宏观观察2024年第57期（总第569期）：金融稳定与货币政策工具创新：背景、影响与建议＊

Group 1: Monetary Policy Innovations - The central bank aims to enhance its macro-prudential and financial stability functions, marking financial stability as a key monetary policy goal[3] - In 2024, the People's Bank of China (PBOC) has implemented various innovative tools, including the resumption of government bond trading and the introduction of securities, fund, and insurance company swap facilities (SFISF)[3] - By the end of 2025, the PBOC is expected to further strengthen the innovation of open market operation tools and increase the variety of securities used[3] Group 2: Market Impact and Liquidity Management - From August to November 2024, the PBOC's net injection of base currency through open market operations reached 2 trillion yuan, significantly stabilizing the financial market[31] - The introduction of SFISF is designed to enhance the liquidity of major institutional investors, which is crucial for boosting stock market activity[24] - The PBOC's operations have led to a 61.65% increase in its government debt holdings from July to October 2024, indicating a strategic accumulation of assets for market intervention[34] Group 3: Future Directions and Recommendations - The PBOC is expected to increase the frequency and detail of disclosures regarding innovative open market operations to enhance market transparency[41] - Financial institutions are advised to establish internal mechanisms to effectively utilize innovative tools like SFISF and to understand the expected impacts of open market operations[49] - The central bank's strategy includes gradually expanding the types of securities involved in open market operations, potentially including corporate bonds and asset-backed securities[46]