The People's Bank of China announced on January 4 that the 2025 People's Bank of China Working Conference will be held from January 3 to 4. Regarding the capital market, the meeting proposed to make good use of the two structural monetary policy tools that fully support the capital market, explore normalized institutional arrangements, and maintain the stable operation of the capital market. Recently, the People's Bank of China launched the second round of securities, fund, and insurance company swap facilities, and completed the bidding on January 2, with a total amount of 55 billion yuan. In order to further increase policy support and facilitate the operation of participating entities, the financial management department has recently adjusted and optimized the policies related to the implementation of stock repurchases, increased holdings, and re loans. Tian Lihui, Dean of the Institute of Financial Development at Nankai University, stated that by 2025, new structural monetary policy tools such as swap facilitation should be further promoted and implemented effectively. Regarding monetary policy, the meeting proposed to implement a moderately loose monetary policy to create a suitable monetary and financial environment for stable economic growth. By comprehensively utilizing various monetary policy tools and taking into account the domestic and international economic and financial situation as well as the operation of financial markets, we will choose opportunities to lower reserve requirement ratios and interest rates, maintain sufficient liquidity and stable growth of financial aggregate, and match the expected targets of economic growth and overall price levels with the growth of social financing scale and money supply. Better grasp the relationship between stock and increment, focus on revitalizing stock financial resources, and improve the efficiency of fund utilization. Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, and resolutely guard against the risk of exchange rate overshoot. Zou Lan, Director of the Monetary Policy Department of the People's Bank of China, said that he would further improve the market-oriented interest rate regulation mechanism, continue to strengthen the implementation of interest rate policies, strengthen the self-discipline management of interest rates, improve the banks' ability of independent and rational pricing, take into account the steady operation of the banking industry and the steady decline of social comprehensive financing costs, and create a favorable interest rate environment for boosting consumption and expanding investment. In terms of serving the high-quality development of the economy, the meeting proposed to coordinate and do a good job in the "five major articles" of finance to better serve the high-quality development of the economy. Improve the top-level institutional arrangements for the "Five Great Articles" of finance, unify statistical systems, strengthen assessment and evaluation, focus on major national economic strategies, key areas, and weak links, and further enhance the strength, sustainability, and professionalism of financial support. Following the principle of "focusing on key areas, being reasonable and moderate, and having both progress and retreat", we will scientifically use structural monetary policy tools, optimize the tool system, strengthen coordination with fiscal policy, and further increase financial support for technological innovation and boosting consumption. Actively expanding financing channels, supporting enterprises to raise funds through markets such as bonds and equity, and improving the quality and efficiency of financial services. In terms of risk prevention, the meeting clearly stated that the central bank should fully leverage its macro prudential and financial stability functions, and hold the bottom line of preventing systemic financial risks from occurring. Establish a sound macro prudential policy framework, strengthen the assessment of systemic financial risks, and enrich the macro prudential policy toolbox. Establish a sound mechanism for monitoring, assessing, warning and responding to financial market risks, and maintain financial market stability. According to the principles of marketization and rule of law, support the risk management of small and medium-sized banks. Continue to do a good job in resolving debt risks of financial support for local government financing platforms. Improve and strengthen macro prudential management of real estate finance, and support the construction of a new model for real estate development. In addition, the meeting proposed to steadily promote financial reform and opening up, and enhance the internationalization level of the RMB. Enhance the functionality of the bond market and its ability to serve the real economy. Strengthen the construction of financial infrastructure and overall supervision. Orderly expand high-level opening up of the financial industry, support the construction of Shanghai International Financial Center, consolidate and enhance Hong Kong's position as an international financial center, and safeguard the bottom line of financial security under open conditions. We will steadily and prudently promote the internationalization of the renminbi, further enhance its international monetary function, give full play to its functions as a currency swap and clearing bank, and promote the development of the offshore renminbi market. Promote the improvement and efficiency of cross-border fund settlement facilitation policies such as multinational corporations' fund pools, and advance the reform of foreign exchange management for foreign direct investment. Maintain stable operation of foreign exchange reserves. (New Society)