第四，研究实施支持个人修复信用的政策措施。过去几年，受新冠疫情等不可抗力影响，一些个人发生 了债务逾期，虽然事后全额偿还，但相关信用记录仍持续影响其经济生活。为帮助个人加快修复信用记 录，同时发挥违约信用记录的约束效力，中国人民银行正在研究实施一次性的个人信用救济政策，对于 疫情以来违约在一定金额以下且已归还贷款的个人违约信息，将在征信系统中不予展示。 在回应热点之后，潘功胜围绕中国宏观审慎管理体系的建设实践与未来演进进行了探讨。对于中国宏观 审慎管理体系的演进方向，潘功胜提出了几个重点工作方向，即更好覆盖宏观经济运行和金融风险的关 联性，更好覆盖金融市场的运行，更好覆盖系统重要性金融机构以及更好覆盖国际经济和金融市场风险 的外溢影响。 10月27日，中国人民银行行长潘功胜在2025金融街论坛年会上发表主题演讲。潘功胜在演讲中先回应了 市场关注的几个问题： 第一，关于适度宽松的货币政策。潘功胜表示，将继续坚持支持性的货币政策立场，实施好适度宽松的 货币政策，综合运用多种货币政策工具，提供短期、中期、长期流动性安排，保持社会融资条件相对宽 松。同时，继续完善货币政策框架，强化货币政策的执行和传导。 第二，关于央 ...

Core Viewpoint - The 2025 Financial Street Forum in Beijing focuses on "Innovation, Transformation, and Reshaping Global Financial Development," with key discussions on economic conditions, monetary policy, financial openness, and reforms in the ChiNext market [2] Group 1: Monetary Policy - The People's Bank of China (PBOC) emphasizes the implementation of a moderately accommodative monetary policy, utilizing various tools to maintain ample liquidity and support economic recovery [2][3] - The PBOC plans to restore open market operations for government bonds and optimize the digital RMB management system, including establishing international and operational centers for digital RMB [3] Group 2: Financial Regulation - The National Financial Regulatory Administration aims to enhance economic and financial adaptability, promoting a new financial service model that balances direct and indirect financing, and supports key sectors and industries [4][5] - The administration will deepen structural reforms in financial supply, improve the quality and resilience of financial institutions, and expand the scope of financial services for small and micro enterprises [5] Group 3: Capital Market Development - The China Securities Regulatory Commission (CSRC) is set to deepen reforms in the ChiNext market, establishing listing standards that cater to emerging industries and technologies [6] - The CSRC has launched an optimization plan for the Qualified Foreign Institutional Investor (QFII) system, aiming to provide a more transparent and efficient environment for foreign investors [6][7]

Core Viewpoint - The People's Bank of China (PBOC) is committed to building a comprehensive macro-prudential management system to enhance financial stability and risk prevention measures in the financial sector [2][5]. Group 1: Macro-Prudential Management System - The PBOC aims to strengthen the monitoring and assessment of systemic financial risks [2]. - Key measures include improving risk prevention for important institutions and sectors, enriching the macro-prudential management toolbox, and establishing an efficient governance mechanism [2]. - Specific areas mentioned for tool enhancement include financial institutions, financial markets, real estate finance, and risk disposal resources [2]. Group 2: Monetary Policy - The PBOC will continue to implement a moderately accommodative monetary policy, utilizing various tools to maintain relatively loose social financing conditions [5]. - The central bank plans to resume the buying and selling of government bonds after a pause due to market imbalances earlier in the year [5]. Group 3: Digital Currency and Stablecoins - The PBOC will optimize the management system for digital currency and support more commercial banks to operate digital currency services [5]. - The central bank expresses a cautious stance on stablecoins, highlighting their early development stage and associated financial risks, including issues related to customer identity verification and anti-money laundering [6]. - Ongoing policies to prevent and manage risks associated with domestic virtual currency trading will continue to be enforced [6]. Group 4: Personal Credit Repair Policies - The PBOC is researching a one-time personal credit relief policy to assist individuals who have defaulted on loans due to uncontrollable factors like the COVID-19 pandemic [7]. - This policy aims to help individuals restore their credit records while maintaining the effectiveness of default records as a constraint [7].

