2025金融街论坛｜重启国债买卖、打击虚拟货币炒作，潘功胜最新发声信息量巨大

Core Viewpoint - The People's Bank of China (PBOC) is set to resume open market operations for government bonds, which is seen as a significant step to enhance monetary policy tools and stabilize the bond market, while also addressing various recent market concerns [1][5][6]. Monetary Policy and Financial Stability - The PBOC has maintained a supportive monetary policy stance, with key macro-financial indicators reflecting a moderately loose monetary environment, including an 8.7% year-on-year increase in social financing scale and an 8.4% increase in M2 as of September [3][4]. - The resumption of government bond trading is expected to alleviate supply-demand imbalances in the bond market and lower financing costs for the real economy [4][6]. Credit Repair Policies - The PBOC is researching policies to support personal credit repair, particularly for individuals who have defaulted due to the pandemic but have since repaid their debts [7][8]. - This initiative aims to improve the credit ecosystem, reduce friction costs between consumers and financial institutions, and promote economic recovery by restoring credit eligibility for affected individuals [9]. Virtual Currency Regulation - The PBOC reiterated its commitment to combat the operation and speculation of virtual currencies, emphasizing the need for strict regulation to maintain financial order and mitigate risks associated with stablecoins and other digital currencies [10][11]. - The central bank's stance reflects a long-standing high-pressure regulatory environment against virtual currencies, aiming to prevent potential financial risks and maintain monetary sovereignty [12]. Macro-Prudential Management Framework - The PBOC outlined its focus on building a comprehensive macro-prudential management system, which includes monitoring systemic financial risks and enhancing the regulatory framework for key financial institutions [13][14]. - Future efforts will involve improving the assessment of macro-prudential policies and ensuring better coordination between monetary policy and fiscal measures to strengthen financial stability [15][16].