人民财讯10月27日电，10月27日，中国人民银行行长潘功胜在2025金融街论坛年会上表示，人民银行将 构建覆盖全面的宏观审慎管理体系。第一，更好覆盖宏观经济运行和金融风险的关联性。第二，更好覆 盖金融市场的运行。第三，更好覆盖系统重要性金融机构。第四，更好覆盖国际经济和金融市场风险的 跨境传播。人民银行需要把握好内部均衡和外部均衡的关系，动态评估、有效应对主要经济体货币政 策、贸易政策、主权债务风险和地缘政治等对我国经济及金融市场运行的影响。 ...

Core Viewpoint - The article discusses the recent meetings held by the People's Bank of China (PBOC), the National Financial Regulatory Administration, and the State Administration of Foreign Exchange, focusing on the implementation of the spirit of the 20th Central Committee's Fourth Plenary Session, outlining key tasks for monetary policy, financial regulation, and foreign exchange management. Group 1: Monetary Policy - The PBOC emphasized the construction of a scientific and robust monetary policy system, macro-prudential management, and systemic financial risk prevention mechanisms as key tasks [5][6] - The PBOC aims to balance short-term and long-term goals, support economic growth while maintaining the health of the financial sector, and dynamically improve the monetary policy framework [6][7] - The PBOC plans to enhance the effectiveness of financial support for high-quality economic development and promote the internationalization of the Renminbi [6][7] Group 2: Financial Regulation - The National Financial Regulatory Administration highlighted the importance of risk prevention and the establishment of mechanisms to address key risk areas, ensuring no systemic financial risks occur [9] - The administration aims to enhance the forward-looking, precise, effective, and coordinated nature of financial regulation, focusing on the "five major regulatory" areas [9] Group 3: Foreign Exchange Management - The State Administration of Foreign Exchange outlined tasks to support high-quality economic development, maintain foreign exchange market stability, and promote the internationalization of the Renminbi [11][12] - The administration plans to expand high-level institutional openness in the foreign exchange sector and improve the monitoring and early warning systems for cross-border capital flows [12]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the importance of implementing a scientific and stable monetary policy system to maintain the stability of financial markets, including the stock, bond, and foreign exchange markets, in light of the recent directives from the 20th Central Committee of the Communist Party of China [1][2]. Group 1: Monetary Policy Framework - The PBOC aims to balance short-term and long-term goals, support economic growth while ensuring the health of the financial sector, and manage internal and external relationships effectively [2]. - The central bank will dynamically improve the monetary policy framework and enhance the execution and transmission of monetary policies to create a favorable monetary environment for stable economic growth and high-quality development [2]. Group 2: Financial Risk Management - A comprehensive macro-prudential management system and mechanisms for systemic financial risk prevention and resolution will be established, focusing on monitoring, assessing, and warning against systemic financial risks [2]. - The PBOC will work with relevant departments to support local small financial institutions, local government financing platforms, and address risks in the real estate market while maintaining strict financial discipline and regulatory rules [2]. Group 3: Financial Supply-Side Structural Reform - The PBOC will deepen financial supply-side structural reforms, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance to enhance financial services for the real economy [3]. - Efforts will be made to improve the financial support for technological innovation and ensure a more reasonable scale, structure, and regional layout of financial institutions [3]. Group 4: Financial Openness and Security - The PBOC will promote high-level financial openness while safeguarding national financial security, advancing the internationalization of the Renminbi, and expanding its use in trade [3]. - Initiatives will include the development of a cross-border payment system for the Renminbi that is self-controlled, multi-channel, and widely accessible [3].

Core Viewpoint - The People's Bank of China (PBOC) is committed to implementing the spirit of the 20th Central Committee of the Communist Party of China, focusing on establishing a scientific and stable monetary policy system to maintain the stability of financial markets including the stock, bond, and foreign exchange markets [1][2]. Group 1: Monetary Policy Framework - The PBOC aims to construct a scientific and stable monetary policy system that balances short-term and long-term goals, supports real economic growth while ensuring the health of the financial sector, and manages internal and external relationships [2]. - The monetary policy framework will be dynamically improved, with a focus on enhancing the execution and transmission of monetary policy to create a favorable monetary environment for stable economic growth and high-quality development [2]. Group 2: Financial Risk Management - A comprehensive macro-prudential management system and a mechanism for systemic financial risk prevention and resolution will be established, focusing on monitoring, assessing, and warning against systemic financial risks [2]. - The PBOC will work with relevant departments to support local small and medium financial institutions, local government financing platform debt, and real estate market risk resolution, while maintaining strict financial and market discipline [2][3]. Group 3: Financial Supply-Side Structural Reform - The PBOC will deepen financial supply-side structural reforms, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance to enhance financial services for the real economy [3]. - Efforts will be made to improve the financial support for technological innovation and to ensure a more reasonable scale, structure, and regional layout of financial institutions [3]. Group 4: Financial Openness and Security - The PBOC will promote high-level financial openness while safeguarding national financial security, advancing the internationalization of the Renminbi, and expanding its use in trade [3]. - The development of a cross-border payment system for the Renminbi that is self-controlled, multi-channel, and widely covered will be prioritized [3].

