中国央行行长潘功胜宣布，央行将恢复公开市场国债买卖。人民银行将持续打击数字货币炒作，维护金融秩序，同时动态跟踪境外稳定币发展动态。 ...

Core Viewpoint - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 337.3 billion yuan at a fixed interest rate of 1.40% on October 27, 2025 [1]. Summary by Category Reverse Repo Operation - The operation involved a total bid amount of 337.3 billion yuan, which matched the amount awarded [1]. - The interest rate for the 7-day reverse repurchase agreement was set at 1.40% [1].

Core Viewpoint - The People's Bank of China (PBOC) is maintaining a loose monetary policy by injecting liquidity into the banking system through a 900 billion yuan Medium-term Lending Facility (MLF) operation, alongside a 400 billion yuan reverse repurchase operation, resulting in a net liquidity injection of 600 billion yuan in October, consistent with the previous month [1][2]. Group 1 - The PBOC's liquidity injection is aimed at alleviating pressure on the financial system due to the dual challenges of a major tax period and month-end cash flow [2]. - The central bank's actions are also intended to support the issuance of government bonds, with an expected net financing of over 1 trillion yuan in October, as the government has arranged for an additional 500 billion yuan in local government debt [2][3]. - The continuation of MLF operations is expected to facilitate credit expansion and stabilize market expectations, ensuring that medium to long-term market interest rates remain stable [2][3]. Group 2 - The PBOC's recent monetary policy committee meeting emphasized the importance of maintaining ample liquidity and guiding financial institutions to increase credit supply, aligning the growth of social financing and money supply with economic growth and price level expectations [3].

Core Points - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 337.3 billion yuan at a fixed interest rate of 1.40% [1] - The total amount of bids matched the operation amount, with 337.3 billion yuan being the winning bid [1] - On the same day, 189 billion yuan of reverse repos matured, resulting in a net injection of 148.3 billion yuan [1]

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 900 billion yuan MLF operation on October 27 to maintain ample liquidity in the banking system, marking the eighth consecutive month of increased MLF issuance [1] Group 1 - The MLF operation will be conducted using a fixed quantity, interest rate bidding, and multiple price bidding methods [1] - The operation has a term of one year [1] - With 700 billion yuan of MLF maturing this month, the net MLF injection will reach 200 billion yuan [1]

Core Viewpoint - The People's Bank of China emphasizes the construction of a scientific and stable monetary policy system to support high-quality economic development, with a focus on precise timing and effectiveness of policy measures [1] Group 1: Monetary Policy Framework - The central bank will adopt a supportive stance in monetary policy, balancing short-term and long-term goals while ensuring the health of the financial sector [2] - The monetary policy will continue to be "self-centered," addressing both internal and external economic conditions [2] - Experts predict that the central bank will flexibly use tools such as interest rates and reserve requirements to stabilize market expectations [2] Group 2: Liquidity Management - The central bank is expected to enhance liquidity management through various tools, including reverse repos and MLF operations, to support key sectors and strategic areas [3] - There is a suggestion to lower the reserve requirement ratio by 0.5 percentage points, potentially releasing about 1 trillion yuan in liquidity [3] - The focus will also be on reducing financing costs for enterprises and households to stimulate internal financing demand [3] Group 3: Structural Focus - The next five years will prioritize the development of financial technology, encouraging banks to increase loans for technology and innovation [4] - Structural monetary policy tools will be optimized to direct more funds towards technological innovation and industrial transformation [4] Group 4: Policy Transmission - The central bank aims to enhance the effectiveness of monetary policy transmission, with recent data showing a decrease in loan interest rates [5] - Improved communication with the market is crucial for stabilizing expectations and enhancing policy transmission efficiency [6] - Coordination between fiscal and monetary policies is expected to strengthen, supporting both economic growth and structural optimization [6]

Group 1 - The People's Bank of China reported that by the end of Q3 2023, the total balance of RMB loans from financial institutions reached 270.39 trillion yuan, reflecting a year-on-year growth of 6.6% [1] - In the first three quarters of 2023, RMB loans increased by 14.75 trillion yuan, indicating strong financial support for the real economy [1] - The balance of loans to enterprises and institutions was 184.3 trillion yuan at the end of Q3, with a year-on-year increase of 8.2% and an increase of 13.33 trillion yuan in the first three quarters [1] Group 2 - Short-term loans and bill financing reached a balance of 62.77 trillion yuan by the end of Q3, growing by 9.3% year-on-year, with an increase of 4.99 trillion yuan in the first three quarters [1] - The balance of medium and long-term loans was 117.89 trillion yuan, with a year-on-year growth of 7.8% and an increase of 8.18 trillion yuan in the first three quarters [1] - Fixed asset loans totaled 77.55 trillion yuan, reflecting a year-on-year growth of 7% and an increase of 5.06 trillion yuan in the first three quarters [1] Group 3 - Industrial medium and long-term loans maintained a rapid growth, with a balance of 26.59 trillion yuan at the end of Q3, showing a year-on-year increase of 9.7%, which is 3.2 percentage points higher than the overall loan growth [2] - Heavy industry medium and long-term loans amounted to 22.6 trillion yuan, with a year-on-year growth of 9.3%, while light industry loans reached 3.99 trillion yuan, growing by 12.3% [2]