Group 1 - The People's Bank of China (PBOC) has decided to resume the trading of government bonds in the open market after a pause due to imbalances in supply and demand and accumulated market risks [1] - The PBOC is focused on optimizing the management system of the digital renminbi and supporting more commercial banks to become operational entities for digital renminbi [2] - The PBOC will continue to combat the operation and speculation of domestic virtual currencies, maintaining economic and financial order while monitoring the development of overseas stablecoins [2] Group 2 - The PBOC is enhancing its macro-prudential management system to prevent systemic financial risks, focusing on monitoring and assessing risks, reinforcing preventive measures for key institutions and sectors, and improving the macro-prudential management toolbox [3] - The PBOC plans to release a list of systemically important insurance companies and implement additional regulatory measures [3] - The PBOC aims to strengthen coordination among monetary policy, macro-prudential management, micro-prudential regulation, and other policies to create a unified approach [3]

Group 1 - The People's Bank of China (PBOC) has decided to resume the trading of government bonds in the open market after a pause due to imbalances in supply and demand and accumulated market risks [1] - The digital yuan ecosystem has been preliminarily established, and the PBOC plans to further optimize its management system and support more commercial banks to operate digital yuan services [1] - The PBOC will continue to combat the operation and speculation of domestic virtual currencies, maintaining economic and financial order while monitoring the development of overseas stablecoins [1] Group 2 - The PBOC is researching a one-time personal credit relief policy to help individuals repair their credit records, which will exclude certain default information from credit reports if loans have been repaid [2] - The PBOC aims to enhance macro-prudential management of cross-border capital flows, focusing on monitoring systemic financial risks and improving risk prevention measures for key institutions and sectors [2] - The PBOC plans to strengthen the collaborative governance mechanism of macro-prudential management, aligning monetary policy with fiscal and industrial policies [3]

潘功胜表示，对于新冠疫情以来违约在一定金额以下且已归还贷款的个人违约信息，将在征信系统中不 予展示。这项措施计划在明年初执行。 继续打击境内虚拟货币的经营和炒作 谈及稳定币，潘功胜表示，近年来，市场机构发行的虚拟货币特别是稳定币不断涌现，但整体还处于发 展早期。国际金融组织和中央银行等金融管理部门对稳定币的发展普遍持审慎态度。 潘功胜 ◎记者 张琼斯 中国人民银行行长潘功胜10月27日在2025金融街论坛年会上介绍了中国宏观审慎管理体系的建设实践与 未来演进。他提到，为加快构建覆盖全面的宏观审慎管理体系，中国人民银行将重点推进丰富宏观审慎 管理工具箱等四方面工作。 保持社会融资条件相对宽松 关于货币政策，潘功胜表示，将继续坚持支持性的货币政策立场，实施好适度宽松的货币政策，综合运 用多种货币政策工具，提供短期、中期、长期流动性安排，保持社会融资条件相对宽松。同时，继续完 善货币政策框架，强化货币政策的执行和传导。 国债买卖是我国去年推出的一项货币政策工具。今年初，因债市供求不平衡压力较大、市场风险有所累 积，中国人民银行暂停了国债买卖操作。潘功胜表示，目前，债市整体运行良好，将恢复公开市场国债 买卖操作。 潘 ...

