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。 记者｜杜川 编辑｜瑜见 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。 ...

Core Viewpoint - The People's Bank of China (PBOC) is committed to maintaining a supportive monetary policy stance and will resume open market operations for government bonds to enhance market stability and liquidity [2][8]. Monetary Policy and Market Operations - The PBOC will restore open market operations for government bonds after a pause due to market imbalances and risks, indicating a positive outlook for the bond market [2] - The central bank aims to maintain ample liquidity and will utilize various monetary policy tools to support economic recovery and financial market stability [2] Digital Currency Initiatives - The PBOC plans to optimize the management system for digital currency, supporting more commercial banks to operate digital yuan services [3] - A digital yuan international operation center has been established in Shanghai to facilitate cross-border cooperation [3] Regulation of Virtual Currencies - The PBOC will continue to combat the operation and speculation of virtual currencies domestically, emphasizing the need for regulatory measures to address risks associated with stablecoins [4] - The central bank has previously issued multiple policy documents to mitigate risks related to virtual currency trading, which remain effective [4] Credit Repair Policies - The PBOC is researching policies to support individuals in repairing their credit, particularly for those who have defaulted due to the pandemic but have since repaid their debts [5] - A proposed one-time credit relief policy aims to exclude certain repayment records from credit reports to aid individuals in restoring their credit status [5] Macro-Prudential Management - The PBOC is focused on building a comprehensive macro-prudential management system, with key areas including monitoring economic and financial risk interconnections, enhancing market resilience, and assessing systemically important financial institutions [6] - The central bank will also evaluate the cross-border transmission of international economic and financial risks [6] Liquidity Mechanisms for Non-Bank Institutions - The PBOC is exploring mechanisms to provide liquidity to non-bank institutions under specific circumstances, balancing market stability and moral hazard concerns [7] Systemic Financial Risk Monitoring - The PBOC is strengthening its monitoring and assessment framework for systemic financial risks, with preliminary plans in place to publish a list of systemically important insurance companies [8]

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。 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。实践中，人民银行根据基础货 币 ...

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。（第一财经记者 杜川） 责任编辑：朱赫楠 ...

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 。 今日下午，2025金融街论坛年会开幕式上，中国人民银行行长潘功胜表示，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。 ...

格隆汇10月27日｜今日下午，2025()论坛年会开幕式上，中国人民行长潘功胜表示，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。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请 ...

Group 1: Monetary Policy and Bond Market - The People's Bank of China (PBOC) has initiated bond trading operations in the secondary market to enhance monetary policy tools and improve the pricing benchmark role of government bonds [1] - The PBOC has flexibly conducted both buying and selling operations of government bonds to ensure smooth monetary policy transmission and stable financial market operations [1] - Due to significant pressure from imbalances in bond market supply and demand, the PBOC suspended bond trading earlier this year but plans to resume operations as the market stabilizes [1] Group 2: Virtual Currency Regulation - The PBOC will continue to combat the operation and speculation of virtual currencies, particularly stablecoins, which are seen as posing financial risks [2] - International financial organizations and central banks have expressed cautious views on the development of stablecoins, highlighting issues such as inadequate customer identification and anti-money laundering measures [2] - The PBOC has issued multiple policy documents since 2017 to mitigate risks associated with virtual currency trading, which remain effective [2] Group 3: Personal Credit Repair Policies - The PBOC is researching policies to support individuals in repairing their credit, particularly those affected by the COVID-19 pandemic [3] - The credit reporting system operated by the PBOC has played a crucial role in building the social credit system and preventing financial risks over the past 20 years [3] - A proposed one-time personal credit relief policy aims to exclude certain overdue records from credit reports for individuals who have repaid loans, set to be implemented early next year [3] Group 4: Digital Currency Management - The PBOC plans to optimize the management system for digital currency and support more commercial banks in becoming operational entities for digital currency [4] - A digital currency international operation center has been established in Shanghai to facilitate cross-border cooperation and usage [4] - A digital currency operation management center has been set up in Beijing to oversee the construction, operation, and maintenance of the digital currency system [4]

