On August 10, the central bank released China’s monetary policy implementation report for the second quarter of 2022< Fully implement the new development concept, accelerate the construction of a new development pattern, deepen the supply side structural reform, build a modern central bank system, improve the modern monetary policy framework, grasp the implementation of policies and measures, focus on stabilizing employment and prices, give play to the key role of effective investment, and consolidate the good trend of economic recovery. We will intensify the implementation of the prudent monetary policy, give full play to the dual functions of monetary policy instruments in terms of both aggregate and structure, take the initiative to respond, boost confidence, do a good job in cross cycle adjustment, take into account short-term and long-term economic growth, price stability, internal balance and external balance, adhere to the principle of not "flooding" and not issuing excessive money, and provide stronger and higher quality support for the real economy. < / strong >. We will maintain reasonable and sufficient liquidity, increase credit support for enterprises, make good use of policy oriented development financial instruments, focus on supporting infrastructure construction, maintain a reasonable growth in the money supply and social financing scale, and strive to achieve the best results in economic operation. We will pay close attention to changes in the inflation situation at home and abroad, constantly consolidate the favorable conditions for stable production and output of domestic grain and stable operation of the energy market, make proper response, and maintain the basic stability of the price level. Structural monetary policy tools should actively “add up”, increase support for inclusive small and micro loans, support stable employment of small, medium and micro enterprises, make good use of support tools for clean and efficient utilization of coal, scientific and technological innovation, inclusive old-age care, special refinancing for transportation and logistics, and carbon emission reduction, and promote financial resources to favor key areas, weak links, industries and market entities seriously affected by the epidemic, < strong > cultivate new economic growth points < / strong >. We will improve the formation and transmission mechanism of market-oriented interest rates, optimize the policy interest rate system of the central bank, strengthen the supervision of deposit interest rates, give play to the important role of the market-oriented adjustment mechanism of deposit interest rates, focus on stabilizing the cost of bank liabilities, give play to the efficiency and guiding role of the reform of quoted interest rates in the loan market, and promote the reduction of comprehensive financing costs of enterprises. We will pay close attention to the economic trends of major developed economies and the spillover effects of the adjustment of monetary policies. We will focus on ourselves and give consideration to both internal and external balance. We will adhere to a managed floating exchange rate system based on market supply and demand and adjusted with reference to a basket of currencies, adhere to the bottom line thinking, strengthen macro Prudential Management of cross-border capital flows, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. We will follow the principle of marketization and rule of law, coordinate economic development and risk prevention, maintain the overall stability of the financial system, and firmly guard against systemic financial risks. We will work hard to stabilize the macro-economic situation, keep the economic operation within a reasonable range, strive to achieve the best results, and take practical actions to welcome the victory of the 20th National Congress of the party.