I learned from the People's Bank of China that the Monetary Policy Committee of the People's Bank of China recently held a regular meeting for the fourth quarter of 2025 to study the main ideas for the next phase of monetary policy, and suggested using the integrated effects of incremental policies and stock policies, comprehensively using various tools to strengthen monetary policy regulation, and grasp the intensity, pace, and timing of policy implementation according to the domestic and foreign economic and financial situation and financial market operation. Maintain abundant liquidity, match the growth in the scale of social financing and money supply with the expected goals of economic growth and overall price levels, and promote the operation of comprehensive social financing at a low cost. Strengthen the central bank's policy interest rate guidance, improve the transmission mechanism for market-based interest rate formation, give full play to the role of a self-regulatory mechanism for market interest rate pricing, and strengthen the implementation and supervision of interest rate policies. Observe and evaluate the operation of the bond market from a macroprudential perspective, and pay attention to changes in long-term yields. Unblock the transmission mechanism of monetary policy and improve the efficiency of the use of capital. Strengthen the resilience of the foreign exchange market, stabilize market expectations, prevent the risk of exchange rate overadjustment, and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level.

I learned from the People's Bank of China that the Monetary Policy Committee of the People's Bank of China recently held a regular meeting for the fourth quarter of 2025 to study the main ideas for the next phase of monetary policy, and suggested using the integrated effects of incremental policies and stock policies, comprehensively using various tools to strengthen monetary policy regulation, and grasp the intensity, pace, and timing of policy implementation according to the domestic and foreign economic and financial situation and financial market operation. Maintain abundant liquidity, match the growth in the scale of social financing and money supply with the expected goals of economic growth and overall price levels, and promote the operation of comprehensive social financing at a low cost. Strengthen the central bank's policy interest rate guidance, improve the transmission mechanism for market-based interest rate formation, give full play to the role of a self-regulatory mechanism for market interest rate pricing, and strengthen the implementation and supervision of interest rate policies. Observe and evaluate the operation of the bond market from a macroprudential perspective, and pay attention to changes in long-term yields. Unblock the transmission mechanism of monetary policy and improve the efficiency of the use of capital. Strengthen the resilience of the foreign exchange market, stabilize market expectations, prevent the risk of exchange rate overadjustment, and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level.