PANews reported on August 10 that the Monetary Policy Implementation Report for the Second Quarter of 2024 released by the People's Bank of China pointed out that the U.S. inflation rate has dropped significantly, the economy and labor market have changed, and the Federal Reserve's monetary policy is facing a shift. Recently, U.S. employment data has been lower than expected, and market expectations for the Federal Reserve to cut interest rates have increased. The U.S. CPI rose 3% year-on-year in June, the lowest level in 12 months. The number of new non-farm jobs in July was 114,000, which was lower than expected. The unemployment rate rose. These factors created conditions for the Federal Reserve to cut interest rates. The shift in monetary policy in major developed economies has a spillover effect on emerging market economies, and improved global liquidity will help alleviate external pressure on emerging market economies. China will continue to adhere to a monetary policy that focuses on China, pay close attention to the trends of major developed economies, and ensure the stability of the domestic financial market and high-quality economic development.