2025金融街论坛年会今天在北京举行，央行、证监会负责人出席论坛，并发布一系列重要消息。 中国人民银行行长潘功胜在论坛年会上表示，目前，债市整体运行良好，央行将恢复公开市场国债买卖 操作。 研究实施 支持个人修复信用的政策措施 潘功胜在论坛年会上表示，将研究实施支持个人修复信用的政策措施。 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，将在征信系统中不予展 示。计划在明年初执行。 进一步优化数字人民币管理体系 潘功胜在论坛年会上表示，未来，央行将进一步优化数字人民币管理体系，研究优化数字人民币在货币 层次之中的定位，支持更多商业银行成为数字人民币业务运营机构。 继续打击境内虚拟货币经营和炒作 将恢复公开市场国债买卖操作 将启动实施深化创业板改革 中国证监会主席吴清在论坛年会上表示，将启动实施深化创业板改革，设置更加契合新兴领域和未来产 业创新创业企业特征的上市标准，为新产业、新业态、新技术企业提供更加精准、包容的金融服务。 为境外投资者提供更加高效的制度环境 吴清在论坛年会上表示，《合格境外投资 ...

Core Insights - The 2025 Financial Street Forum released significant policy signals regarding macroeconomic management and financial stability [2] Group 1: Macro Prudential Management - The People's Bank of China aims to accelerate the establishment of a comprehensive macro-prudential management system [3] - There will be a focus on enhancing the monitoring and assessment of systemic financial risks [4] - The central bank will continue to support a moderately accommodative monetary policy stance [7] Group 2: Digital Currency and Credit Policies - Efforts will be made to optimize the management system for digital renminbi [5] - The central bank is researching a one-time personal credit relief policy for individuals who have defaulted on loans below a certain amount since the COVID-19 pandemic, with plans to implement this by early next year [8] Group 3: Financial Adaptability and Reform - The National Financial Regulatory Administration emphasizes improving economic and financial adaptability [9] - There will be a push to create a new financial service model that balances direct and indirect financing, and aligns financing terms with industry development [10] - The administration will also focus on enhancing long-term capital investment policies and promoting the development of modern financial institutions [10] Group 4: Capital Market Reforms - The China Securities Regulatory Commission will deepen reforms in the ChiNext board, introducing listing standards that better fit emerging industries [12] - There are plans to launch a refinancing framework and expand support channels for mergers and acquisitions [13] Group 5: Foreign Exchange Policy - The State Administration of Foreign Exchange is set to introduce new policies to enhance trade facilitation, including expanding cross-border trade pilot programs [15] - Upcoming measures will include the implementation of a unified currency pool for multinational companies and integrated foreign exchange management reforms in free trade zones [16]

Core Viewpoint - The development of virtual currencies, particularly stablecoins, is still in its early stages, and there is a cautious attitude from international financial organizations and central banks towards their growth [1] Group 1: Regulatory Concerns - Stablecoins have become a major topic of discussion among finance ministers and central bank governors, highlighting their inability to meet basic requirements for customer identity verification and anti-money laundering [1] - The speculative atmosphere surrounding stablecoins has increased vulnerabilities in the global financial system and impacted the monetary sovereignty of underdeveloped economies [1] Group 2: Policy Actions - Since 2017, the People's Bank of China has issued multiple policy documents to mitigate risks associated with domestic virtual currency trading, which remain effective [1] - The People's Bank of China plans to continue collaborating with law enforcement to combat domestic virtual currency operations and maintain economic and financial order while closely monitoring the development of overseas stablecoins [1]

Core Viewpoint - The People's Bank of China (PBOC) is committed to maintaining a supportive monetary policy stance to foster economic recovery and stabilize financial markets amid complex domestic and international challenges [2] Monetary Policy - The PBOC has implemented a moderately loose monetary policy, utilizing various tools to ensure ample liquidity, with key indicators reflecting this stance: social financing increased by 8.7% year-on-year, M2 grew by 8.4%, and loans rose by 6.6% [2] - The PBOC plans to continue this supportive monetary policy, providing liquidity arrangements across short, medium, and long terms while enhancing the execution and transmission of monetary policy [2] Government Bond Operations - Starting in 2024, the PBOC will resume operations for buying and selling government bonds in the secondary market, which is expected to enhance the financial functions of government bonds and improve market stability [3] Digital Currency Development - The PBOC is optimizing the management system for the digital yuan, aiming to support more commercial banks in becoming operational entities for digital yuan transactions [4] - The establishment of international and operational management centers for digital yuan in Shanghai and Beijing respectively is part of the effort to promote its development [4] Virtual Currency Regulation - The PBOC is intensifying efforts to combat the operation and speculation of virtual currencies domestically, particularly in light of the risks associated with stablecoins discussed at recent international financial meetings [5] - Existing policies to prevent and address risks related to virtual currency trading remain effective, and the PBOC will continue to collaborate with law enforcement to maintain financial order [5] Credit Repair Policies - The PBOC is researching policies to support individuals in repairing their credit records, particularly for those who have defaulted due to uncontrollable circumstances like the COVID-19 pandemic [6][7] - A proposed one-time credit relief policy aims to exclude certain default records from credit reports for individuals who have repaid loans, with plans for implementation in early next year [7]

