探索非银机构流动性支持，筑牢金融安全网

Core Viewpoint - The People's Bank of China (PBOC) is exploring mechanisms to provide liquidity to non-bank financial institutions (NBFIs) under specific circumstances, marking a new phase in the construction of China's financial safety net [1][2]. Summary by Sections Importance of NBFIs - NBFIs, including securities firms, fund management companies, trust companies, and insurance asset management companies, manage assets worth trillions of yuan and are deeply involved in various financial markets, making them increasingly significant in China's financial system [1]. Liquidity Risks and Historical Context - Internationally, liquidity crises in NBFIs can be sudden and contagious, as seen in the 2008 financial crisis with Lehman Brothers and the 2020 COVID-19 pandemic when U.S. money market funds faced severe liquidity issues [2]. Policy Design and Conditions - The PBOC's approach emphasizes that liquidity support for NBFIs will only occur in "specific scenarios," such as systemic market pressure or liquidity crises that could lead to systemic risks, reflecting a cautious and forward-looking policy design [2][3]. Avoiding Moral Hazard - The design aims to prevent over-reliance on liquidity support, which could lead to moral hazard, while also ensuring that the central bank can act as a lender of last resort in extreme situations [3][4]. International Practices - Other major economies have evolved their stance on providing liquidity support to NBFIs post-2008 crisis, recognizing their systemic importance and the potential for liquidity issues to trigger broader financial instability [4]. Challenges in Moral Hazard Prevention - Key challenges include setting clear trigger conditions for support, designing cost mechanisms for liquidity, and ensuring accountability and structural reforms for institutions receiving support [5][6]. Mechanism Design Considerations - The liquidity support mechanism in China must be flexible to accommodate the diverse types of NBFIs and their unique risk profiles, while also considering the interconnectedness of different financial markets [6][8]. Macro-Prudential Management - The exploration of liquidity support mechanisms aligns with the need for a comprehensive macro-prudential management system to mitigate systemic risks posed by NBFIs [7]. Legal and Operational Framework - Establishing a legal basis for liquidity support, creating an operational framework, and ensuring coordination with existing regulatory structures are essential for the effective implementation of the proposed mechanisms [8].