Core Viewpoint - The Chinese economy is showing a positive trend despite global economic challenges, with a focus on maintaining stable employment and promoting high-quality development through effective financial policies [2][3][4]. Economic Environment - Recent U.S. tariff increases on multiple economies have disrupted global economic stability and financial markets, leading to heightened risk sentiment towards U.S. dollar assets and significant fluctuations in the dollar index and U.S. stock markets [3]. - In contrast, China's economy is experiencing a good start with a continued recovery trend, supported by a resilient financial system and stable financial markets [4]. Currency and Foreign Exchange - The RMB/USD exchange rate remains stable around 7.3, with China's foreign exchange reserves adhering to principles of safety, liquidity, and value preservation [4]. - The impact of single market or asset fluctuations on China's foreign exchange reserves is limited due to a diversified investment approach in international financial markets [4]. Future Policy Directions - The People's Bank of China plans to maintain a moderately accommodative monetary policy to further support the real economy [4]. - The central bank will enhance market management, correct pro-cyclical behaviors, and prevent excessive fluctuations in the exchange rate to ensure the RMB remains stable at a reasonable and balanced level [4].

Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy to support the real economy while maintaining a managed floating exchange rate system based on market supply and demand and a basket of currencies [1] Group 1: Monetary Policy - The PBOC aims to enhance support for the real economy through appropriate monetary policy measures [1] - The central bank emphasizes the importance of market supply and demand in determining exchange rates [1] Group 2: Exchange Rate Management - The PBOC will reference a basket of currencies for exchange rate adjustments, ensuring a managed floating exchange rate system [1] - The central bank intends to strengthen the resilience of the foreign exchange market and stabilize market expectations [1] Group 3: Market Regulation - The PBOC will take measures to correct pro-cyclical market behaviors and address actions that disrupt market order [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]