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The People's Bank of China released the fourth quarter of 2025 report on the implementation of China's monetary policy. It proposes further improving the interest rate control framework, strengthening the central bank's policy rate guidance, improving the transmission mechanism of market-based interest rates, and playing the role of the market interest rate pricing self-discipline mechanism. It also emphasizes strengthening the execution and supervision of interest rate policies, reducing bank liability costs, promoting the low-level operation of social comprehensive financing costs. It suggests orderly expanding the coverage of explicit enterprise loan comprehensive financing costs. It calls for effectively implementing the dual functions of the total and structural currency policy tools, solidly implementing various structural currency policy tools, and strengthening financial support for key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises.