强大的中央银行是建设金融强国必须具备的关键核心金融要素之一。党的二十届四中全会通过的《中共 中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，构建科学稳健的货币政策体系和覆 盖全面的宏观审慎管理体系。这是"十五五"时期推动金融高质量发展、加快建设金融强国的战略举措， 为完善中央银行制度指明了方向。 支撑金融强国建设 中央银行是金融体系的中枢，随着经济变迁而演进发展，形成了一系列被广泛接受的基本目标和职能定 位。中央银行制度是一国最重要的货币金融管理制度。我国于1948年成立了中国人民银行，开启了中央 银行制度的探索之路，经过改革开放以来特别是党的十八大以来的不断实践，构建了一系列既符合经济 金融普遍规律，又具有鲜明中国特色的中央银行制度。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，完善中央银行制度，构建科 学稳健的货币政策体系和覆盖全面的宏观审慎管理体系，畅通货币政策传导机制。 中央银行以维护币值稳定和金融稳定为双目标，货币政策体系和宏观审慎管理体系是中央银行实施宏观 管理的两项基础性工具，是实现双目标的双支柱。构建科学稳健的货币政策体系和覆盖全面的宏观审慎 管理体系，有利于 ...

Core Viewpoint - The People's Bank of China emphasizes the need to enhance the central banking system and build a strong central bank, focusing on a scientific and robust monetary policy framework [1] Group 1: Monetary Policy - The meeting highlights the importance of constructing a scientific and robust monetary policy system, with dynamic assessment and improvement of the monetary policy framework [1] - There is a call to enrich the toolbox of monetary policy and strengthen the execution and transmission of monetary policy [1] Group 2: Financial Stability - The meeting stresses the need to coordinate efforts on the "five major articles" of finance, aiming to establish a comprehensive macro-prudential management system and a mechanism for systemic financial risk prevention and resolution [1] - It emphasizes the importance of enhancing macro-prudential management in key areas and improving the regulatory framework for systemically important financial institutions [1] Group 3: Financial Market Infrastructure - The construction of a regulated, transparent, open, vibrant, and resilient financial market system is highlighted as a priority [1] - The meeting also calls for the establishment of a safe and efficient financial infrastructure system [1] Group 4: Legal Framework - There is a focus on improving the legal foundation for the central bank's functions [1]

（来源：远东资信） 宏观经济方面，据对全国流通领域9大类50种重要生产资料市场价格的监测显示，2025年11月下旬与11 月中旬相比，15种产品价格上涨，30种下降，5种持平。从全球来看，12月5日，10年期美债收益率较周 初上行5bp至 4.14%。有效联邦基金利率为3.89%，较前期上行1bp。9月份，美国经季节调整的非农就业 人数增加11.9万人，大幅超出市场预期值5.2万人。8月份非农就业人数从增加2.2万人修正至减少0.4万 人，7月份非农就业人数从增加 7.9万人修正至增加7.2万人，合计下修3.3万人。美国失业率升至4.4%， 为2021年10月以来最高值。欧元区基准利率维持2.15%，日本政策目标利率维持0.5%。 债券市场方面，从无风险收益率来看，上周10年期国债收益率上行后回落，2年期国债收益率有所下 行，超长债抛压明显。12月5日，10年期国债到期收益率较周初上行1bp至1.8480%，2年期国债到期收 益率较周初下行2bp至1.4036%；从流动性情况来看，10月末M2余额335.13万亿元，同比增长8.2%。7天 期逆回购操作利率为1.40%，12 月5日，央行在公开市场开展1398 ...

（1）中国人民银行行长潘功胜在人民日报发表署名文章，文中提到，中央银行以维护币值稳定和金融稳定为双目标，货币政策 体系和宏观审慎管理体系是中央银行实施宏观管理的两项基础性工具，是实现双目标的双支柱。构建科学稳健的货币政策体系 和覆盖全面的宏观审慎管理体系，有利于把维护币值稳定和金融稳定更好结合起来，对于支撑金融强国建设具有重要的意义。 （2）国家金融监督管理总局发布关于调整保险公司相关业务风险因子的通知。其中提出：保险公司持仓时间超过三年的沪深 300指数成分股、中证红利低波动100指数成分股的风险因子从0.3下调至0.27。该持仓时间根据过去六年加权平均持仓时间确 定。 三、债市展望 债市的快速调整彰显出，配置型机构目前参与市场的力度较弱，超长债供需关系阶段性的失衡。同时万科事件、公募赎回新 规、临近年末等因素加大了交易性资金的波动，债市正处于易上难下的阶段，债市企稳仍需观察。虽然目前点位从利差角度 看，超长债有一定的博弈价值，但建议还是以快进快出为主，相比较下10年期以内参与交易的安全边际较高。未来可等待货币 宽松预期逐步升温，配置资金开始加大配置力度，再择机参与超长债期限的交易配置。 来源：市场投研资讯 ...

