Currently,the global economic landscape is undergoing profound adjustments,with complex and volatile situations.The financial situation is characterized by both crisis and opportunity,as well as change and risk.It is expected that in 2025,global monetary policy will shift towards overall easing,and liquidity is expected to re-enter an expansionary trajectory.However,the volatile international political situation may lead to significant fluctuations in asset prices and risk preferences,and cross-border capital flows may further contract.While the operational space for monetary policy in China is expanding,the country faces a complex situation of capital outflow risks,exchange rate pressure,and internal difficulties.In response,the People's Bank of China should adhere to a supportive monetary policy stance,implement moderately loose monetary policies,vigorously promote financial innovation,and better support the real economy while preventing and resolving risks in key areas.