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

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**December 12 — The Party Committee of the People’s Bank of China (PBOC) held a meeting, with key takeaways from the minutes below:** ### Key Point 3 (Monetary Policy) - Continue implementing a moderately loose monetary policy and accelerate supply-side structural reform in finance. - Prioritize stable economic growth and reasonable price increases as core policy considerations. - Flexibly deploy tools like reserve requirement ratio (RRR) cuts and interest rate reductions, controlling policy intensity, pace, and timing to maintain sufficient liquidity, lower overall social financing costs, and boost financial support for the real economy. - Improve monetary policy transmission, optimize structural policy tools, enhance fiscal coordination, and guide lenders to back key areas: expanding domestic demand, tech innovation, and small and micro-enterprises (SMBs). - Keep the RMB exchange rate basically stable at a reasonable, balanced level. ### Key Point 5 (Financial Openness & Security) - Steadily advance high-level financial opening-up and safeguard national financial security. - Practice global governance initiatives, actively participate in and push for global financial governance reform. - Conduct pragmatic financial diplomacy and multilateral/bilateral currency-finance cooperation. - Accelerate RMB internationalization, build a multi-channel, wide-reaching cross-border RMB payment system, and steadily develop the digital RMB.

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