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 ...

Core Viewpoint - The 2025 Financial Street Forum highlights China's proactive approach in establishing a macro-prudential policy framework post-2008 financial crisis, emphasizing the unique practices and governance mechanisms developed by the People's Bank of China (PBOC) [1][2] Group 1: Macro-Prudential Management Framework - The PBOC has strengthened centralized leadership and expanded its macro-prudential management functions [1] - In 2021, the PBOC released the "Macro-Prudential Policy Guidelines," outlining the management philosophy and policy framework [1] - The differentiated reserve requirement system was established in 2003, with a dynamic adjustment mechanism introduced in 2010, evolving into the Macro-Prudential Assessment (MPA) in 2016 to support stable growth in monetary credit [1] Group 2: Regulatory Framework and Tools - A comprehensive regulatory framework for systemically important financial institutions has been established, including guidelines and assessment methods for systemically important banks and insurance companies [1] - Tools for macro-prudential adjustment of cross-border financing have been set up to manage capital flows counter-cyclically [1] - The PBOC is exploring macro-prudential management in financial markets, focusing on monitoring bond market operations and enhancing risk alerts for financial institutions [2] Group 3: Real Estate and Market Stability - The PBOC is refining macro-prudential management in the real estate sector by dynamically adjusting mortgage down payment ratios and interest rates [2] - A regulatory framework for financial holding companies is being developed, now under the Financial Regulatory Bureau [2] - The PBOC emphasizes managing market expectations and intervening during significant market fluctuations to stabilize financial markets [2]

Core Viewpoint - The speech by the Governor of the People's Bank of China emphasizes the importance of a dual-pillar framework for monetary policy and macroprudential policy, highlighting significant progress made in recent years [1] Group 1: Monetary Policy Framework - The evolution of China's monetary policy framework has been systematically introduced, with a focus on the dual-pillar approach established by the 19th National Congress of the Communist Party [1] - The framework aims to enhance the stability of the financial system by addressing both macroeconomic management and the health of individual financial institutions [1] Group 2: Macroprudential Management - The international financial crisis of 2008 prompted a reevaluation of financial stability, leading to a recognition that the stability of individual financial institutions does not guarantee overall system stability [1] - Macroprudential policies are designed to prevent the accumulation of financial risks and mitigate cross-institutional, cross-market, and cross-border contagion [1] Group 3: Policy Interactions - There is an intersection among monetary policy, macroprudential management, and microprudential regulation, each with distinct focuses yet complementary roles [1] - Monetary policy primarily targets macroeconomic and aggregate demand management, while microprudential regulation focuses on the sound operation of individual financial institutions [1]

基于此，伍超明预计，下阶段货币政策将从四方面发力：一是继续择机运用降准降息等总量工具，同时 优化并创新结构性货币政策工具，充分发挥其作用；二是强化货币与财政、产业等政策的协同效应，解 决需求端不足问题；三是畅通货币政策传导机制，通过健全市场化利率调控框架，强化利率政策执行和 监督，推动社会综合融资成本稳中有降；四是加强预期引导和管理，通过强化政策沟通，清晰传达政策 意图，稳定市场预期，从而"充分释放政策效能"。 中信证券首席经济学家明明对《证券日报》记者表示，展望后期，总量工具层面，降息降准的空间和时 点可能取决于这一轮金融和通胀数据的修复情况，以及应对基建项目开工财政端潜在增量的货币支持配 合诉求等，不排除年末到明年上半年再度降准降息的可能性。结构性工具方面，预计下一阶段央行将加 大对科技创新领域的金融支持力度。 在健全覆盖全面的宏观审慎管理体系和系统性金融风险防范处置机制方面，央行强调"维护股市、债 市、汇市等金融市场平稳运行"。 (责任编辑：王晨曦) 近年来，我国金融市场整体稳健运行。外汇市场方面，央行坚持市场在汇率形成之中的决定性作用，面 对多变的外部环境，保持了人民币汇率的基本稳定。经过多年发展，中 ...

