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]

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。 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。 潘功胜还表示，人民银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。人民银行已经在上海设立数字人民币国际运营中 心，负责数字人民币跨境合作和使用； ...

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。 ...

2025.10. 27 本文字数：3181，阅读时长大约5分钟 作者 | 第一财经 杜川 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重磅发声，释放一揽子政策信号， 包括恢复国债买卖、研究优化数字人民币在货币层次之中的定位、稳定币、货币政策取向等。 党的十九大提出，健全货币政策和宏观审慎政策双支柱调控框架。近年来，人民银行有序推进，取得 重要进展。在去年6月的陆家嘴论坛上，潘功胜对中国未来货币政策框架的演进作了比较系统的介 绍。此次金融街论坛，潘功胜演讲的主题是《中国宏观审慎管理体系的建设实践与未来演进》。 第一财经记者梳理重点如下： 1、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。 2、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 ...

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]

演讲题目 境外稳定币动向及对我们的启示 时间 10月30日（周四）14:00-15:30 地点 建华楼六层x-lab路演厅 主办单位 朱幼平 国家信息中心研究员；中国通信工业协会区块链专委会轮值主席；中国国际经济技术合作促进会通证经济工作委员会会长。 《链改：区块链中国思维》、《数字共同体—通往共同富裕的社群行为经济学》等畅销专著作者。 清华大学经济管理学院区块链金融研究中心 清华x-lab 清链学堂 活动方式 仅线下，欢迎校内师生参加，校外人员参会请报名并提供相关信息，主办方审核后协助申报进校，此信息不能作为进校凭证。 扫码报名 演讲人 在区块链、数资经济等领域有深入研究。 主办方 简介 清华大学经济管理学院区块链金融研究中心（Center for Block- Chain Finance Research, School of Economics and Management, Tsinghua University，简称CBFR）成立于2018年4月，中心使命是发挥清华大学技术优势并以技术创新推动商业创新，推动交叉学 科多领域数据碰撞的区块链金融研究和商业模式创新，致力于提升区块链在商业领域的普及速度， ...

Core Viewpoint - The 2025 Financial Street Forum Annual Meeting is being held in Beijing, focusing on "Global Financial Development under Innovation, Transformation, and Restructuring" [2] Group 1: Central Bank Policies - The People's Bank of China (PBOC) will resume open market operations for government bonds, which is crucial for enhancing monetary policy tools and supporting bond market reforms [3] - The PBOC plans to further optimize the digital RMB management system, supporting more commercial banks to operate digital RMB services [4] - The PBOC will explore mechanisms to provide liquidity to non-bank institutions under specific circumstances, balancing market stability and risk prevention [5] Group 2: Credit Repair and Risk Management - The PBOC is researching policies to support personal credit repair, particularly for individuals who have defaulted due to uncontrollable circumstances like the pandemic [7] - The PBOC will continue to combat the operation and speculation of virtual currencies to maintain economic and financial order [8] Group 3: Financial Regulatory Reforms - The Financial Regulatory Administration will deepen supply-side structural reforms in finance, promoting a more reasonable institutional layout and enhancing the quality and resilience of development [9] - The administration will increase efforts in disposing of non-performing assets and capital replenishment, ensuring the stability of the financial system [10][13] - The administration aims to correct disorderly competition and maintain a healthy and fair financial order [11][12] Group 4: Investor Protection and Market Stability - The China Securities Regulatory Commission (CSRC) will release opinions to strengthen the protection of small and medium investors in the capital market, introducing 23 practical measures [15] - The CSRC will optimize the interconnection mechanism to enhance the quality of overseas listing filings and deepen cooperation between mainland and Hong Kong markets [16] Group 5: International Financial Cooperation - The National Foreign Exchange Administration will introduce policies to facilitate trade and enhance the management of cross-border capital flows, focusing on high-level openness [22][24] - The administration reported that the scale of foreign-related receipts and payments reached $11.6 trillion in the first three quarters, a historical high for the same period [22]

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。 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。 潘功胜表示，人民银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。人民银行已经在上海设立数字人民币国际运营中心，负责数字人民币跨境合作和使用；在北京设立数字人民币运营管理中心，负责数字人民币系统的 建设、运行和维护，促进数字人民币发展，助力首都国家金融管理中心建设。 | 来源 金融时报 | | --- | | 编辑 ...

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].