The central bank: Strengthen monetary policy regulation and maintain adequate liquidity.

According to the People's Bank of China, the Monetary Policy Committee of the People's Bank of China held its quarterly meeting in the fourth quarter of 2025 to discuss the main ideas for the next stage of monetary policy. It was suggested to leverage the integrated effects of both incremental and stock policies, use a variety of tools comprehensively, strengthen monetary policy regulation, and grasp the strength, pace, and timing of policy implementation based on the domestic and international economic and financial situation and the operation of the financial market. It is important to maintain adequate liquidity, so that the scale of social financing and the money supply can grow in line with the expected targets of economic growth and overall price levels, thereby promoting the low-level operation of overall social financing costs. Strengthening the guidance of central bank policy rates, improving the transmission mechanism of market-oriented interest rate formation, utilizing the self-discipline mechanism of market interest rate pricing, and strengthening the implementation and supervision of interest rate policies. From a macro-prudential perspective, observe and evaluate the operation of the bond market and pay attention to changes in long-term yields. Ensure smooth transmission of monetary policy, and improve the efficiency of fund utilization. Enhance the resilience of the foreign exchange market, stabilize market expectations, guard against the risk of exchange rate overshoot, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.