Core Insights - The People's Bank of China (PBOC) is focusing on implementing a scientific and stable monetary policy system to maintain the stability of financial markets including stock, bond, and foreign exchange markets [1][2] Group 1: Monetary Policy and Financial Stability - The PBOC aims to balance short-term and long-term goals, support economic growth while ensuring the health of the financial sector, and manage internal and external relationships effectively [2] - The central bank will enhance the execution and transmission of monetary policy, reform the RMB exchange rate formation mechanism, and maintain the RMB's stability at a reasonable and balanced level [2] Group 2: Macro-Prudential Management - A comprehensive macro-prudential management system and mechanisms for systemic financial risk prevention and resolution will be established, focusing on monitoring, assessing, and warning against systemic financial risks [2] - The PBOC will work with relevant departments to support local small financial institutions, local government financing platforms, and address risks in the real estate market [2] Group 3: Financial Supply-Side Structural Reform - The PBOC will deepen financial supply-side structural reforms, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance to enhance financial services for the real economy [3] - There will be an emphasis on building a transparent, open, and resilient financial market system, as well as advancing the research and application of digital RMB [3] Group 4: Financial Openness and Security - The PBOC is committed to promoting high-level financial openness while safeguarding national financial security, including advancing the internationalization of the RMB and enhancing the use of RMB in trade [3] - Efforts will be made to facilitate trade and investment financing, and to develop a cross-border payment system for the RMB that is self-controlled and widely accessible [3]

Core Viewpoint - The People's Bank of China (PBOC) is committed to implementing a scientific and stable monetary policy system to maintain the stability of financial markets, including the stock, bond, and foreign exchange markets, as part of the broader strategy outlined in the recent Party Congress [1][2]. Group 1: Monetary Policy Framework - The PBOC aims to balance short-term and long-term goals, support economic growth while ensuring the health of the financial sector, and manage internal and external relationships effectively [2]. - The monetary policy framework will be dynamically improved to enhance execution and transmission, with a focus on maintaining the RMB exchange rate at a reasonable and balanced level [2]. Group 2: Financial Risk Management - A comprehensive macro-prudential management system and mechanisms for systemic financial risk prevention and resolution will be established, focusing on monitoring, assessing, and warning against systemic financial risks [2][3]. - The PBOC will work with relevant departments to support local small financial institutions and manage risks associated with local government financing platforms and the real estate market [2][3]. Group 3: Financial Supply-Side Structural Reform - The PBOC will deepen financial supply-side structural reforms, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance to enhance financial services for the real economy [3]. - Efforts will be made to improve the financial support for technological innovation and ensure a more reasonable scale, structure, and regional distribution of financial institutions [3]. Group 4: Financial Opening and Security - The PBOC will promote high-level financial openness while safeguarding national financial security, advancing the internationalization of the RMB, and enhancing the use of RMB in trade [3]. - Initiatives will include the development of a cross-border payment system for the RMB that is self-controlled, multi-channel, and widely accessible [3].

Core Viewpoint - The People's Bank of China emphasizes the importance of financial work as a key component of the Party and national development, highlighting significant advancements in financial system reform and international competitiveness over the past five years [1] Group 1: Financial Governance and Leadership - The meeting underscores the need for centralized leadership in financial work, promoting strict adherence to the Party's directives and continuous evaluation of work strategies [2] - A focus on building a high-quality talent pool that is loyal, clean, and responsible is emphasized to foster a positive political environment [2] Group 2: Monetary Policy Framework - The establishment of a scientific and stable monetary policy system is prioritized, balancing short-term and long-term goals while supporting economic growth and maintaining the health of the financial sector [2] - The need for dynamic adjustments to the monetary policy framework is highlighted, with an emphasis on enhancing the effectiveness of monetary policy to support stable economic growth [2] Group 3: Risk Management and Financial Stability - A comprehensive macro-prudential management system is to be developed to monitor and prevent systemic financial risks, with a focus on maintaining stability in various financial markets [3] - The importance of adhering to financial discipline and regulatory rules to mitigate moral hazards is stressed [3] Group 4: Financial Supply-Side Structural Reform - Continuous deepening of financial supply-side structural reforms is essential, with a focus on technology finance, green finance, inclusive finance, pension finance, and digital finance to better serve the real economy [3] - The development of a transparent and resilient financial market system is a key goal, alongside the advancement of digital currency initiatives [3] Group 5: Financial Openness and International Cooperation - The promotion of high-level financial openness and the safeguarding of national financial security are critical, including efforts to internationalize the Renminbi and enhance cross-border payment systems [4] - Active participation in global financial governance reforms and bilateral financial cooperation is encouraged to strengthen international financial ties [4]

