Zhang Xu, Chief Analyst for Fixed Income at Everbright, has determined that the monetary policy orientation has shifted from "prudent" to "moderately accommodative." The reduction in the reserve requirement ratio next year may reach around 1.5 percentage points, and the policy interest rate may be lowered by 20 to 30 basis points. This redefinition of the monetary policy orientation reflects decision-makers' full awareness of the short-term difficulties in economic running and the deep-seated conflicts in the medium- to long-term structural transformation. It also indicates a flexible shift in macroeconomic control thinking, and shows a commitment to promoting the continuous recovery of the economy. (Everyday Economic News)