潘功胜称，将继续坚持支持性的货币政策立场，实施好适度宽松的货币政策，综合运用多种货币政策工 具，提供短期、中期、长期流动性安排，保持社会融资条件相对宽松。同时，继续完善货币政策框架， 强化货币政策的执行和传导。 谈及货币政策，潘功胜指出，"一年多来，面对复杂严峻的国内外形势，我们按照中央决策部署，坚持 支持性的货币政策立场，综合运用数量、价格、结构等多种货币政策工具，保持流动性充裕。反映金融 运行的主要宏观金融指标也体现了适度宽松的货币政策状态，9月末，社会融资规模同比增长8.7%，M2 同比增长8.4%，贷款同比增长6.6%，还原地方债务置换影响后的贷款增长7.7%左右，社会融资成本也 处于历史低位，为我国经济的回升向好和金融市场稳定运行创造了良好的货币金融环境。" 北京商报讯（记者 刘四红）10月27日，在2025金融街论坛年会上，中国人民银行行长潘功胜就"中国宏 观审慎管理体系的建设实践与未来演进"主题发表演讲。 ...

针对金融机构，有系统重要性银行附加资本和附加杠杆率要求、央行金融机构评级、压力测试、杠杆率 约束、逆周期资本缓冲、逆周期拨备调节、总损失吸收能力、系统重要性金融机构恢复与处置计划、存 款保险风险差别费率等工具。 针对金融市场，外汇市场有远期售汇业务风险准备金、跨境融资宏观审慎调节参数等工具。债券市场有 杠杆水平、期限错配管理和窗口指导等工具。股票市场有支持资本市场稳定发展的两项货币政策工具， 支持汇金公司发挥"类平准基金"作用。 北京商报讯（记者 刘四红）10月27日，在2025金融街论坛年会上，中国人民银行行长潘功胜就"中国宏 观审慎管理体系的建设实践与未来演进"主题发表演讲。 会上，潘功胜介绍，加快构建覆盖全面的宏观审慎管理体系。将持续丰富宏观审慎管理工具箱，提升系 统化、规范化、实战化水平。经过多年实践，人民银行已积累形成了较为丰富的宏观审慎和金融稳定工 具体系。 "我们正在考虑的一个问题是，综合平衡维护金融市场稳定运行和防范金融市场道德风险，探索在特定 情景下向非银机构提供流动性的机制性安排。"潘功胜称，针对房地产金融领域，主要有首付比、利 率、房地产贷款风险权重、居民债务收入比等工具。针对风险处置资 ...

Core Points - The People's Bank of China (PBOC) has implemented bond trading operations in the secondary market as part of its monetary policy toolbox, enhancing the financial function of government bonds and their role as a pricing benchmark for the yield curve [1] - The PBOC has conducted flexible two-way operations in government bond trading to ensure smooth monetary policy transmission and stable financial market operations, considering the needs for base currency issuance and changes in market supply and demand [1] - Due to significant pressures from imbalances in bond market supply and demand, the PBOC suspended government bond trading earlier this year, but plans to resume operations as the overall bond market is currently performing well [1]

Core Viewpoint - The People's Bank of China (PBOC) is committed to enhancing the macro-prudential management system to ensure financial stability and effective governance [1] Group 1: Macro-Prudential Management - The PBOC will continuously improve the collaborative and efficient governance mechanism for macro-prudential management [1] - A Macro-Prudential and Financial Stability Committee was established at the beginning of this year to strengthen analysis, communication, and implementation regarding major issues in macro-prudential management and financial stability [1] Group 2: Coordination and Legislation - The PBOC plans to enhance coordination among monetary policy, macro-prudential management, micro-prudential regulation, and fiscal and industrial policies to form a unified approach [1] - There is an emphasis on strict enforcement of financial discipline, market discipline, and regulatory rules to prevent risk spillover and moral hazards [1] - The PBOC aims to accelerate the legislative process for the People's Bank Law and Financial Stability Law to strengthen the legal framework for macro-prudential management [1]

会上，潘功胜介绍，正在研究实施支持个人修复信用的政策措施。人民银行运营的征信系统是一项重要 的金融基础设施，对企业和个人的金融违约行为进行记录，并供金融机构在开展业务时进行查询和风险 评估，20多年来，对我国社会信用体系建设、防范金融风险发挥了重要作用。根据《征信业管理条 例》，在征信系统中，违约记录的存续期为5年。过去几年，受新冠疫情等不可抗力影响，一些个人发 生了债务逾期，虽然事后全额偿还，但相关信用记录仍持续影响其经济生活。为帮助个人加快修复信用 记录，同时发挥违约信用记录的约束效力，人民银行正在研究实施一次性的个人信用救济政策，对于疫 情以来违约在一定金额以下且已归还贷款的个人违约信息，将在征信系统中不予展示。这项措施将在履 行相关的程序后，由人民银行会同金融机构进行必要的技术准备，计划在明年初执行。 北京商报讯（记者 刘四红）10月27日，在2025金融街论坛年会上，中国人民银行行长潘功胜就"中国宏 观审慎管理体系的建设实践与未来演进"主题发表演讲。 ...

