People's Bank of China: Continue to implement a moderately loose monetary policy and promote the internationalization of the RMB.

According to Mars Finance, on December 12th, the Party Committee of the People's Bank of China held a meeting. The third point of the meeting minutes stated: Continue to implement a moderately loose monetary policy and accelerate the structural reform of the financial supply side. Promoting stable economic growth and a reasonable recovery in prices will be important considerations in monetary policy. Various monetary policy tools, such as reserve requirement ratio cuts and interest rate cuts, will be used flexibly and efficiently, with careful attention to the strength, pace, and timing of policy implementation. Ample liquidity will be maintained, overall social financing costs will be kept low, and financial support for the real economy will be strengthened. The monetary policy transmission mechanism will be smoothed, the use of structural monetary policy tools will be optimized, and coordination with fiscal policy will be strengthened to incentivize and guide financial institutions to increase support for key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises. The basic stability of the RMB exchange rate at a reasonable and balanced level will be maintained. The fifth point of the meeting minutes stated: Steadily promote high-level financial opening-up and safeguard China's national financial security. Implement global governance initiatives and actively participate in and promote the reform and improvement of global financial governance. Pragmatically conduct financial diplomacy and multilateral and bilateral monetary and financial cooperation. Promote the internationalization of the RMB. Continue to build and develop a multi-channel, broad-coverage RMB cross-border payment system. Steadily develop the digital RMB.