本报记者 刘琪 日前，中国人民银行（以下简称"央行"）党委召开会议，传达学习党的二十届四中全会精神，研究部署贯彻落实举措。会 议提到，央行将加快完善中央银行制度，扎实推动重点工作落实落地。 央行明确了五大重点工作：一是坚持党中央对金融工作的集中统一领导，纵深推进全面从严治党；二是构建科学稳健的货 币政策体系；三是健全覆盖全面的宏观审慎管理体系和系统性金融风险防范处置机制；四是持续深化金融供给侧结构性改革； 五是稳步推进金融高水平开放，坚决维护国家金融安全。 在健全覆盖全面的宏观审慎管理体系和系统性金融风险防范处置机制方面，央行强调"维护股市、债市、汇市等金融市场 平稳运行"。 近年来，我国金融市场整体稳健运行。外汇市场方面，央行坚持市场在汇率形成之中的决定性作用，面对多变的外部环 境，保持了人民币汇率的基本稳定。经过多年发展，中国外汇市场参与主体更加成熟，汇率避险工具使用更加广泛，市场更具 韧性。债券市场方面，央行从宏观审慎角度观察、评估债市运行情况，强化监管协同，及时向市场参与机构提示风险，有效弱 化和阻断风险累积。债券违约率保持低位，市场运行总体平稳。资本市场方面，探索维护资本市场稳定的货币政策工具，会同 ...

Core Insights - The People's Bank of China (PBOC) is focusing on enhancing macro-prudential management and financial stability functions to maintain the smooth operation of financial markets, including stock, bond, and foreign exchange markets [1][2] - The PBOC has implemented a series of monetary policy measures since the Third Plenary Session of the 20th Central Committee to support economic stability and growth [1] - The PBOC aims to deepen the reform of the RMB exchange rate formation mechanism and maintain the basic stability of the RMB at a reasonable and balanced level [2] Group 1 - The PBOC is committed to strengthening the macro-prudential management system and systemic financial risk prevention mechanisms, focusing on monitoring, assessing, and warning against systemic financial risks [2] - The PBOC emphasizes the importance of financial work as a key component of the Party and national agenda, aiming to accelerate the construction of a financial powerhouse [1][2] - The PBOC plans to enhance the financial supply-side structural reform and improve financial services to support key areas and weak links in the national economy [2] Group 2 - The PBOC is advancing the internationalization of the RMB and promoting its use in trade, while also enhancing the development of offshore RMB markets [3] - The PBOC is focused on building a safe, efficient financial infrastructure system and steadily advancing the research and application of digital RMB [2][3] - The PBOC is working towards a high level of financial openness while ensuring national financial security [3]

Core Viewpoint - The meeting emphasized the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on financial stability and supporting economic growth through effective monetary policies [1][2]. Group 1: Economic and Financial Policies - The People's Bank of China (PBOC) has introduced a series of monetary policy measures to maintain liquidity and support the stability of financial markets, including the stock, bond, and foreign exchange markets [1][2]. - The meeting highlighted the achievements of the past five years under the leadership of the Central Committee, noting that China's economy has maintained strategic stability and high-quality development despite complex international challenges [1][2]. Group 2: Financial System Reforms - The meeting outlined the need for a comprehensive financial system reform, enhancing the governance capabilities and competitiveness of the financial sector, and improving financial services for the real economy [2][3]. - A scientific and prudent monetary policy framework is to be established, balancing short-term and long-term goals while ensuring the health of the financial sector [3][4]. Group 3: Risk Management and Financial Stability - The PBOC aims to strengthen macro-prudential management and systemic financial risk prevention mechanisms, enhancing monitoring and early warning systems for financial risks [4][5]. - The meeting stressed the importance of maintaining discipline in financial markets and preventing moral hazards, while also supporting local financial institutions and addressing risks in the real estate market [4][5]. Group 4: Financial Innovation and Development - The meeting called for the deepening of structural reforms in the financial supply side, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance to better serve the economy [4][5]. - The PBOC is set to promote the internationalization of the Renminbi and enhance the development of a cross-border payment system, contributing to global financial governance [5].

