Core Points - The 2025 Financial Street Forum focused on "Innovation, Transformation, and Reshaping Global Financial Development" and highlighted the importance of establishing a comprehensive macro-prudential management system [1] - The People's Bank of China (PBOC) emphasized the need for a robust macro-prudential management framework to address systemic financial risks and improve the correlation between macroeconomic operations and financial risks [1][3] - Key initiatives announced include the resumption of open market operations for government bonds, optimization of the digital RMB management system, and measures to support personal credit recovery [2][6] Group 1: Macro-Prudential Management - The PBOC's focus on enhancing the macro-prudential management system includes better coverage of macroeconomic operations, financial market dynamics, systemically important financial institutions, and international economic risks [1][3] - The PBOC plans to strengthen additional supervision for systemically important banks and insurance companies, and will publish a list of such institutions to facilitate targeted regulatory measures [2][5] - The macro-prudential assessment (MPA) will be split into two parts: one focusing on monetary policy execution and the other on macro-prudential and financial stability assessments [3][4] Group 2: Open Market Operations and Digital Currency - The PBOC announced the resumption of open market operations for government bonds, which had been suspended due to market imbalances earlier in the year [6][7] - The resumption aims to stabilize bond market interest rates and enhance the effectiveness of monetary policy transmission [6][7] - The establishment of a digital RMB management center in Beijing is intended to support the development and operational management of digital currency, with a focus on optimizing its role within the monetary system [8]
央行双支柱调控框架方向渐明 潘功胜详解我国宏观审慎管理体系
2 1 Shi Ji Jing Ji Bao Dao·2025-10-27 23:13