The People's Bank of China working conference in 2025 will be held on January 3rd to 4th. The meeting emphasized that a moderately loose MMF policy should be implemented to create a suitable monetary and financial environment for stable economic growth. Various MMF policy tools will be comprehensively utilized, based on domestic and foreign economic and financial situations and the running conditions of the financial market, to time the reduction of the reserve requirement and interest rates, maintaining ample liquidity and stable overall financial growth, ensuring that the growth of social financing scale and money supply aligns with economic growth and the expected targets for overall price levels. Better grasp the relationship between the existing and incremental resources, focus on revitalizing existing financial resources, and improve the efficiency of capital utilization. Maintain the basic stability of the RMB Exchange Rates at a reasonable and balanced level, and firmly prevent the risks of excessive Exchange Rates adjustments.