the Monetary Policy Committee of the People's Bank of China held its fourth quarter meeting for 2024 to discuss the main ideas for the next stage of monetary policy. It was recommended to increase the intensity of monetary policy regulation, improve the forward-looking, targeted, and effective nature of monetary policy regulation, and adjust reserve requirements and interest rates according to the domestic and international economic and financial situation and the operation of the financial market. Maintain ample liquidity, guide financial institutions to increase the intensity of monetary credit investment, and ensure that the growth of social financing scale and money supply is matched with the economic growth and the expected target of the overall price level. Strengthen the guidance of the central bank's policy interest rate, improve the market-oriented interest rate transmission mechanism, give full play to the role of market interest rate pricing self-discipline mechanism, strengthen interest rate policy implementation, and promote the stability of corporate financing and household credit costs. Enhance and improve the monetary policy toolbox, carry out national debt trading, and pay attention to changes in long-term yields. Smooth the transmission mechanism of monetary policy, improve the efficiency of fund utilization, and prevent idle funds. Enhance the resilience of the foreign exchange market, stabilize market expectations, strengthen market management, resolutely deal with behaviors that disrupt market order, resolutely prevent the formation of unilateral consistent expectations and self-realization, and resolutely prevent the risk of exchange rate overshooting, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

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