policy - The PBOC is enhancing the macro-prudential policy framework and establishing mechanisms for systemic financial risk prevention and resolution [1] Group 3: Financial Market Development - The PBOC is improving the financial market and its infrastructure, having launched a "Technology Board" in the bond market, and is working towards a multi-tiered bond market framework, with orderly connections between the Chinese market and global financial markets, leading to a steady increase in foreign investment participation [1] Group 4: Financial System Openness - The PBOC is building a higher-level open financial system to support the overall financial development strategy [1]

Core Viewpoint - The People's Bank of China (PBOC) is focused on establishing a dual-pillar regulatory framework for monetary policy and macroprudential policy during the 14th Five-Year Plan, aiming for currency stability and financial stability to support high-quality economic development [1] Group 1: Monetary Policy - A scientific and robust monetary policy system is being constructed, with a modern monetary policy framework that is continuously improving, effectively promoting reasonable growth in total financial volume, steadily decreasing financing costs, and optimizing credit structure to maintain currency stability [1] Group 2: Macroprudential Policy - The macroprudential policy framework and systemic financial risk prevention and disposal mechanisms are being enhanced [1] Group 3: Financial Market Infrastructure - The financial market and its infrastructure are being improved, including the launch of a "Technology Board" in the bond market, which contributes to the establishment of a multi-tiered bond market framework [1] Group 4: Financial Openness - A higher-level open financial system is being constructed, with orderly connections between the Chinese market and global financial markets, and a steady increase in foreign capital participation [1]