Core Viewpoint - The article emphasizes the importance of constructing a scientific and robust monetary policy system and a comprehensive macro-prudential management system to support high-quality financial development and the establishment of a financial power in China [3][4][5]. Group 1: Importance of Monetary Policy and Macro-Prudential Management - The dual objectives of maintaining currency stability and financial stability are foundational for the central bank's macro-management tools [4]. - The construction of these systems is essential for adapting to changes in social contradictions and promoting high-quality development [4][5]. - The need for a robust monetary policy and macro-prudential management framework is highlighted as a response to the complexities of the current economic environment [5][6]. Group 2: Building a Scientific and Robust Monetary Policy System - The monetary policy system aims to achieve a balance between currency stability, economic growth, full employment, and international balance of payments [7]. - Key tasks include optimizing the mechanism for basic currency issuance, improving market-based interest rate formation, and enhancing the structural monetary policy tool system [9][10]. - The focus is on maintaining reasonable growth in financial totals and ensuring effective financing for the real economy [9][10]. Group 3: Comprehensive Macro-Prudential Management System - The macro-prudential management system aims to monitor and assess systemic financial risks and implement preventive measures [11][12]. - It emphasizes the need for a comprehensive approach to cover macroeconomic operations, financial markets, and systemically important financial institutions [12][13]. - The system should also address external economic and financial market risks, ensuring resilience against external shocks [12][13]. Group 4: Key Tasks for Macro-Prudential Management - Strengthening the monitoring and assessment of systemic financial risks is crucial for proactive risk management [13][14]. - Implementing risk prevention measures in key sectors and enhancing the regulatory framework for systemically important financial institutions are essential [14][15]. - The article calls for a rich toolbox of macro-prudential policy instruments to address various financial challenges effectively [15][16].

Core Viewpoint - The article emphasizes the need to construct a scientific and robust monetary policy system and a comprehensive macro-prudential management system in China, aligning with the spirit of the 20th National Congress of the Communist Party of China [1] Group 1: Monetary Policy System - The construction of a scientific and robust monetary policy system requires optimizing the mechanism for basic currency issuance and monetary policy intermediaries to maintain reasonable growth in total financial volume [1] - It is essential to improve the market-oriented interest rate formation, regulation, and transmission mechanisms [1] - A structural monetary policy tool system needs to be enhanced continuously [1] - The mechanism for the formation of the Renminbi exchange rate should be improved [1] - Continuous efforts are needed to ensure the smooth transmission of monetary policy [1] Group 2: Macro-Prudential Management System - Key tasks for building a comprehensive macro-prudential management system include strengthening the monitoring and assessment of systemic financial risks [1] - Comprehensive risk prevention measures in key areas must be effectively implemented [1] - The toolbox for macro-prudential management policies should be enriched [1] - A financial stability guarantee system needs to be established [1] - Financial security capabilities should be enhanced in line with the level of openness [1] Group 3: Financial Stability Guarantee System - Strengthening corporate governance and risk management of financial institutions is crucial, along with enhancing daily supervision to build a solid first line of defense against financial risks [2] - Coordination among macro-prudential management, micro-prudential regulation, and behavioral supervision is necessary to form a synergistic effect [2] - A mechanism for early correction of financial risks with hard constraints should be reinforced, along with the specialized risk disposal functions of deposit insurance [2] - The roles of industry guarantee funds, financial stability guarantee funds, and the central bank as the lender of last resort should be effectively utilized, with a focus on preventing moral hazards [2] - Legal safeguards for financial stability should be strengthened, and the drafting and revision of financial laws, the People's Bank of China Law, and financial stability laws should be accelerated [2]

Core Viewpoint - The People's Bank of China emphasizes the dual objectives of maintaining currency stability and financial stability, highlighting the importance of a robust monetary policy framework and macro-prudential management system as foundational tools for macroeconomic management [1][2]. Group 1: Monetary Policy and Macro-Prudential Management - The central bank aims to construct a scientifically sound monetary policy system and a comprehensive macro-prudential management framework to better integrate currency stability and financial stability, which is crucial for supporting the construction of a strong financial nation [1]. - The macro-prudential management framework has been explored in various sectors, including credit, capital, foreign exchange, and real estate markets, reflecting China's early adoption of macro-prudential concepts [1]. Group 2: Financial Risk and Economic Development - There is a need to closely monitor and assess the relationship between macroeconomic operations and financial risks, as high-quality financial development is fundamentally based on high-quality economic development [2]. - The financial market landscape in China has become increasingly sophisticated, necessitating the expansion of macro-prudential management coverage to address the complexities and interconnections within the financial system [2]. Group 3: Systemically Important Financial Institutions - Systemically important financial institutions pose significant risks if not managed prudently, requiring comprehensive assessments and additional regulatory measures to ensure their safe and sound operations [2]. - Collaboration across various sectors is essential for timely identification and action against systemic risks associated with these institutions [2]. Group 4: External Economic and Financial Risks - The external environment is becoming more complex and severe, with increased risks from geopolitical conflicts and trade protectionism, necessitating dynamic assessments of external shocks on China's economy and financial stability [2]. - Establishing robust defenses against external risk shocks is critical for maintaining stability in cross-border capital flows and exchange rates [2].

