FINANCIAL STREET(SZ:000402) Xin Hua Wang·2025-10-27 16:35Core Viewpoint - The People's Bank of China (PBOC) emphasizes the importance of maintaining a supportive monetary policy stance to foster a favorable economic and financial environment amid complex domestic and international challenges [2][3]. Monetary Policy - As of the end of September, the total social financing stock grew by 8.7% year-on-year, broad money (M2) increased by 8.4%, and the RMB loan balance rose by 6.6%, indicating a state of moderately loose monetary policy [2]. - The PBOC has utilized various monetary policy tools to ensure ample liquidity, supporting economic recovery and stabilizing financial markets [2][3]. Debt Market Operations - The PBOC plans to resume government bond trading operations in the open market after a pause earlier this year due to imbalances in supply and demand in the bond market [3]. - The central bank will continue to implement a supportive monetary policy stance, providing liquidity arrangements across short, medium, and long terms [3]. Credit System and Personal Financing - The PBOC is developing a one-time personal credit relief policy to assist individuals who have defaulted on loans due to the pandemic but have since repaid them, aiming to improve their credit records [4]. - This policy is expected to be implemented early next year after necessary technical preparations [4]. Digital Currency Management - The PBOC has established a digital RMB international operation center in Shanghai and an operation management center in Beijing to enhance the digital currency ecosystem [5]. - The central bank will continue to optimize the management system for digital RMB and support more commercial banks in its implementation [5]. Macro-Prudential Management - The PBOC is advancing the construction of a comprehensive macro-prudential management system, focusing on monitoring systemic financial risks and enhancing risk prevention measures in key sectors [6]. - The central bank aims to build a dynamic and collaborative macro-prudential management framework to promote high-quality economic and financial development [6].