CCTV News: The reporter learned from the People's Bank of China on January 4 that the tone of my country's monetary policy in 2025 is "moderate easing". A variety of monetary policy tools will be used in a comprehensive manner. According to the domestic and international economic and financial situation and the operation of the financial market, the reserve requirement ratio will be lowered at the right time to maintain abundant liquidity and the total financial volume will grow steadily. How does the "moderately loose" monetary policy support the real economy? How to do it specifically? Let’s listen to the interpretation of the relevant person in charge.

In 2025, my country will further improve the market-oriented interest rate regulation mechanism, continue to strengthen the implementation of interest rate policies, strengthen interest rate self-discipline management, enhance banks' independent and rational pricing capabilities, take into account the stable operation of the banking industry and the social comprehensive financing costs have been steadily reduced, creating a favorable interest rate environment for promoting consumption and expanding investment.

Zou Lan, Director of the Monetary Policy Department of the People's Bank of China, introduced that we should maintain a reasonable growth in the total financial volume, comprehensively use a variety of monetary policy tools, maintain abundant liquidity, and guide financial institutions to deeply explore effective financing needs, so that the scale of social financing and money supply will grow, and match the expected targets of economic growth and total price levels.

In 2025, we must give full play to the dual functions of monetary policy tools, guide more investment in urgently needed areas, and continuously improve the efficiency of financial support for economic structural adjustment, transformation and upgrading, and transformation of new and old kinetic energy.

Zou Lan said that we should deepen exchange rate market-oriented reform, strengthen expectations guidance, effectively respond to external shocks, resolutely prevent the risk of exchange rate overshoot, and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level.

In 2025, my country should give full play to the joint efforts of monetary policy and other macro policies such as finance, industry, and supervision, maintain the consistency of policy orientation, pay more attention to supporting the expansion of consumption and effective investment, improve the overall efficiency of policies, and further smooth policy transmission.

Jin Penghui, director of the Shanghai Headquarters of the People's Bank of China, said that the implementation of moderately loose monetary policy should be carried out, the efforts should be made to expand domestic demand, stabilize expectations, stimulate vitality, pay more attention to consumption, support stabilizing foreign trade and foreign investment, and help Shanghai better play its role in "taking the lead".