Core Viewpoint - The meeting of the People's Bank of China (PBOC) emphasized the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on financial stability and supporting economic growth through effective monetary policies [1][2]. Group 1: Economic and Financial Stability - The PBOC has introduced a series of monetary policy measures to maintain liquidity and support the stability of financial markets, including the stock, bond, and foreign exchange markets [1][2]. - The past five years have seen China maintain strategic determination in economic development, achieving significant historical accomplishments and contrasting sharply with other major economies [1][2]. Group 2: Financial System Reform and Development - The meeting highlighted the need for a comprehensive financial system reform, enhancing the governance capabilities of the financial sector and improving the quality of financial services to the real economy [2][3]. - The PBOC aims to construct a scientific and stable monetary policy system, balancing short-term and long-term goals while ensuring the health of the financial sector [3][4]. Group 3: Risk Management and Financial Innovation - A robust macro-prudential management system and mechanisms for systemic financial risk prevention and resolution are to be established, focusing on monitoring and assessing systemic risks [4][5]. - The PBOC plans to deepen structural reforms in financial supply, emphasizing technology finance, green finance, and digital finance to better serve the economy [4][5]. Group 4: International Financial Cooperation - The meeting called for steady progress in financial openness and the maintenance of national financial security, promoting the internationalization of the Renminbi and enhancing cross-border payment systems [5]. - The PBOC is committed to participating in global financial governance reforms and fostering bilateral and multilateral financial cooperation [5].

Core Viewpoint - The article emphasizes the importance of the 20th Central Committee's Fourth Plenary Session in shaping China's economic and financial policies, highlighting the need for a unified approach to financial work and the implementation of strategic measures for sustainable development [2][3]. Group 1: Financial Policy and Economic Stability - The People's Bank of China (PBOC) has implemented a series of monetary policy measures to maintain liquidity and support the stability of financial markets, contributing to economic growth [2]. - The PBOC's actions are aligned with the central government's directives to ensure employment, business stability, and market expectations during critical economic periods [2][3]. Group 2: Strategic Planning and Financial Reform - The Fourth Plenary Session outlines a strategic framework for the next five years, focusing on the construction of a modern socialist country and the importance of the 15th Five-Year Plan [3]. - Financial work is deemed crucial for national development, with significant advancements in financial system reform and governance capabilities over the past five years [3][4]. Group 3: Monetary Policy Framework - The PBOC aims to establish a scientific and robust monetary policy system that balances short-term and long-term goals while supporting real economic growth [4]. - The central bank will enhance the effectiveness of monetary policy and maintain the stability of the Renminbi exchange rate [4]. Group 4: Risk Management and Financial Stability - A comprehensive macro-prudential management system will be developed to monitor and mitigate systemic financial risks, ensuring the stability of financial markets [5]. - The PBOC will collaborate with relevant departments to address risks in local financial institutions and the real estate market [5]. Group 5: Financial Sector Reforms - The article highlights the need for structural reforms in the financial supply side, focusing on technology, green finance, inclusive finance, and digital finance to better serve the economy [5]. - The PBOC will promote the development of a transparent and resilient financial market system while advancing the research and application of digital currency [5]. Group 6: International Financial Cooperation - The PBOC is committed to advancing the internationalization of the Renminbi and enhancing cross-border payment systems while maintaining national financial security [6]. - Efforts will be made to deepen financial market openness and promote trade and investment facilitation [6]. Group 7: Implementation and Education - The PBOC will prioritize the dissemination of the Fourth Plenary Session's spirit within its system, ensuring alignment with central directives to foster high-quality financial development [6].

Core Viewpoint - The article emphasizes the importance of the 20th Central Committee's Fourth Plenary Session in shaping China's financial policies and strategies for the next five years, focusing on the modernization of the financial system and the support for economic stability and growth [1][2]. Group 1: Financial Policy and Economic Stability - The People's Bank of China (PBOC) has implemented a series of monetary policy measures to maintain liquidity and support the stability of financial markets, contributing to economic growth [1][2]. - The PBOC aims to enhance the effectiveness of financial services to the real economy, reflecting a significant improvement in the financial sector's strength and international competitiveness [2][3]. Group 2: Strategic Financial Framework - The meeting outlined the need for a scientific and robust monetary policy framework that balances short-term and long-term goals, ensuring the health of the financial sector while supporting economic growth [3][4]. - A comprehensive macro-prudential management system is to be established to monitor and mitigate systemic financial risks, ensuring the stability of stock, bond, and foreign exchange markets [4]. Group 3: Financial Sector Reforms - The article highlights the importance of deepening structural reforms in the financial supply side, focusing on areas such as technology finance, green finance, and digital finance to better serve the economy [4]. - The PBOC is committed to advancing high-level financial openness while safeguarding national financial security, promoting the internationalization of the Renminbi, and enhancing cross-border payment systems [5]. Group 4: Implementation and Education - The PBOC is tasked with promoting the spirit of the 20th Central Committee's Fourth Plenary Session through various educational activities, aligning its actions with the session's directives to contribute to national development [6].