On December 31st, Han Wenxiu, Deputy Director in charge of daily work at the Central Finance Office and Director of the Central Agriculture Office, issued a document stating that a moderately loose monetary policy will be implemented by 2025. Further leverage the dual functions of the total quantity and structure of monetary policy tools, so as to match the expected targets of economic growth and overall price levels with the growth of social financing scale and money supply. We should timely reduce reserve requirement ratios and interest rates, make good use of tools such as open market operations, maintain sufficient liquidity, and continue to increase support for the real economy. Further unblock the transmission mechanism of monetary policy, maintain rapid growth of monetary credit, promote the reduction of comprehensive financing costs in society, and effectively solve the problems of difficult and expensive financing for enterprises. Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. Explore and expand the macro prudential and financial stability functions of central banks, innovate financial tools, and maintain financial market stability.
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