Group 1 - The article emphasizes the importance of constructing a scientific and robust monetary policy system and a comprehensive macro-prudential management system as strategic measures for promoting high-quality financial development and building a financial powerhouse during the 14th Five-Year Plan period [4][5][6]. - It highlights that the dual objectives of maintaining currency stability and financial stability are foundational tools for the central bank's macro-management, which are essential for achieving the goals of modernizing the economy [5][6][7]. Group 2 - The construction of a scientific and robust monetary policy system is deemed necessary for accelerating the establishment of a high-level socialist market economy, addressing unbalanced and insufficient development, and supporting high-quality development [5][6][8]. - The article outlines the need for a well-structured monetary policy framework that includes optimizing the mechanism for basic currency issuance and maintaining reasonable growth in financial aggregates [10][11]. Group 3 - The macro-prudential management system aims to observe, assess, and respond to financial risks from a macro and counter-cyclical perspective, preventing systemic financial risks that could disrupt macroeconomic stability [12][13]. - It stresses the importance of monitoring systemic financial risks and implementing preventive measures to ensure the stability of key financial institutions and markets [15][16].

以下为原文： 构建科学稳健的货币政策体系和覆盖全面的宏观审慎管理体系（学习贯彻党的二十届四中全会精神） 潘功胜 党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，构建科学稳健的货币政策体系和覆盖 全面的宏观审慎管理体系。这是"十五五"时期推动金融高质量发展、加快建设金融强国的战略举措，为完善中央银行制度指明了方向。 一、构建科学稳健的货币政策体系和覆盖全面的宏观审慎管理体系的重要意义 习近平总书记指出，金融是"国之大者"，关系中国式现代化建设全局。中央银行以维护币值稳定和金融稳定为双目标，货币政策体系和宏观 审慎管理体系是中央银行实施宏观管理的两项基础性工具，是实现双目标的双支柱。构建科学稳健的货币政策体系和覆盖全面的宏观审慎管 理体系，有利于把维护币值稳定和金融稳定更好结合起来，对于支撑金融强国建设具有重要的意义。 一是加快构建高水平社会主义市场经济体制的必然要求。习近平总书记指出，金融改革发展是国家改革发展的重要内容；金融制度是经济社 会发展中重要的基础性制度。"十五五"时期，需要适应社会主要矛盾变化，更好解决发展不平衡不充分问题；需要建设现代化产业体系，加 快构建 ...

Core Viewpoint - The article emphasizes the importance of constructing a scientific and robust monetary policy system and a comprehensive macro-prudential management system to support high-quality financial development and the establishment of a financial power in China [3][4][5]. Group 1: Importance of Monetary Policy and Macro-Prudential Management - The construction of a scientific and robust monetary policy system and a comprehensive macro-prudential management system is essential for maintaining currency stability and financial stability, which are the dual objectives of the central bank [4]. - This initiative is a necessary requirement for accelerating the establishment of a high-level socialist market economy and addressing the imbalances in development during the 14th Five-Year Plan period [4][5]. - The dual pillars of monetary policy and macro-prudential management are crucial for preventing systemic financial risks and ensuring the stability of the financial system [6]. Group 2: Building a Scientific and Robust Monetary Policy System - The goal is to continuously improve the monetary policy framework to achieve a dynamic balance among currency stability, economic growth, full employment, and balance of payments [7]. - Key tasks include optimizing the mechanism for basic currency issuance, improving market-oriented interest rate formation and transmission mechanisms, and enhancing the structural monetary policy tool system [9][10]. - The focus is on maintaining reasonable growth in financial aggregates while ensuring that monetary policy supports economic structural adjustments and high-quality development [8][9]. Group 3: Comprehensive Macro-Prudential Management System - The macro-prudential management system aims to monitor and assess systemic financial risks, implement preventive measures, and enhance the resilience of the financial system [12][14]. - It is crucial to cover the interconnections between macroeconomic operations and financial risks, as well as to monitor key financial markets and institutions to prevent systemic risks [12][13]. - The system should also address the external impacts of international economic and financial market risks, ensuring that the financial system can withstand external shocks [13][14]. Group 4: Key Tasks for Macro-Prudential Management - Strengthening the monitoring and assessment of systemic financial risks is vital, focusing on early identification and prevention of potential risks [14][15]. - Implementing risk prevention measures in key sectors and enhancing the regulatory framework for systemically important financial institutions are essential for maintaining financial stability [15][16]. - The establishment of a financial stability guarantee system, including effective governance and risk management practices, is necessary to fortify the first line of defense against financial risks [16].