潘功胜：当金融市场发生较大幅度的波动时主动发声 及时校正市场“羊群效应”

Core Insights - The People's Bank of China (PBOC) has established a macro-prudential policy framework post the 2008 financial crisis, leading to a unique management practice in China [1] Summary by Categories Governance Mechanism - Strengthened the centralized leadership of the Communist Party and enhanced the PBOC's macro-prudential management functions [1] Policy Framework - Released the "Macro-Prudential Policy Guidelines" in 2021, clarifying the management approach and policy framework [1] - Established a differentiated reserve requirement system in 2003, introduced a dynamic adjustment mechanism in 2010, and upgraded to Macro-Prudential Assessment (MPA) in 2016 to promote stable growth in monetary credit [1] Regulatory Framework - Developed a comprehensive regulatory framework for systemically important financial institutions, including guidelines and assessment methods for systemically important banks and insurance companies [1] Cross-Border Financing - Set up macro-prudential adjustment parameters for cross-border financing to implement counter-cyclical adjustments on capital flows [1] Financial Market Management - Conducted dynamic observation and assessment of bond market operations, enhancing risk alerts for financial institutions to mitigate risk accumulation [1] - Collaborated with the China Securities Regulatory Commission to establish two monetary policy tools to support the capital market [1] Currency Stability - Maintained the decisive role of the market in exchange rate formation, ensuring the stability of the RMB at a reasonable and balanced level to prevent significant volatility risks [1] Real Estate Financial Management - Dynamically adjusted mortgage down payment ratios and interest rates as part of the macro-prudential management of real estate finance [1] Financial Holding Companies - Established a regulatory framework for financial holding companies, which is now under the purview of the Financial Regulatory Bureau [1] Market Expectation Management - Actively managed market expectations during significant market fluctuations to correct "herd behavior" and maintain stability in stock, bond, and foreign exchange markets [1]