Central Bank: It is recommended to strengthen monetary policy regulation in the next phase, enhancing foresight, relevance, and effectiveness.

[Central Bank: The next stage suggests strengthening monetary policy regulation, improving foresight, targeting, and effectiveness] The Monetary Policy Committee of the People's Bank of China held its regular meeting for the third quarter of 2025. The meeting studied the main ideas for the next stage of monetary policy and suggested strengthening monetary policy regulation, improving foresight, targeting, and effectiveness. Based on the domestic and international economic and financial situation and the operation of the financial market, it is important to grasp the intensity and rhythm of policy implementation, ensure the execution of various monetary policy measures, and fully release the policy effects. Maintain ample liquidity, guide financial institutions to increase the intensity of monetary credit issuance, and ensure that the scale of social financing and money supply growth aligns with economic growth and the overall price level expectation targets. Strengthen the guidance of the central bank's policy interest rates, improve the transmission mechanism for market-based interest rate formation, utilize the self-regulation mechanism of market interest rate pricing, and enhance the execution and supervision of interest rate policies. Promote a decrease in the comprehensive financing costs of society. From a macro-prudential perspective, observe and assess the operation of the bond market, paying attention to the changes in long-term yields. Smooth the transmission mechanism of monetary policy, improve the efficiency of fund utilization, and prevent idle capital circulation. Enhance the resilience of the forex market, stabilize market expectations, prevent exchange rate overshooting risks, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. ( Jin10 )