Group 1: Shift from Unipolar to Multipolar World - The global power distribution has significantly changed from a unipolar world dominated by the U.S. to a multipolar one, with emerging markets gaining influence [1][2] - In 2023, China's nominal GDP reached 16.83% of the global total, comparable to the EU, and significantly reduced the gap with the U.S. [1] - The rise of emerging economies, particularly China and India, has altered the global economic landscape, with India becoming the fifth-largest economy [1][2] Group 2: Changes in Global Trade Dynamics - China has become the world's largest goods trader, with its share of global merchandise exports rising to approximately 15% by 2024, while the U.S. share has decreased to under 9% [2] - The Regional Comprehensive Economic Partnership (RCEP) has formed the largest free trade area globally, competing with the U.S.-led Trans-Pacific Partnership (TPP) [2] Group 3: Technological Advancements and R&D - China's R&D expenditure growth rate in 2023 was about 8.7%, significantly higher than the OECD average and the growth rates of the U.S. and EU [3] - By 2022, China's R&D spending as a percentage of GDP reached 2.56%, surpassing the EU's 2.24% but still below the U.S.'s 3.59% [3] Group 4: Decentralization and Cryptocurrency - The rise of the internet and blockchain technology has facilitated a decentralization trend, moving control from centralized authorities to distributed networks [5][6] - The global cryptocurrency market has grown from under $10 million in 2013 to approximately $4.17 trillion, reflecting the increasing adoption of decentralized financial systems [6][7] Group 5: U.S. Dollar Dominance and Challenges - The U.S. dollar remains dominant in international payments, accounting for about 46% of SWIFT transactions and 88% of foreign exchange trading [9][10] - However, the dollar's share in global reserves has been declining, with gold's share increasing from 13.57% in 2000 to 19.13% in 2024 [10] Group 6: Emerging Alternatives to the Dollar - Countries are increasingly using non-dollar currencies for trade settlements, with China leading the trend in using the yuan for energy and commodity trades [17] - The development of stablecoins, particularly those pegged to currencies other than the dollar, is being explored by various nations as a means to reduce reliance on the dollar [18] Group 7: Future of Global Financial Architecture - The global financial system is evolving towards a mixed structure where gold serves as a top-tier value anchor, while major currencies like the dollar, euro, and yuan share influence in the middle layer [19] - The emergence of blockchain-based stablecoins is expected to form a new financial infrastructure at the base level, despite challenges such as liquidity and regulatory issues [19]

Group 1 - The world's first stablecoin pegged to the Japanese yen has been launched by a Japanese startup named JPYC, marking a significant step for a country where traditional payment methods are still preferred [1] - JPYC plans to issue stablecoins worth 10 trillion yen (approximately 66 billion USD) over the next three years, aiming for widespread international use [1] - The company intends to initially waive transaction fees to encourage adoption, planning to generate revenue through interest earned from holding Japanese government bonds [1] Group 2 - Former Bank of Japan executive Tomoyuki Shimoda expressed uncertainty about the widespread adoption of yen stablecoins, suggesting that large banks' participation could accelerate the process, which may still take two to three years [2] - Concerns have been raised by policymakers regarding the potential for stablecoins to facilitate capital outflows from regulated banking systems and diminish the role of commercial banks in global payments [2] - Ryozo Himino, Deputy Governor of the Bank of Japan, indicated that stablecoins could become key players in the global payment system, potentially replacing some functions of bank deposits, and called for regulatory adjustments [2]

风险提示及免责条款 日本初创公司JPYC表示，将开始发行可完全兑换为日元的稳定币，并由国内储蓄和日本国债作为支 持。据日经新闻本月早些时候报道，日本三大银行也将联合发行稳定币。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...