Core Viewpoint - The People's Bank of China (PBOC) is implementing several key measures to enhance financial stability and support economic recovery, including the resumption of government bond trading, credit repair policies for individuals, and the optimization of the digital currency management system [3][4][7][10]. Group 1: Monetary Policy and Market Operations - The PBOC will resume open market operations for government bonds to enhance monetary policy tools and improve the bond market's functionality [3]. - The central bank plans to implement policies to support individuals in repairing their credit records, particularly for those who have repaid debts affected by the pandemic [4]. - The PBOC aims to maintain a supportive monetary policy stance, utilizing various tools to ensure liquidity remains ample in the financial system [10]. Group 2: Macro-Prudential Management - The PBOC is focused on building a comprehensive macro-prudential management system to monitor the relationship between macroeconomic performance and financial risks [5]. - There will be an emphasis on assessing the systemic importance of financial institutions and implementing additional regulatory measures as needed [6]. Group 3: Digital Currency and Financial Innovation - The PBOC is optimizing the management system for digital currency, encouraging more commercial banks to participate in its operations [7]. - The central bank is exploring mechanisms to provide liquidity to non-bank financial institutions under specific circumstances [8]. Group 4: Regulation of Virtual Currencies - The PBOC will continue to combat the operation and speculation of virtual currencies within the country, maintaining a cautious approach towards stablecoins and their associated risks [9].
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21世纪经济报道·2025-10-27 10:33