Core Points - The 2025 Financial Street Forum opened in Beijing, focusing on global financial development under the theme of "Innovation, Transformation, and Reshaping" with over 400 key guests from more than 30 countries and regions in attendance [1] Monetary Policy - The People's Bank of China (PBOC) has maintained a supportive monetary policy stance, utilizing various tools to ensure ample liquidity in response to complex domestic and international conditions [3][4] - The PBOC plans to continue implementing a moderately loose monetary policy, providing liquidity arrangements across short, medium, and long terms [3] Government Bonds - The PBOC initiated government bond trading in the secondary market last year to enhance the financial function of government bonds and improve the pricing benchmark role of the yield curve [4] - The PBOC temporarily suspended government bond trading earlier this year due to market imbalances but plans to resume operations as the bond market stabilizes [4] Stablecoins - The PBOC expressed caution regarding the development of stablecoins, highlighting their inability to meet basic requirements for customer identification and anti-money laundering, which increases global financial system vulnerabilities [5] - The PBOC will continue to combat domestic virtual currency trading and speculation while monitoring the development of overseas stablecoins [5] Digital Currency - The PBOC aims to optimize the management system for the digital yuan and support more commercial banks in becoming operational entities for digital yuan services [6] - The establishment of international and operational management centers for the digital yuan in Shanghai and Beijing is intended to promote its development and facilitate cross-border cooperation [6] Financial Regulation - The Financial Regulatory Administration will enhance economic and financial adaptability to promote sustainable economic development while deepening reforms and expanding openness [8] - New financial service models will be developed to support strategic projects and improve financing for traditional and emerging industries [8] Capital Market Development - The China Securities Regulatory Commission (CSRC) will continue to position Beijing as a key window for capital market reform and opening up, enhancing the capital market's role in economic development [10][12] - The CSRC plans to implement reforms in the ChiNext board and improve the New Third Board's systems to better serve new industries and technologies [12][13] Trade and Foreign Exchange - The State Administration of Foreign Exchange (SAFE) will introduce nine new policy measures to promote trade innovation and facilitate cross-border trade [14] - China aims to maintain global supply chain stability and actively participate in global governance while enhancing foreign exchange management and promoting high-level openness [15][16]

Core Insights - The speech emphasizes the importance of financial high-quality development and the need for reforms in China's capital markets to adapt to both domestic and international challenges [3][5][9] Group 1: Economic and Market Context - The past five years have seen China's capital markets withstand multiple risks and challenges, leading to improved market resilience and effective support for economic development [4] - The global economic landscape is undergoing significant changes, with over $150 billion of international funds flowing into emerging markets in the first nine months of this year, indicating a re-evaluation of Chinese assets [4] - New industries and business models, particularly in AI and biomedicine, are emerging, requiring substantial patient capital and a flexible financing environment to support innovation [4][5] Group 2: Policy and Reform Initiatives - The introduction of the "1+6" policy for the Sci-Tech Innovation Board aims to enhance the inclusiveness and coverage of the multi-tiered market system, with new companies set to list soon [6] - The focus will be on solidifying the foundation of the market by promoting high-quality listed companies and expanding channels for mergers and acquisitions [7] - A new scheme to optimize the Qualified Foreign Institutional Investor (QFII) system has been launched to improve transparency and efficiency for foreign investors [8] Group 3: Risk Management and Investor Protection - There is a strong emphasis on enhancing risk prevention and regulatory measures to protect investor rights, including a series of practical measures aimed at improving the trading environment for small investors [8] - The commitment to strengthen the monitoring of cross-market and cross-border risks is highlighted, along with a focus on deterring financial misconduct [8]

新华社音视频部制作 记者：孙蕾、王普 【纠错】 【责任编辑:邱丽芳】 编导：沈倩 ...

Group 1: Monetary Policy and Economic Support - The People's Bank of China (PBOC) announced the implementation of a moderately loose monetary policy and the resumption of public market government bond trading to strengthen the coordination between monetary and fiscal policies [1][2] - Recent economic data indicates that while China's economy has been stable overall this year, there has been a notable decline in consumption and investment since the third quarter, highlighting insufficient endogenous growth momentum [1][2] - The PBOC's resumption of government bond trading is seen as a key measure to enhance the financial functions of government bonds and improve the pricing benchmark role of the yield curve [3][4] Group 2: Financial Market Developments - The resumption of government bond trading is expected to stabilize bond market interest rates and reduce financing costs for the real economy [4][5] - The PBOC plans to continue providing liquidity arrangements across short, medium, and long terms while maintaining relatively loose social financing conditions [5] - A series of new policies in the foreign exchange sector are set to be implemented to enhance trade facilitation and promote high-level opening-up [5][6] Group 3: Risk Management and Regulatory Measures - Financial regulatory authorities emphasized the importance of preventing and mitigating financial risks, particularly in light of global economic challenges [7][8] - The PBOC and other regulatory bodies are focusing on a comprehensive risk prevention strategy that includes macro-prudential management and micro-prudential regulation [7][8] - There is a strong regulatory stance on emerging financial areas, particularly concerning the risks associated with virtual currencies and stablecoins [8]

Core Viewpoint - The speech by the Governor of the People's Bank of China, Pan Gongsheng, at the 2025 Financial Street Forum highlighted the cautious approach towards the development of stablecoins and virtual currencies, emphasizing the need for effective regulatory measures to address associated financial risks [1] Group 1: Stablecoins and Financial Risks - The emergence of virtual currencies, particularly stablecoins, has been significant, but they are still in the early stages of development [1] - International financial organizations and central banks generally adopt a cautious stance towards the development of stablecoins, with discussions at the recent IMF/World Bank annual meeting focusing on their potential financial risks [1] - Stablecoins currently fail to meet essential requirements such as customer identity verification and anti-money laundering, which exacerbates global financial regulatory gaps and increases vulnerabilities in the financial system [1] Group 2: Regulatory Measures - Since 2017, the People's Bank of China has issued multiple policy documents aimed at preventing and addressing risks associated with domestic virtual currency trading and speculation, which remain in effect [1] - The People's Bank of China plans to continue collaborating with law enforcement to combat domestic virtual currency operations and speculation, while closely monitoring and dynamically assessing the development of overseas stablecoins [1]

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。 ...