Central Bank: It is recommended to leverage the combined effects of incremental and stock policies, utilize a variety of tools comprehensively, and strengthen monetary policy regulation.

The central bank: The meeting studied the main ideas for the next stage of monetary policy. It recommended that the integrated effects of incremental policies and stock (existing) policies be brought into play, and that a comprehensive use of various tools be adopted to strengthen monetary policy management and control. Based on domestic and international economic and financial conditions and the operation of financial markets, efforts should be made to grasp the intensity, pace, and timing of policy implementation. Keep liquidity sufficiently ample so that the growth of social financing and the growth of the money supply are matched with economic growth and the expected targets for the overall price level. Strengthen the central bank’s policy rate guidance, improve the market-based interest rate formation and transmission mechanism, give play to the role of the market interest rate pricing self-discipline mechanism, and strengthen the execution and supervision of interest rate policy. Standardize the operating behavior of the credit market, reduce financing intermediary fees, and promote the social comprehensive financing cost to operate at a low level. From a macroprudential perspective, observe and assess the operation of the bond market, and pay attention to changes in long-term yields. Keep the monetary policy transmission mechanism unblocked and improve the efficiency of capital use. Enhance the resilience of the foreign exchange market, stabilize market expectations, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.