The People's Bank of China Monetary Policy Committee held its fourth quarter regular meeting in 2024, where it discussed the main ideas for the next phase of monetary policy. It suggested increasing the intensity of monetary policy regulation, enhancing the foresight, targeting, and effectiveness of monetary policy regulation. Based on domestic and international economic and financial situations and the operation of financial markets, it recommended appropriately reducing the reserve requirement ratio and interest rates. It aims to maintain ample liquidity, guide financial institutions to increase the issuance of currency credit, and ensure that the growth of social financing scale and money supply aligns with economic growth and the expected targets for overall price levels. The central bank will strengthen the guidance of policy interest rates, improve the transmission mechanism for market-based interest rate formation, utilize the self-discipline mechanism for market interest rate pricing, enhance the execution of interest rate policies, and promote stable reductions in financing costs for enterprises and credit costs for residents. The monetary policy toolbox will be expanded and improved, with bond buy-sell activities considered, and attention paid to changes in long-term yields. The transmission mechanism of monetary policy will be streamlined to improve the efficiency of fund usage and prevent fund idling. The resilience of the foreign exchange market will be enhanced, market expectations stabilized, and market management strengthened. Actions that disrupt market order will be firmly addressed, preventing the formation of unilateral consistent expectations that may self-fulfill, and effectively guarding against the risks of excessive exchange rate adjustments while maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level.