Core Viewpoint - The People's Bank of China (PBOC) is committed to enhancing macro-prudential management and has announced several supportive monetary policies to stabilize the financial market and promote economic recovery [1][2][4]. Monetary Policy and Market Operations - The PBOC will resume open market operations for government bonds, which is a key liquidity management tool, to support the bond market and stabilize interest rates [3][4]. - As of September, major macro-financial indicators reflect a moderately loose monetary policy, with social financing growing by 8.7% year-on-year and M2 increasing by 8.4% [2]. 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 [5][6]. - A proposed one-time personal credit relief policy aims to exclude certain minor defaults from credit records, which is expected to enhance consumer rights and stimulate economic activity [7][8]. Virtual Currency Regulation - The PBOC reiterated its commitment to combat the operation and speculation of virtual currencies, emphasizing the risks associated with stablecoins and the need for stringent regulation [9][10][11]. - The central bank's stance aims to prevent financial risks and maintain economic order, particularly in light of the increasing prevalence of virtual currencies [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 financial institutions [13][14]. - Future efforts will include improving risk assessment mechanisms and expanding the toolkit for macro-prudential management to ensure financial stability [15][16].
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
Bei Jing Shang Bao·2025-10-27 14:51