Central Bank: Enhancing the resilience of the foreign exchange market to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

According to the Securities Times app, the meeting of the Monetary Policy Committee of the People's Bank of China in the fourth quarter of 2025 (total 111th) was held on December 18. The meeting discussed the main train of thought for the next stage of monetary policy, proposed to play the integrated effects of incremental policies and stock policies, comprehensively use various tools, strengthen monetary policy regulation, grasp the strength, pace, and timing of policy implementation according to the domestic and international economic and financial situation and the operation of the financial market. Maintain ample liquidity, ensure that the scale of social financing and the supply of money grow in line with economic growth and the expected target of the total price level, promote the low operation of the overall social financing cost. Strengthen the guidance of central bank policy interest rates, improve the transmission mechanism of market-oriented interest rates, play the role of market-based interest rate pricing self-discipline mechanism, strengthen interest rate policy execution and supervision. Observe and evaluate the operation of the bond market from a macro-prudent perspective and pay attention to changes in long-term yields. Smooth the transmission mechanism 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 overshooting, and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level.