Core Viewpoint - The article discusses the decline of the US dollar's share in global foreign exchange reserves, highlighting a trend towards a multipolar international reserve currency system, with the dollar's share dropping to a 30-year low of 56.32% as of the second quarter of this year [1][11]. Group 1: Dollar Reserve Share Dynamics - As of the end of Q2, the dollar's share of global foreign exchange reserves fell from 57.79% to 56.32%, a decrease of 1.47 percentage points, marking the 11th consecutive quarter below 60% [1]. - The decline in the dollar's share is attributed to a 7.1% depreciation of the dollar index during the same period, indicating a negative valuation effect [1][3]. - The IMF's article on the same day emphasized that the dollar's reserve share remained stable when adjusted for exchange rates, suggesting that the decline was primarily due to valuation losses rather than a fundamental shift in reserve preferences [3]. Group 2: Euro and Other Currencies - The euro's reserve share increased from 20% to 21.13%, a rise of 1.13 percentage points, but this was largely due to a 9% appreciation against the dollar, which masked a potential decline in its reserve share if exchange rates had remained stable [3][4]. - The article argues that the focus on exchange rate effects overlooks the positive impact of asset price revaluation on the dollar's reserve share [4]. Group 3: US Long-term Securities and Foreign Holdings - As of June, foreign official holdings of US long-term securities (excluding international organizations) amounted to $67,395 billion, closely aligning with the IMF's reported global dollar reserves of $67,733 billion [4]. - The TIC report indicates that foreign official investors held $38,191 billion in US Treasury securities, $5,078 billion in agency debt, $2,185 billion in corporate bonds, and $21,941 billion in US equities, with equities representing over 30% of total holdings [4]. Group 4: Market Trends and Investment Behavior - The US stock market experienced significant volatility, with a 4.8% decline in Q1 followed by an 11% rebound in Q2, impacting the valuation of US equities held by foreign officials [6]. - In Q1, foreign official holdings recorded a valuation loss of $197 billion, while Q2 saw a valuation gain of $2,152 billion, indicating the substantial influence of market fluctuations on reserve valuations [6][8]. - In Q2, net purchases of US long-term securities by foreign officials fell to $51 billion, a 94.4% decrease from the previous quarter, highlighting a shift in investment strategy towards equities and away from safer assets like US Treasuries [8]. Group 5: Trends in Global Reserve Currency System - The article notes a continuing trend towards the diversification of the international reserve currency system, often associated with "de-dollarization," which refers to reducing reliance on the dollar in international trade and finance [12][20]. - Despite the decline in the dollar's share, the article suggests that the dollar's dominance remains resilient, as evidenced by its continued high percentage in global foreign exchange transactions [21].

Core Viewpoint - The RMB Tracker report by SWIFT indicates that the renminbi (RMB) has become the fifth most active global payment currency as of September 2025, with a share of 3.17%, reflecting a 15.53% increase in payment amounts compared to August 2025 [1] Group 1: RMB Internationalization Progress - The RMB's global payment currency ranking fluctuates between fourth and sixth place this year, with a decline from a peak of 4.74% in July 2022 to 3.17% in September 2025 [1] - The internationalization of the RMB is a long-term process and cannot be achieved overnight, as indicated by market experts [1] Group 2: Limitations of SWIFT's Data - SWIFT's statistics are limited to payment messages among its member institutions, which does not include domestic RMB transactions within China, leading to an underestimation of the RMB's international usage [2][3] - The majority of cross-border RMB transactions are conducted through the Cross-Border Interbank Payment System (CIPS), which is also excluded from SWIFT's statistics [3] Group 3: Impact of Market Conditions - The decline in the RMB's share in SWIFT's rankings from April to August 2025 is attributed to reduced offshore RMB foreign exchange trading due to low volatility in the RMB exchange rate, which led to decreased trading activity [5] - The RMB's share in SWIFT's rankings showed a slight recovery in September compared to August, despite the overall downward trend since its peak [4] Group 4: Multi-Dimensional Measurement of Currency Internationalization - The internationalization of a currency encompasses various dimensions beyond payment functionality, including valuation, investment, and reserve functions [6] - As of mid-2025, foreign entities held RMB-denominated financial assets totaling 10.4 trillion yuan, reflecting a year-on-year growth of 5.2% [6] - The RMB's share in the foreign exchange market has increased to 8.5% as of April 2025, up from 7% in 2022, ranking fifth among global currencies [7]

同日，中国证监会召开党委（扩大）会议，认真传达学习党的二十届四中全会精神，按照金融系统学习贯彻党的二十届四中全 会精神会议的工作要求，研究部署贯彻落实举措。 10月24日，中国人民银行党委召开会议，传达学习党的二十届四中全会精神。 会议强调，构建科学稳健的货币政策体系，动态 完善货币政策框架；拓展丰富中央银行宏观审慎和金融稳定功能，维护股市、债市、汇市等金融市场平稳运行；稳步推进数字 人民币研发和应用。 央行：维护股市、债市、汇市等金融市场平稳运行 10月24日，中国人民银行党委书记、行长潘功胜主持召开党委会议，传达学习习近平总书记在党的二十届四中全会上的重要讲 话和全会精神，落实主要金融单位学习贯彻党的二十届四中全会精神会议要求，研究部署贯彻落实举措。中国人民银行各党委 委员参加会议。 会议认为，党的二十届三中全会以来，在经济运行的关键时点，党中央沉着应对、果断决策，部署推出增量政策，有效稳就 业、稳企业、稳市场、稳预期，党和国家事业取得新的重大成就。 中国人民银行按照党中央部署，先后出台一揽子货币政策举 措，加强逆周期调节，保持流动性充裕，坚定支持股市、债市、汇市等金融市场稳定运行，为经济稳定增长创造了良 ...