Gelonghui on October 18th | Pan Gongsheng, the governor of the People's Bank of China, stated at the 2024 financial street holdings forum annual meeting that the central bank considers three main factors in the policy-making process. First, the current economic operation requires the implementation of strong macroeconomic support policies. The central government decisively introduced a package of policies to increase economic growth, reflecting a firm determination to stabilize the economy, expectations, promote consumption, and benefit people's livelihoods, leading to positive market responses. Second, there are still some prominent contradictions and challenges in the current economic operation, mainly in the real estate and capital markets. Based on international experience and past practices in China, targeted policies need to be introduced to address these issues. Third, the central bank needs to observe and evaluate financial market risks from the perspective of macro-prudential management and take appropriate measures to weaken the accumulation of financial market risks. Recently, the People's Bank of China has communicated multiple times with the market on the operation of long-term government bond yields to curb the systemic risks hidden by the unilateral downward trend in long-term government bond yields caused by herd behavior.