Core Viewpoint - The People's Bank of China (PBOC) aims to balance domestic growth while promoting global financial governance reform and international financial cooperation by 2026, alongside advancing the internationalization of the Renminbi [1] Group 1 - The PBOC will continue to enhance the high-level opening of the financial services industry and financial markets [1] - The focus will be on orderly progress in the internationalization of the Renminbi [1]

Group 1 - The core viewpoint emphasizes the need for a moderately loose monetary policy to support domestic growth while promoting international financial cooperation and the internationalization of the Renminbi by 2026 [1] - The People's Bank of China (PBOC) aims to build a multi-channel, comprehensive, secure, and efficient cross-border payment system for the Renminbi, enhancing international cooperation in cross-border payments [1] - The PBOC will focus on maintaining currency stability and financial stability as dual objectives, which are foundational tools for macroeconomic management [2] Group 2 - The PBOC plans to optimize its monetary policy target system during the 14th Five-Year Plan, shifting focus from quantitative targets to more observational and reference indicators, thereby enhancing the role of interest rate adjustments [4] - There will be improvements in the market-oriented interest rate formation, adjustment, and transmission mechanisms to ensure effective transmission from central bank policy rates to market benchmark rates [6] - A comprehensive macro-prudential management system will be established, expanding coverage to include financial markets, non-bank financial institutions, financial infrastructure, and internet finance [8]