中国人民银行行长潘功胜在会上发表讲话。他表示，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投放需要，兼顾债券市场供求和收益率曲线形态变化等情况，灵活开展国 债买卖双向操作，保障货币政策顺畅传导和金融市场平稳运行。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。 央行将恢复公开市场国债买卖操作 10月27日下午，以"创新、变革、重塑下的全球金融发展"为主题的2025金融街论坛年会在北京开幕。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出席论坛，并发布一系列重要消息。 潘功胜指出，研究实施支持个人修复信用的政策措施。人民银行运营的征信系统是一项重要的金融基础设施，对企业和个人的金融违约行为进行 记录，并供金融机构在开展业务时进行查询和风险评估，20多年来，对我国社会信用 ...

Core Points - The 2025 Financial Street Forum opened in Beijing, focusing on global financial development under the theme of "Innovation, Transformation, and Reshaping" with over 400 key guests from more than 30 countries and regions in attendance [1] Monetary Policy - The People's Bank of China (PBOC) has maintained a supportive monetary policy stance, utilizing various tools to ensure ample liquidity in response to complex domestic and international conditions [3][4] - The PBOC plans to continue implementing a moderately loose monetary policy, providing liquidity arrangements across short, medium, and long terms [3] Government Bonds - The PBOC initiated government bond trading in the secondary market last year to enhance the financial function of government bonds and improve the pricing benchmark role of the yield curve [4] - The PBOC temporarily suspended government bond trading earlier this year due to market imbalances but plans to resume operations as the bond market stabilizes [4] Stablecoins - The PBOC expressed caution regarding the development of stablecoins, highlighting their inability to meet basic requirements for customer identification and anti-money laundering, which increases global financial system vulnerabilities [5] - The PBOC will continue to combat domestic virtual currency trading and speculation while monitoring the development of overseas stablecoins [5] Digital Currency - The PBOC aims to optimize the management system for the digital yuan and support more commercial banks in becoming operational entities for digital yuan services [6] - The establishment of international and operational management centers for the digital yuan in Shanghai and Beijing is intended to promote its development and facilitate cross-border cooperation [6] Financial Regulation - The Financial Regulatory Administration will enhance economic and financial adaptability to promote sustainable economic development while deepening reforms and expanding openness [8] - New financial service models will be developed to support strategic projects and improve financing for traditional and emerging industries [8] Capital Market Development - The China Securities Regulatory Commission (CSRC) will continue to position Beijing as a key window for capital market reform and opening up, enhancing the capital market's role in economic development [10][12] - The CSRC plans to implement reforms in the ChiNext board and improve the New Third Board's systems to better serve new industries and technologies [12][13] Trade and Foreign Exchange - The State Administration of Foreign Exchange (SAFE) will introduce nine new policy measures to promote trade innovation and facilitate cross-border trade [14] - China aims to maintain global supply chain stability and actively participate in global governance while enhancing foreign exchange management and promoting high-level openness [15][16]

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； ...

Core Viewpoint - The People's Bank of China (PBOC) is advancing the development of the digital renminbi, establishing a foundational ecosystem and optimizing its management system for future evolution [1] Group 1: Digital Currency Development - The digital renminbi is a legal digital currency issued and regulated by the PBOC, incorporating emerging technologies such as distributed ledger [1] - The digital renminbi ecosystem has been initially established through steady progress in recent years [1] Group 2: Future Plans - The PBOC plans to further optimize the management system of the digital renminbi and explore its positioning within the monetary framework [1] - More commercial banks will be supported to become operational entities for digital renminbi services [1] Group 3: Operational Centers - An international operation center for the digital renminbi has been established in Shanghai to oversee cross-border cooperation and usage [1] - A management center for the digital renminbi has been set up in Beijing, responsible for the construction, operation, and maintenance of the digital renminbi system [1]

Core Viewpoint - The People's Bank of China (PBOC) is advancing the development of the digital renminbi, establishing a foundational ecosystem and enhancing its management system for future evolution [1] Group 1: Digital Currency Development - The digital renminbi is a legal digital currency issued and regulated by the PBOC, incorporating emerging technologies like distributed ledger [1] - The digital renminbi ecosystem has been initially established through careful advancement over recent years [1] Group 2: Future Plans - The PBOC plans to further optimize the management system of the digital renminbi and explore its positioning within the monetary framework [1] - More commercial banks will be supported to become operational entities for digital renminbi transactions [1] Group 3: Operational Centers - An international operational center for digital renminbi has been established in Shanghai to oversee cross-border cooperation and usage [1] - A management center in Beijing has been set up to handle the construction, operation, and maintenance of the digital renminbi system, promoting its development and supporting the capital's financial management center [1]

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 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to further optimize the management system of the digital yuan and enhance its positioning within the monetary framework, while also supporting more commercial banks to become operational entities for digital yuan services [1] Group 1 - The PBOC has established a digital yuan international operation center in Shanghai, which is responsible for cross-border cooperation and usage of the digital yuan [1] - A digital yuan operation management center has been set up in Beijing, tasked with the construction, operation, and maintenance of the digital yuan system to promote its development [1]

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]