Group 1 - The 2025 Financial Street Forum focuses on "Innovation, Transformation, and Reshaping Global Financial Development" [1] - The People's Bank of China (PBOC) has made significant progress in establishing a dual-pillar framework for monetary policy and macro-prudential management [2][3] - The PBOC will continue to implement a supportive monetary policy stance, utilizing various tools to maintain liquidity and support economic recovery [3][4] Group 2 - The PBOC plans to enhance the monitoring and assessment of systemic financial risks, improving the national financial database and risk prevention measures [4] - The PBOC will resume open market operations for government bonds, which is crucial for the development of the bond market and the coordination of monetary and fiscal policies [5] - The PBOC is committed to combating domestic virtual currency operations and speculation, maintaining financial order [6][7] Group 3 - The PBOC is researching a one-time personal credit relief policy to help individuals with overdue debts during the pandemic [7] - The PBOC is optimizing the management system for digital currency, establishing operational centers in Shanghai and Beijing to promote its development [8] - The National Financial Regulatory Administration emphasizes enhancing financial adaptability to support sustainable economic development [8][9] Group 4 - The National Financial Regulatory Administration aims to deepen financial supply-side structural reforms and enhance the resilience and quality of financial institutions [9] - The administration will focus on improving the financing system related to real estate development to mitigate local government debt risks [9][10] - The State Administration of Foreign Exchange plans to introduce new policies to promote trade facilitation and cross-border trade innovation [10]

会上，潘功胜介绍，近年来，市场机构发行的虚拟货币特别是稳定币不断涌现，但整体还处在发展早 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。10天前，在华盛顿召开 的IMF/世界银行年会上，稳定币及其可能产生的金融风险成为各国财长、央行行长讨论最多的话题之 一，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，如洗钱、违规跨境转移资金、恐怖融资等，市场炒 作投机的氛围浓厚，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。 潘功胜强调，2017年以来，人民银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，目前这些政策文件仍然有效。下一步，人民银行将会同执法部门继续打击境内虚拟货币 的经营和炒作，维护经济金融秩序，同时密切跟踪、动态评估境外稳定币的发展。 北京商报讯(记者刘四红)10月27日，在2025金融街论坛年会上，中国人民银行行长潘功胜就"中国宏观 审慎管理体系的建设实践与未来演进"主题发表演讲。 ...

Group 1 - The People's Bank of China (PBOC) will maintain a supportive monetary policy stance and implement moderately loose monetary policies, utilizing various monetary policy tools to provide liquidity arrangements in the short, medium, and long term [1] - The PBOC has paused government bond trading earlier this year due to significant supply-demand imbalances and market risks, but will now resume open market operations for government bonds as the bond market is currently performing well [1] - The PBOC is addressing the issue of virtual currencies, particularly stablecoins, which are still in the early stages of development and do not meet basic requirements for customer identification and anti-money laundering, thus exacerbating global financial regulatory gaps [1] Group 2 - The PBOC is researching policies to support personal credit repair, including a one-time personal credit relief policy that will not display certain default records in the credit system for individuals who have repaid loans below a specified amount since the pandemic [2] - This measure aims to help individuals accelerate the repair of their credit records while maintaining the effectiveness of default credit records, and is planned for implementation in early next year after necessary technical preparations [2]

中国人民银行行长潘功胜10月27日在2025金融街论坛年会上表示，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。 关于货币政策，潘功胜表示，一年多来，面对复杂严峻的国内外形势，人民银行按照中央决策部署，坚 持支持性的货币政策立场，综合运用数量、价格、结构等多种货币政策工具，保持流动性充裕。反映金 融运行的主要宏观金融指标也体现了适度宽松的货币政策状态，为我国经济的回升向好和金融市场稳定 运行创造了良好的货币金融环境。 潘功胜表示，人民银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，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，强化货币政策执行和传导。 关于虚拟货币，潘功胜表示，2017年以来，人民银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，目前这些政策文件仍然有效。下一步，人民银行将会同执法部门继续打 击境内虚拟货币的经营和炒作，维护经济金融秩序，同时密切跟踪、动态评估境外稳定币的发展。 在征 ...

2025金融街论坛年会今日（10月27日）开幕，中国人民银行行长潘功胜、金融监管总局局长李云 泽、中国证监会主席吴清将出席2025金融街论坛年会并作主题演讲。 潘功胜：探索在特定情景下向非银机构提供流动性的机制安排 潘功胜在2025金融街论坛年会上表示，针对金融市场，人民银行正在考虑的一个问题是，综合平衡维护金 融市场稳定运行和防范金融市场道德风险，探索在特定情景下向非银机构提供流动性的机制安排。 潘功胜：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 潘功胜在2025金融街论坛年会上表示，人民银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，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，强化货币政策执行和传导。 潘功胜：将研究实施支持个人修复信用的政策措施 潘功胜在2025金融街论坛年会上表示，人民银行将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，人民 ...

Core Viewpoint - The 2025 Financial Street Forum held in Beijing focuses on "Global Financial Development under Innovation, Transformation, and Reshaping," with over 400 key guests from more than 30 countries and regions attending [1]. Group 1: Virtual Currency and Stablecoins - The Governor of the People's Bank of China, Pan Gongsheng, highlighted the emergence of virtual currencies, particularly stablecoins, which are still in the early stages of development [1]. - International financial organizations and central banks generally adopt a cautious stance towards the development of stablecoins, emphasizing the financial risks associated with them [1]. - Discussions at the recent IMF/World Bank annual meeting revealed that stablecoins currently fail to meet essential requirements for customer identification and anti-money laundering, exacerbating global financial regulatory gaps [1]. - The speculative atmosphere surrounding the market for stablecoins increases the vulnerability of the global financial system and impacts the monetary sovereignty of underdeveloped economies [1]. Group 2: Regulatory Measures - Since 2017, the People's Bank of China has issued multiple policy documents aimed at preventing and addressing risks associated with domestic virtual currency trading and speculation, which remain effective [1]. - The People's Bank of China plans to collaborate with law enforcement to continue cracking down on domestic virtual currency operations and speculation to maintain economic and financial order [1]. - There will be ongoing monitoring and dynamic assessment of the development of overseas stablecoins [1].