The People’s Bank of China emphasized once again at its Monetary Policy Committee’s Q4 meeting that it will keep the yuan exchange rate fluctuating at a stable and balanced level, Yicai.com reported.

The meeting follows the tone set by the Central Economic Work Conference last week, without mentioning “moderate” monetary policy, or “control of the total money supply,” like last year.

Instead, the meeting emphasized that monetary policy should be forward-looking, flexible and targeted, especially to strengthen countercyclical control while paying close attention to changes in the international and domestic economic and financial situation.

Also, a prudent monetary policy should neither be too tight nor too loosened. And, it is necessary to keep liquidity at a reasonable and ample level, and maintain reasonable growth in the scale of credit and social financing, the PBOC said.