People's Bank of China Monetary Policy Committee held the fourth quarter meeting of 2025.

The meeting discussed the main ideas of the next stage monetary policy, proposed to leverage the integrated effects of incremental policy and stock policy, comprehensively use various tools, strengthen monetary policy regulation, grasp the intensity, pace, and timing of policy implementation according to the domestic and international economic and financial situation, and the operation of the financial market. Maintain adequate liquidity, ensure that the scale of social financing and the money supply grow in line with economic growth, expectations for the overall price level, and promote the low-cost operation of social comprehensive financing. Strengthen the guidance of central bank policy interest rates, improve the transmission mechanism of market-oriented interest rate formation, play the role of self-discipline mechanism of market interest rate pricing, and strengthen the execution and supervision of interest rate policies. Observe and evaluate the operation of the bond market from a macro-prudential perspective, and pay attention to changes in long-term yields. Smooth monetary policy transmission mechanism, improve the efficiency of fund use. Enhance the resilience of the foreign exchange market, stabilize market expectations, prevent the risk of exchange rate overshooting, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.