Every AI newsletter, on May 15, the central bank released the report on China’s monetary policy implementation for the first quarter of 2023. A prudent monetary policy must be precise and forceful, with an appropriate amount and a steady pace, and inter-cyclical adjustments should be made to maintain reasonable and sufficient liquidity, and the growth of money supply and social financing should basically match the growth rate of the nominal economy. Focus on supporting the expansion of domestic demand, provide strong and solid support for the real economy, take into account short-term and long-term, economic growth and price stability, internal and external balance, and enhance the sustainability of supporting the real economy. Pay attention to marginal changes in price trends, guide and stabilize social expectations, support the establishment of systems and mechanisms to ensure supply and price stability of food and energy, and keep price levels basically stable. Continue to deepen the market-oriented reform of interest rates, improve the central bank’s policy interest rate system, continue to leverage the efficiency of the loan market quotation interest rate reform, and give full play to the important role of the deposit rate market-oriented adjustment mechanism to maintain a reasonable and appropriate level of interest rates. Structural monetary policy tools are “focused on key points, reasonable and moderate, with progress and retreat”, maintain the stability of re-loan and re-discount tools, and make good use of phased tools during the implementation period to provide financial support for key areas such as inclusive finance, technological innovation, and green development. Provide strong support in areas and weak points. (every warp)