Core Points - The People's Bank of China emphasizes the importance of a scientific and robust monetary policy system, balancing short-term and long-term goals, supporting real economic growth while maintaining the health of the financial sector, and managing internal and external relationships [2] - The meeting highlights the need to dynamically improve the monetary policy framework, enhance execution and transmission, and reform the RMB exchange rate formation mechanism to maintain basic stability at a reasonable and balanced level [2] - There is a focus on establishing a comprehensive macro-prudential management system and a mechanism for systemic financial risk prevention and resolution, with an emphasis on monitoring, assessing, and warning against systemic financial risks [2][3] Financial Sector Development - The meeting discusses the continuous deepening of financial supply-side structural reforms, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to enhance financial services for the real economy [3] - It aims to improve the financial support for technological innovation and promote a more reasonable scale, structure, and regional layout of financial institutions [3] - The construction of a safe and efficient financial infrastructure system is also a priority, along with the steady advancement of digital RMB research and application [3] Financial Market Opening - The meeting stresses the importance of maintaining national financial security while promoting high-level financial openness [3] - It aims to advance the internationalization of the RMB, expand its use in trade, and deepen the two-way opening of financial markets in an orderly manner [3] - The development of a cross-border payment system for the RMB that is self-controllable, multi-channel, and widely covered is also highlighted [3]

Core Viewpoint - The article emphasizes the importance of the 20th Central Committee's Fourth Plenary Session in shaping China's financial policies and strategies for the next five years, focusing on achieving high-quality development and modernizing the financial system [1][2]. Group 1: Financial Policy and Economic Stability - The People's Bank of China (PBOC) has implemented a series of monetary policy measures to maintain liquidity and support the stability of financial markets, contributing to economic growth [1][2]. - The PBOC aims to enhance the effectiveness of monetary policy by balancing short-term and long-term goals, supporting real economic growth while ensuring the health of the financial sector [3][4]. Group 2: Financial System Reform and Risk Management - The article outlines the need for a comprehensive macro-prudential management system to monitor and mitigate systemic financial risks, ensuring the stability of stock, bond, and foreign exchange markets [4][5]. - It highlights the importance of deepening financial supply-side structural reforms, focusing on technology, green finance, and digital finance to better serve the real economy [4][5]. Group 3: International Financial Cooperation and Development - The PBOC is committed to advancing the internationalization of the Renminbi and enhancing cross-border payment systems, while also promoting financial diplomacy and participation in global financial governance [5]. - The article stresses the significance of maintaining national financial security while pursuing high-level financial openness [5].

会议强调，金融工作是党和国家事业的重要组成部分。五年来，在党中央坚强领导下，我国金融体制改 革全面深化，国家金融治理体系和治理能力现代化迈上新台阶，金融服务实体经济质效显著增强，金融 业综合实力和国际竞争力大幅提升。党的二十届四中全会对加快建设金融强国作出战略部署，中国人民 银行将全面、准确贯彻落实习近平总书记重要讲话和全会精神，以勤勉、务实、专业的作风，加快完善 中央银行制度，扎实推动重点工作落实落地。 10月24日，中国人民银行党委书记、行长潘功胜主持召开党委会议，传达学习习近平总书记在党的二十 届四中全会上的重要讲话和全会精神，落实主要金融单位学习贯彻党的二十届四中全会精神会议要求， 研究部署贯彻落实举措。中国人民银行各党委委员参加会议。 会议认为，党的二十届三中全会以来，在经济运行的关键时点，党中央沉着应对、果断决策，部署推出 增量政策，有效稳就业、稳企业、稳市场、稳预期，党和国家事业取得新的重大成就。中国人民银行按 照党中央部署，先后出台一揽子货币政策举措，加强逆周期调节，保持流动性充裕，坚定支持股市、债 市、汇市等金融市场稳定运行，为经济稳定增长创造了良好的货币金融环境。 会议认为，过去五年，面对 ...