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].

Core Insights - The 2025 Financial Street Forum highlighted significant policy signals from key financial management officials in China [3] Group 1: Monetary Policy and Financial Management - The People's Bank of China (PBOC) is accelerating the establishment of a comprehensive macro-prudential management system and maintaining a moderately loose monetary policy [4] - The PBOC plans to enhance the management system for digital currency and support more commercial banks to operate digital currency businesses [4] - A one-time personal credit relief policy is being studied, which will not display certain overdue information in credit systems for individuals who have repaid loans below a specified amount since the COVID-19 pandemic [5] Group 2: Financial Reform and Development - The head of the National Financial Supervision Administration emphasized the importance of improving economic and financial adaptability and deepening reforms [6][7] - The China Securities Regulatory Commission (CSRC) will initiate reforms in the Growth Enterprise Market to better align listing standards with the characteristics of emerging industries [9] - A new financial service model will be developed that balances direct and indirect financing, and aligns financing terms with industrial development [10] Group 3: Capital Market and Investor Protection - The first batch of newly registered companies in the Sci-Tech Innovation Board is expected to go public soon [11] - The CSRC plans to enhance the protection of small investors in the capital market through new policies [11] - The PBOC is set to introduce nine new policies to facilitate trade and expand the scope of high-level cross-border trade openness [12]

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) is maintaining a loose monetary policy by injecting liquidity through various tools, which is expected to alleviate funding pressures and stabilize market conditions [1][2]. Group 1: Monetary Policy Actions - On October 27, the PBOC conducted a 7-day reverse repo operation of 337.3 billion yuan at a fixed rate of 1.4% [1]. - The PBOC also executed a 1-year Medium-term Lending Facility (MLF) operation of 900 billion yuan, resulting in a net injection of 348.3 billion yuan after accounting for maturing instruments [1]. - The total net liquidity injection for October reached 600 billion yuan, maintaining a high level of liquidity similar to September [1]. Group 2: Government Debt and Financing - The PBOC's long-term liquidity support is aligned with government bond issuance, which is expected to reach a net financing scale of 1 trillion yuan in October [2]. - The introduction of 500 billion yuan in new policy financial instruments is anticipated to stimulate approximately 5 trillion yuan in effective investment, creating a demand for 2 to 2.5 trillion yuan in accompanying loans [2]. Group 3: Future Outlook - Significant amounts of reverse repos and MLFs are set to mature in the fourth quarter and January, totaling 5.6 trillion yuan and 1.9 trillion yuan respectively [3]. - The PBOC may consider reducing reserve requirements or purchasing bonds to further release liquidity, ensuring that market liquidity remains stable and abundant until year-end [3].

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，对我国社会信用体系建设、防范金融风险发挥了 重要作用。 根据《征信业管理条例》，在征信系统中，违约记录的存续期为五年。 从市场角度看，这一举措将直接改善信贷生态，减少消费者与银行、征信机构之间的摩擦成本。北京信 用学会副会长刘新海进一步称，部分本已归还贷款但仍被征信记录影响的个人，将重新获得信贷资格， 从而带动消费回暖，提振金融活力。对金融机构而言，也有助于降低不必要的信贷僵化与风险评估偏 差，使征信体系回归"服务金融、服务实体经济"的本源。 10月27日，2025金融街论坛年会在京举办，中国人民银行行长潘功胜作题为《中国宏观审慎管理体系的 建设实践与未来演进》的演讲。潘功胜不仅强调了人民银行在推进宏观审慎管理工作方面的部署，如重 点关注金融机构的杠杆水平和期限错配，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；更 对多个近期市场热议话题进行一一回应。 恢复公开市场国债买卖操作 "一年多来，面对复杂严峻的国内外形势，人民银行按照中央决策部署，坚持支持性的货币政策立 ...

Group 1 - The selection process for the next Federal Reserve Chair is in its final stages, with five candidates shortlisted, including current Fed governors and external candidates from the White House and Wall Street [1][2] - Treasury Secretary Mnuchin is leading the interview process and plans to submit a list of "excellent candidates" to President Trump after Thanksgiving [1][2] - President Trump has criticized current Chair Powell for not significantly lowering interest rates, which he believes has hindered economic growth [2] Group 2 - The upcoming Fed Chair nomination may coincide with a 14-year term vacancy for a Fed governor in early 2026, making the selection particularly significant [2] - Market expectations indicate a potential 25 basis point rate cut announcement in the upcoming Fed meeting, highlighting the importance of the new Chair's stance on interest rates and policy independence under political pressure [2] - Some regional Fed presidents may voice dissent regarding rate cuts, with a notable division among Fed decision-makers on future monetary policy [3] Group 3 - Concerns about inflation are resurfacing, with officials noting that inflation rates have exceeded the Fed's 2% target for four consecutive years, potentially raising long-term inflation expectations [4] - The new Philadelphia Fed President emphasized the importance of stabilizing long-term inflation expectations as a key measure of monetary policy credibility [4]

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].

周一，黄金继续下跌，延续了自八月中旬以来首次周度收跌的势头。 截止周一美盘，金价大跌近3%，并失守4000美元大关，日内跌超100美元，交易员们乐观地认为一些曾支撑贵金属价格的经济风险和地缘政治紧张局势已经 缓解。 本周将是各国央行密集公布利率决议的一周，美联储、欧洲央行和日本央行都将做出利率决定。市场预测美联储将降息25个基点，而欧洲央行和日本央行预 计将维持利率不变。三菱日联分析师Soojin Kim表示，这些央行进一步放松货币政策可能会为黄金等无息资产提供新的支持。 与此同时，近1000名专业的黄金交易员、经纪商和精炼商齐聚日本，参加由伦敦金银市场协会举办的会议。这场于上周日开始的盛会出席人数创下历史新 高，而黄金交易员之间日益激烈的人才争夺战很可能成为热门话题。 世界黄金协会的市场策略师John Reade在该活动上表示，央行的需求已不像以前那么强劲，专业交易员可能乐于见到一次更深度的回调。 他援引在会议上的交谈称，有人认为每盎司3500美元的价位"对黄金市场来说是健康的，因为这仍然是一个高得离谱的价格。" 瑞银分析师Giovanni Staunovo表示："可能达成的贸易协议正在支撑风险资产并打压黄 ...