Group 1 - The People's Bank of China (PBOC) has decided to resume the trading of government bonds in the open market after a pause due to imbalances in supply and demand and accumulated market risks [1] - The digital yuan ecosystem has been preliminarily established, and the PBOC plans to further optimize its management system and support more commercial banks to operate digital yuan services [1] - The PBOC will continue to combat the operation and speculation of domestic virtual currencies, maintaining economic and financial order while monitoring the development of overseas stablecoins [1] Group 2 - The PBOC is researching a one-time personal credit relief policy to help individuals repair their credit records, which will exclude certain default information from credit reports if loans have been repaid [2] - The PBOC aims to enhance macro-prudential management of cross-border capital flows, focusing on monitoring systemic financial risks and improving risk prevention measures for key institutions and sectors [2] - The PBOC plans to strengthen the collaborative governance mechanism of macro-prudential management, aligning monetary policy with fiscal and industrial policies [3]

潘功胜表示，对于新冠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。这项措施计划在明年初执行。 继续打击境内虚拟货币的经营和炒作 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，但整体还处于发 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。 潘功胜 ◎记者 张琼斯 中国人民银行行长潘功胜10月27日在2025金融街论坛年会上介绍了中国宏观审慎管理体系的建设实践与 未来演进。他提到，为加快构建覆盖全面的宏观审慎管理体系，中国人民银行将重点推进丰富宏观审慎 管理工具箱等四方面工作。 保持社会融资条件相对宽松 关于货币政策，潘功胜表示，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，强化货币政策的执行和传导。 国债买卖是我国去年推出的一项货币政策工具。今年初，因债市供求不平衡压力较大、市场风险有所累 积，中国人民银行暂停了国债买卖操作。潘功胜表示，目前，债市整体运行良好，将恢复公开市场国债 买卖操作。 潘 ...

Core Viewpoint - The People's Bank of China (PBOC) is committed to maintaining a supportive monetary policy stance to foster economic recovery and financial market stability amid complex domestic and international challenges [2][3]. Monetary Policy - As of the end of September, the stock of social financing increased by 8.7% year-on-year, broad money (M2) rose by 8.4%, and the balance of RMB loans grew by 6.6%, indicating a historically low financing cost [2]. - The PBOC has utilized various monetary policy tools to ensure ample liquidity, contributing to a favorable monetary environment for economic recovery [2]. - The PBOC plans to resume operations in the secondary market for government bonds, which were previously suspended due to market imbalances and risks [2]. Credit System and Personal Credit Relief - The PBOC is developing a one-time personal credit relief policy to assist individuals who have defaulted on loans due to the pandemic but have since repaid them, aiming to improve their credit records [3]. - This policy is expected to be implemented in early next year after necessary preparations with financial institutions [3]. Digital Currency Management - The PBOC has established a digital RMB international operation center in Shanghai and an operation management center in Beijing to enhance the digital currency ecosystem [4]. - The central bank will continue to optimize the management system for digital RMB and support more commercial banks in becoming operational entities for digital RMB [4]. Macro-Prudential Management - The PBOC is advancing the construction of a comprehensive macro-prudential management system, which includes setting up cross-border financing parameters and improving real estate financial management [6]. - The focus areas for enhancing the macro-prudential management system include strengthening risk monitoring, improving risk prevention measures for key institutions, enriching the macro-prudential toolkit, and establishing efficient governance mechanisms [6].

10月27日，中国人民银行行长潘功胜在2025金融街论坛年会上作题为《中国宏观审慎管理体系的建设实 践与未来演进》的主题演讲。他表示，央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。对于如何加快构建覆盖全面的宏观审慎管理体系，潘功胜提出，将持续丰富宏观审慎管理工具 箱，考虑探索在特定情景下向非银机构提供流动性的机制性安排等。 近年来，市场机构发行的虚拟货币特别是稳定币不断涌现。潘功胜透露，10天前，在华盛顿召开的国际 货币基金组织(IMF)/世界银行年会上，各国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，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，央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，潘 功胜在会上重申，目前这些政策文件仍然有效。 此外，潘功胜还表示，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 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the importance of maintaining a supportive monetary policy stance to foster a favorable economic and financial environment amid complex domestic and international challenges [2][3]. Monetary Policy - As of the end of September, the total social financing stock grew by 8.7% year-on-year, broad money (M2) increased by 8.4%, and the RMB loan balance rose by 6.6%, indicating a state of moderately loose monetary policy [2]. - The PBOC has utilized various monetary policy tools to ensure ample liquidity, supporting economic recovery and stabilizing financial markets [2][3]. Debt Market Operations - The PBOC plans to resume government bond trading operations in the open market after a pause earlier this year due to imbalances in supply and demand in the bond market [3]. - The central bank will continue to implement a supportive monetary policy stance, providing liquidity arrangements across short, medium, and long terms [3]. Credit System and Personal Financing - The PBOC is developing a one-time personal credit relief policy to assist individuals who have defaulted on loans due to the pandemic but have since repaid them, aiming to improve their credit records [4]. - This policy is expected to be implemented early next year after necessary technical preparations [4]. Digital Currency Management - The PBOC has established a digital RMB international operation center in Shanghai and an operation management center in Beijing to enhance the digital currency ecosystem [5]. - The central bank will continue to optimize the management system for digital RMB and support more commercial banks in its implementation [5]. Macro-Prudential Management - The PBOC is advancing the construction of a comprehensive macro-prudential management system, focusing on monitoring systemic financial risks and enhancing risk prevention measures in key sectors [6]. - The central bank aims to build a dynamic and collaborative macro-prudential management framework to promote high-quality economic and financial development [6].