会上，潘功胜介绍，加快构建覆盖全面的宏观审慎管理体系。将完善并强化重点机构和重点领域风险防 范举措。强化系统重要性银行附加监管，充分发挥逆周期资本缓冲、恢复与处置计划等作用。适时发布 系统重要性保险公司名单，推动附加监管工作落地。拓展中央银行维护金融市场稳定的宏观审慎管理功 能。重点关注金融机构的杠杆水平和期限错配，及时阻断金融市场流动性风险、利率风险的累积，遏制 金融市场的"羊群效应"。完善金融市场基础设施监管，建立中央对手方流动性风险约束和流动性支持机 制。持续完善跨境资本流动宏观审慎管理，根据形势及时采取逆周期调控措施，保持跨境资本流动总体 平稳。做好房地产金融宏观审慎管理工作，健全房地产金融分析框架，优化房地产金融基础性制度。 北京商报讯（记者 刘四红）10月27日，在2025金融街论坛年会上，中国人民银行行长潘功胜就"中国宏 观审慎管理体系的建设实践与未来演进"主题发表演讲。 ...

Core Viewpoint - The People's Bank of China (PBOC) is accelerating the construction of a comprehensive macro-prudential management system to enhance the monitoring and assessment of systemic financial risks [1] Group 1: Monitoring System - The PBOC aims to improve the dynamic monitoring capabilities of the national financial database for key risk areas [1] - The bank will leverage the interbank market transaction reporting database to frequently gather and monitor financial market trading behaviors [1] Group 2: Assessment System - The macro-prudential assessment (MPA) established by the PBOC in 2016 is currently more focused on serving monetary policy [1] - The PBOC is considering splitting the MPA into two parts: one focusing on assessing the execution of monetary policy and the other on macro-prudential and financial stability assessments [1] - A preliminary plan has been formed, and the PBOC will communicate with financial institutions to further refine the execution of this plan [1]

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange will introduce nine policy measures to enhance trade innovation and facilitate cross-border trade and investment, aiming to create a more open and efficient foreign exchange management system [1][2]. Group 1: Policy Measures - Nine new policy measures will be implemented to promote trade innovation and development [1]. - Policies will include the integration of domestic and foreign currency pools for multinational corporations and management of funds for domestic companies listed overseas [1]. - Integrated foreign exchange management reforms will be piloted in free trade zones to support new levels of autonomous opening-up [1]. Group 2: Market Development - The foreign exchange market's trading volume is expected to grow by 37% in 2024 compared to 2020, while the scale of foreign-related income and expenditure is projected to increase by 64% [1]. - In the first three quarters of this year, China's foreign-related income and expenditure reached a record high of 11.6 trillion USD [1]. Group 3: Future Goals - The future foreign exchange management system will focus on being "more convenient, more open, more secure, and smarter" [2]. - There will be an emphasis on enhancing the foreign exchange policy system that rewards integrity with convenience, particularly in trade facilitation [2]. - The management will also aim to deepen reforms in direct investment, cross-border financing, and securities investment [2].

Core Viewpoint - The 2025 Financial Street Forum emphasizes the importance of high-quality financial development during the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" in China, highlighting the need for the financial system to support national goals and contribute to modernization and national rejuvenation [1][2]. Group 1 - The financial sector has achieved significant results under the strong leadership of the Party during the "14th Five-Year Plan" period [1]. - The "15th Five-Year Plan" is identified as a critical period for achieving socialist modernization and promoting high-quality financial development [1]. - The financial system is urged to actively participate in implementing the national "15th Five-Year Plan" and to convert strategic directions into concrete actions [1]. Group 2 - There is a focus on risk prevention, strong regulation, and promoting high-quality development within the financial sector [1]. - The financial system is expected to support the completion of the main goals of the "15th Five-Year Plan" and contribute to the construction of a strong nation and national rejuvenation [1]. - The current global financial landscape presents both challenges and opportunities, with China expressing willingness to engage in global financial governance and reform [1]. Group 3 - Beijing's deep financial heritage is highlighted, with a commitment to support the city's strategic positioning as a "four centers" city [2]. - There is an emphasis on optimizing the financial development ecosystem and deepening financial reform and opening up in Beijing [2]. - The goal is to promote high-quality financial development in the capital [2].

转自：新华财经 新华财经北京10月27日电 据证监会网站消息，中国证监会研究起草了《关于加强资本市场中小投资者 保护的若干意见》，并于10月27日正式发布。 《若干意见》按照"针对核心关切、力求务实管用、于法有据"的思路，聚焦中小投资者关注的重点问 题，围绕强化发行上市过程中的中小投资者保护、营造有利于中小投资者公平交易的制度环境、压实经 营机构中小投资者保护责任、严厉打击侵害中小投资者利益的违法行为、深入推进证券期货纠纷多元化 解机制建设、更好发挥投资者保护机构职能作用、健全终止上市过程中的中小投资者保护制度机制、强 化中小投资者保护的法治保障等八个方面，提出了二十三项具体措施。相关措施有利于健全投资者保护 机制，增强资本市场内在稳定性，有效保护中小投资者合法权益，有力提振市场信心。 《若干意见》作为落实中央政治局会议要求的重要成果，明确了当前和今后一个时期中小投资者保护的 总体思路和政策举措，是资本市场投资者保护领域的一部综合性政策文件。 下一步，中国证监会将会同有关方面持续强化工作协同，推动《若干意见》各项举措落实落地，切实保 护好投资者特别是中小投资者合法权益。 编辑：王媛媛 ...