The People’s Bank of China will center its work on monetary and financial stability through a dual-pillar framework combining monetary policy with macroprudential management (system-wide financial-risk oversight). Deputy Governor Lu Lei said the central bank should improve countercyclical and cross-cyclical adjustments, keeping social financing and money-supply growth aligned with economic expansion and price-level targets. The framework also calls for stronger market-based interest-rate formation, regulation and transmission, greater exchange-rate flexibility, and the yuan’s basic stability at a reasonable, equilibrium level. Lu also emphasized improving monetary-policy communication and expectations management.