维护股市债市汇市等金融市场平稳运行
Zhong Guo Zheng Quan Bao·2025-10-24 20:19

Core Viewpoint - The People's Bank of China (PBOC) is committed to implementing a scientific and stable monetary policy system to maintain the stability of financial markets, including the stock, bond, and foreign exchange markets, as part of the broader strategy outlined in the recent Party Congress [1][2]. Group 1: Monetary Policy Framework - The PBOC aims to balance short-term and long-term goals, support economic growth while ensuring the health of the financial sector, and manage internal and external relationships effectively [2]. - The monetary policy framework will be dynamically improved to enhance execution and transmission, with a focus on maintaining the RMB exchange rate at a reasonable and balanced level [2]. Group 2: Financial Risk Management - A comprehensive macro-prudential management system and mechanisms for systemic financial risk prevention and resolution will be established, focusing on monitoring, assessing, and warning against systemic financial risks [2][3]. - The PBOC will work with relevant departments to support local small financial institutions and manage risks associated with local government financing platforms and the real estate market [2][3]. Group 3: Financial Supply-Side Structural Reform - The PBOC will deepen financial supply-side structural reforms, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance to enhance financial services for the real economy [3]. - Efforts will be made to improve the financial support for technological innovation and ensure a more reasonable scale, structure, and regional distribution of financial institutions [3]. Group 4: Financial Opening and Security - The PBOC will promote high-level financial openness while safeguarding national financial security, advancing the internationalization of the RMB, and enhancing the use of RMB in trade [3]. - Initiatives will include the development of a cross-border payment system for the RMB that is self-controlled, multi-channel, and widely accessible [3].