The People's Bank of China work conference in 2025 (hereinafter referred to as "central bank work meeting") will be held from January 3 to 4. According to the signals released by the meeting, the central bank will implement moderately loose MMF policy in 2025, reduce reserve requirements and interest rates at the appropriate time, maintain ample liquidity and steady growth of the overall financial volume; improve the macro-prudential policy framework, strengthen systemic financial risk assessment, and enrich the macro-prudential policy toolbox; effectively utilize the two structural monetary policy tools that support Capital Markets, explore normalized institutional arrangements, and maintain the stable running of Capital Markets. Experts interviewed believe that in 2025, the central bank will continue to moderately reduce reserve requirements and interest rates, while under the new MMF policy framework, the roles of newly established tools such as outright reverse repos and treasury buy-sell will become more pronounced. In addition, focusing on key areas such as Consumer and Capital Markets, the central bank is expected to continue innovating and enriching financial tools, aiming to expand the space for MMF policy.