The Monetary Policy Committee of the People's Bank of China held its regular meeting for the fourth quarter of 2024, discussing the main ideas for the next phase of monetary policy. It is suggested to strengthen the intensity of monetary policy regulation, enhance the foresight, targeting, and effectiveness of monetary policy regulation, and to reduce the reserve requirement ratio and interest rates at an appropriate time based on domestic and international economic and financial conditions and the operation of financial markets. Maintain ample liquidity, guide financial institutions to increase the intensity of monetary credit issuance, and ensure that the growth of social financing scale and money supply aligns with the economic growth and overall price level expectations. Strengthen the guidance of central bank policy interest rates, improve the transmission mechanism of market-oriented interest rate formation, leverage the self-discipline mechanism of market interest rate pricing, enhance the implementation of interest rate policies, and promote stable decreases in corporate financing and household credit costs. Enrich and improve the toolbox of monetary policy, conduct transactions in government bonds, and pay attention to changes in long-term yields. Smooth the transmission mechanism of monetary policy, improve the efficiency of fund utilization, and prevent the idle circulation of funds. Enhance the resilience of the foreign exchange market, stabilize market expectations, strengthen market management, and firmly deal with behaviors that disrupt market order, resolutely prevent the formation of unilateral consistent expectations and self-fulfilling prophecies, and effectively prevent risks of excessive exchange rate adjustments, maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level.