Core Viewpoint - The People's Bank of China (PBOC) is committed to enhancing macro-prudential management and has announced several supportive monetary policies to stabilize the financial market and promote economic recovery [1][2][4]. Monetary Policy and Market Operations - The PBOC will resume open market operations for government bonds, which is a key liquidity management tool, to support the bond market and stabilize interest rates [3][4]. - As of September, major macro-financial indicators reflect a moderately loose monetary policy, with social financing growing by 8.7% year-on-year and M2 increasing by 8.4% [2]. Credit Repair Policies - The PBOC is researching policies to support personal credit repair, particularly for individuals who have defaulted due to the pandemic but have since repaid their debts [5][6]. - A proposed one-time personal credit relief policy aims to exclude certain minor defaults from credit records, which is expected to enhance consumer rights and stimulate economic activity [7][8]. Virtual Currency Regulation - The PBOC reiterated its commitment to combat the operation and speculation of virtual currencies, emphasizing the risks associated with stablecoins and the need for stringent regulation [9][10][11]. - The central bank's stance aims to prevent financial risks and maintain economic order, particularly in light of the increasing prevalence of virtual currencies [12]. Macro-Prudential Management Framework - The PBOC outlined its focus on building a comprehensive macro-prudential management system, which includes monitoring systemic financial risks and enhancing the regulatory framework for financial institutions [13][14]. - Future efforts will include improving risk assessment mechanisms and expanding the toolkit for macro-prudential management to ensure financial stability [15][16].

Core Viewpoint - The People's Bank of China (PBOC) is set to resume open market operations for government bonds, which is seen as a significant step to enhance monetary policy tools and stabilize the bond market, while also addressing various recent market concerns [1][5][6]. Monetary Policy and Financial Stability - The PBOC has maintained a supportive monetary policy stance, with key macro-financial indicators reflecting a moderately loose monetary environment, including an 8.7% year-on-year increase in social financing scale and an 8.4% increase in M2 as of September [3][4]. - The resumption of government bond trading is expected to alleviate supply-demand imbalances in the bond market and lower financing costs for the real economy [4][6]. Credit Repair Policies - The PBOC is researching policies to support personal credit repair, particularly for individuals who have defaulted due to the pandemic but have since repaid their debts [7][8]. - This initiative aims to improve the credit ecosystem, reduce friction costs between consumers and financial institutions, and promote economic recovery by restoring credit eligibility for affected individuals [9]. Virtual Currency Regulation - The PBOC reiterated its commitment to combat the operation and speculation of virtual currencies, emphasizing the need for strict regulation to maintain financial order and mitigate risks associated with stablecoins and other digital currencies [10][11]. - The central bank's stance reflects a long-standing high-pressure regulatory environment against virtual currencies, aiming to prevent potential financial risks and maintain monetary sovereignty [12]. Macro-Prudential Management Framework - The PBOC outlined its focus on building a comprehensive macro-prudential management system, which includes monitoring systemic financial risks and enhancing the regulatory framework for key financial institutions [13][14]. - Future efforts will involve improving the assessment of macro-prudential policies and ensuring better coordination between monetary policy and fiscal measures to strengthen financial stability [15][16].

Core Viewpoint - The People's Bank of China (PBOC) will maintain a supportive monetary policy stance, implementing moderately loose monetary policies and utilizing various tools to ensure liquidity arrangements across short, medium, and long terms [1] Group 1: Monetary Policy and Market Operations - The PBOC plans to resume open market operations for government bonds, which were previously suspended due to imbalances in supply and demand and accumulated market risks [2] - The resumption of government bond trading is seen as a significant measure to enhance the financial function of government bonds and improve the pricing capabilities of financial institutions [2][3] Group 2: Digital Currency and Virtual Currency Regulation - The PBOC aims to optimize the management system for digital currency and will continue to combat domestic virtual currency speculation [4] - The central bank has established international and operational centers for digital currency in Shanghai and Beijing, respectively, to promote its development [4] - The PBOC will work with law enforcement to address the risks associated with virtual currency trading and maintain financial order [4] Group 3: Credit Repair Policies - The PBOC is researching policies to support individuals in repairing their credit, particularly for those who have defaulted due to uncontrollable circumstances like the COVID-19 pandemic [6] - A one-time credit relief policy is being considered for individuals who have repaid loans but still have negative credit records [6] Group 4: Macro-Prudential Management - The PBOC will enhance its macro-prudential management framework to prevent systemic financial risks, focusing on monitoring and assessing financial risks [7][8] - The central bank plans to strengthen regulations on systemically important banks and improve the management of cross-border capital flows [8][9] - There will be an emphasis on improving the legal framework for macro-prudential management to ensure effective governance [9]

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]

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。 针对金融机构，有系统重要性银行附加资本和附加杠杆率要求、央行金融机构评级、压力测试、杠杆率 约束、逆周期资本缓冲、逆周期拨备调节、总损失吸收能力、系统重要性金融机构恢复与处置计划、存 款保险风险差别费率等工具。 针对金融市场，外汇市场有远期售汇业务风险准备金、跨境融资宏观审慎调节参数等工具。债券市场有 杠杆水平、期限错配管理和窗口指导等工具。股票市场有支持资本市场稳定发展的两项货币政策工具， 支持汇金公司发挥"类平准基金"作用。 "我们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性安排。"潘功胜称，针对房地产金融领域，主要有首付比、利 率、房地产贷款风险权重、居民债务收入比等工具。针对风险处置资源，有存款保险基金、金融稳定保 障基金等，人民银行依法履行最后贷款人职责。将继续拓展丰富宏观审慎管理的工具箱，动态评估优 化。 会上，潘功胜介绍，加快构建覆盖全面的宏观审慎管理体系。将持续丰富宏观 ...