As challenges evolve globally and domestically, we will further improve our open market operations and expand our policy toolkit. We are currently studying and consulting with the industry for operational refinements to further strengthen our ability to guide short-term market interest rates and the transmission of monetary policy to the economy.
As we refine our monetary operations, we also recognize that fintech has the potential to alter how central banks conduct monetary policy. Digitalization of the payments system, adoption of new forms of electronic payments and stores of value, and the issuance of digital currency fundamentally affect money demand.