10月27日，中国人民银行行长潘功胜在2025金融街论坛年会上作题为《中国宏观审慎管理体系的建设实 践与未来演进》的主题演讲。他表示，央行将继续坚持支持性的货币政策立场，实施好适度宽松的货币 政策。对于如何加快构建覆盖全面的宏观审慎管理体系，潘功胜提出，将持续丰富宏观审慎管理工具 箱，考虑探索在特定情景下向非银机构提供流动性的机制性安排等。 近年来，市场机构发行的虚拟货币特别是稳定币不断涌现。潘功胜透露，10天前，在华盛顿召开的国际 货币基金组织(IMF)/世界银行年会上，各国比较普遍的观点主要集中在，稳定币作为一种金融活动，现 阶段无法有效满足客户身份识别、反洗钱等方面的基本要求，放大了全球金融监管的漏洞，增加了全球 金融系统的脆弱性，并对一些欠发达经济体的货币主权产生冲击。 2017年以来，央行会同相关部门先后发布了多项防范和处置境内虚拟货币交易炒作风险的政策文件，潘 功胜在会上重申，目前这些政策文件仍然有效。 此外，潘功胜还表示，为帮助个人加快修复信用记录，同时发挥违约信用记录的约束效力，央行正在研 究实施一次性的个人信用救济政策，对于疫情以来违约在一定金额以下且已归还贷款的个人违约信息， 将在征信系统 ...

Core Points - The 2025 Financial Street Forum Annual Meeting has commenced in Beijing, focusing on the next steps for China's financial sector in light of the recent 20th Central Committee's Fourth Plenary Session [1] - Key financial leaders emphasized the importance of implementing new policies and strategies to enhance the financial landscape in China [1] Group 1: Monetary Policy and Digital Currency - The People's Bank of China (PBOC) will resume public market operations for government bonds to improve monetary policy tools and enhance the financial function of government bonds [3][4] - The PBOC plans to optimize the management system for digital currency and support more commercial banks in becoming operational entities for digital currency [4][5] Group 2: Financial Supervision and Direct Financing - The National Financial Supervision Administration aims to create a new financial service model that balances direct and indirect financing, focusing on both physical and human investments [5][6] - The financial sector's total assets reached 512.1 trillion yuan, with the banking sector accounting for approximately 89.63% of this total [5] Group 3: Risk Management and Financial Stability - The administration will enhance risk management by promoting mergers and restructuring among small financial institutions and addressing non-performing assets [7] - China will strengthen international cooperation to monitor and respond to cross-border financial risks [7] Group 4: Capital Market Development - The China Securities Regulatory Commission (CSRC) will deepen reforms in the ChiNext market and enhance the quality of the Beijing Stock Exchange [8][10] - The CSRC plans to introduce a refinancing framework and improve corporate governance to stabilize the market [10][11] Group 5: Investor Protection - The CSRC will release new measures to strengthen the protection of small and medium investors, focusing on fair trading environments and enhancing service levels [11]

新华财经上海10月27日电（张天源） 中国人民银行行长潘功胜10月27日在金融街论坛表示，央行将恢复公开市场国债买卖。消息公布后，银行间主要长期 利率债收益率在尾盘有所回落。 10月27日，2025金融街论坛年会开幕。中国人民银行行长潘功胜出席开幕式并表示，去年，人民银行落实中央金融工作会议部署，在二级市场开始国债买卖 操作。这是丰富货币政策工具箱、增强国债金融功能、发挥国债收益率曲线定价基准作用、增进货币政策与财政政策相互协同的重要举措，也有利于我国债 券市场改革发展和金融机构提升做市定价能力。实践中，人民银行根据基础货币投放需要，兼顾债券市场供求和收益率曲线形态变化等情况，灵活开展国债 买卖双向操作，保障货币政策顺畅传导和金融市场平稳运行。今年初，考虑到债券市场供求不平衡压力较大、市场风险有所累积，人民银行暂停了国债买 卖。目前，债市整体运行良好，人民银行将恢复公开市场国债买卖操作。 截至发稿，银行间长端利率债收益率尾盘下行明显，10年期国债活跃券收益率下行5个基点报1.795%；10年期国开债活跃券收益率下行5.4个基点报1.863； 超长期国债活跃券收益率下行5.75bp报2.155%。 （文章来源： ...

Core Viewpoint - The People's Bank of China (PBOC) has announced the resumption of government bond trading operations after a pause earlier this year due to imbalances in supply and demand in the bond market and accumulated market risks [1] Group 1 - The PBOC suspended government bond trading at the beginning of the year due to significant pressures from supply-demand imbalances and market risks [1] - Currently, the overall operation of the bond market is reported to be stable [1] - The PBOC is set to restore open market operations for government bonds [1]