央行：大力发展债券市场“科技板”，用好科技创新债券风险分担工具

Core Viewpoint - The People's Bank of China emphasizes the acceleration of financial market institutional construction and high-level opening-up in its monetary policy execution report for Q3 2025 [1] Group 1: Financial Market Development - The report highlights the importance of developing a "Technology Board" in the bond market and utilizing risk-sharing tools for technology innovation bonds to support more private technology enterprises and private equity investment institutions in bond financing [1] - It calls for the improvement of the legal framework for the bond market and the promotion of corporate bond legal system construction [1] - The report stresses the need to accelerate the development of a multi-tiered bond market and to continue expanding and standardizing over-the-counter bond business [1] Group 2: Risk Monitoring and Regulation - There is a focus on continuously regulating issuance pricing, underwriting, and market-making behaviors, as well as strengthening risk monitoring in key sectors and industries [1] - The report also emphasizes the promotion of high-quality development of the panda bond market [1] Group 3: Internationalization of the Renminbi - The report outlines efforts to promote the internationalization of the Renminbi and enhance the level of capital account opening [1] - It mentions the initiation of high-level opening-up pilot projects for cross-border trade and investment [1] - The report aims to further expand the use of the Renminbi in cross-border trade and investment, deepen foreign currency cooperation, and develop the offshore Renminbi market [1]