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].

10月27日下午，2025金融街论坛年会在北京金融街正式开幕，主题为"创新、变革、重塑下的全球金融发展"，全球30多个国家和地区的400余位重要嘉宾 将出席论坛。 开幕式上，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、中国人民银行副行长、国家外汇管理局局长朱鹤新等领导做主旨 发言，针对货币政策、国债买卖、稳定币、外汇等问题重磅发声。 （全文3716字，阅读需要12分钟） 文并摄｜蔺丽爽 编辑｜张鑫 实习生｜李桂妃 货币、国债、稳定币 中国人民银行行长潘功胜表示，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场，综合运用数量、价 格、结构等多种货币政策工具，保持流动性充裕。反映金融运行的主要宏观金融指标也体现了适度宽松的货币政策状态，为我国经济的回升向好和金融市 场稳定运行创造了良好的货币金融环境。 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。 金融监管总局将推动构建直接融资与间接融资协同、投 ...

格隆汇10月27日｜随着贸易紧张局势缓和的迹象打压对避险资产的需求，黄金价格下跌。现货黄金向下 触及4000美元/盎司。尽管金价回落，但今年以来金价仍上涨了55%以上。三菱日联分析师Soojin Kim表 示："现在人们的注意力转向了繁重的央行日程，美联储、欧洲央行和日本央行将做出利率决定，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。"市场普遍预期美联储将于周三宣布 年内第二次降息，因上周五公布的通胀数据低于预期。 来源：格隆汇APP ...

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，中国人民银行有序推进，取 得重要进展。刚刚召开的党的二十届四中全会进一步提出，构建科学稳健的货币政策体系和覆盖全面的 宏观审慎管理体系。 21世纪经济报道记者唐婧 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 街论坛年会在京开幕。会上，中国人民银行行长潘功胜以"中国宏观审慎管理体系的建设实践与未来演 进"发表演讲。 在去年6月份的陆家嘴论坛上，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。在2025金 融街论坛开幕式上，潘功胜对中国宏观审慎管理体系的演进方向进行了深入阐释。 潘功胜坦言，比较来看，货币政策是中央银行传统职责，制度框架比较清晰成熟；宏观审慎管理全球虽 然也有不少实践，但起步不久，仍处于不断探索和完善的过程中。在构建覆盖全面的宏观审慎管理体系 方面，人民银行主要有以下四大重点工作方向：一是更好覆盖宏观经济运行和金融风险的关联性；二是 更好覆盖金融市场的运行；三是更好覆盖系统重要性金融机构；四是更好覆盖国际经济和金融市场风险 的外溢影响。 记者了解到，夯实系统重要性金融机构附加监管将是央行完善宏 ...

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the industry fundamentals and expectations for the industry index to outperform the benchmark index [6]. Core Insights - The People's Bank of China (PBOC) will continue to uphold a supportive monetary policy stance, implementing moderately loose monetary policies and utilizing various tools to provide liquidity arrangements across short, medium, and long terms [2]. - The PBOC plans to resume open market operations for government bonds, with a neutral expectation of around 500 billion yuan, aligning with previous reports on asset scarcity [3]. - The PBOC is optimizing the management system for digital currency, considering a shift in its classification from M0 to M1, which would enhance the operational capacity of commercial banks in digital currency [4]. - The PBOC is exploring mechanisms to provide liquidity to non-bank institutions to stabilize the capital market, reflecting a proactive approach to prevent extreme market adjustments [5]. - The PBOC is researching measures to assist individuals in repairing their credit records post-pandemic, which could enhance social credit activity and alleviate the speed of deleveraging in households [10]. Summary by Sections Monetary Policy - The PBOC's commitment to a supportive monetary policy remains unchanged, with no explicit mention of rate cuts or reserve requirement ratio adjustments, indicating that further actions will depend on economic data [2]. Government Bond Market - The resumption of government bond trading is anticipated, with market reactions indicating lower expectations for this move. The PBOC's previous bond purchases have resulted in a net increase of 1.35 trillion yuan in government debt, with a current expectation of needing to exceed 700 billion yuan in new purchases to maintain net monetary effects [3]. Digital Currency - The PBOC is considering a reclassification of digital currency to allow it to enter commercial bank balance sheets, which would align incentives between the central bank and commercial banks, potentially facilitating the internationalization of the digital yuan [4]. Capital Market Stability - The PBOC is assessing liquidity support mechanisms for non-bank institutions to maintain market stability, reflecting a strategy to act as a lender of last resort in the financial market [5]. Credit Repair Initiatives - The PBOC is developing policies to assist individuals in repairing their credit records, particularly for those affected by the pandemic, which could help restore creditworthiness and stimulate economic activity [10].

Core Viewpoint - The People's Bank of China (PBOC) will maintain a supportive monetary policy stance, implementing moderately loose monetary policies and enhancing the monetary policy framework to ensure liquidity arrangements across different time horizons [1][2]. Group 1: Monetary Policy and Market Operations - The PBOC plans to utilize various monetary policy tools to provide liquidity and maintain relatively loose social financing conditions [1]. - The initiation of government bond trading in the secondary market is seen as a significant measure to enhance the financial functions of government bonds and improve the pricing benchmark role of the yield curve [2]. - The PBOC will resume open market operations for government bonds, which had been paused earlier this year due to market imbalances and accumulated risks [2]. Group 2: Credit and Risk Management - The PBOC is researching policies to support individuals in repairing their credit records, particularly for those who have defaulted due to the pandemic but have since repaid their debts [1]. - A preliminary plan for monitoring and assessing systemic financial risks has been developed, with plans to release a list of systemically important insurance companies [2]. - The PBOC aims to establish a comprehensive macro-prudential management system that covers various aspects of economic and financial risk [2]. Group 3: Virtual Currency and Regulatory Measures - The PBOC acknowledges the rise of virtual currencies, especially stablecoins, and emphasizes the need for cautious regulation due to potential financial risks [3]. - The PBOC has been actively issuing policies to prevent and manage risks associated with domestic virtual currency trading since 2017, which remain in effect [3]. - Future efforts will focus on combating domestic virtual currency operations and closely monitoring the development of overseas stablecoins [3].

新华财经上海10月27日电（张天源） 中国人民银行行长潘功胜10月27日在金融街论坛表示，央行将恢复公开市场国债买卖。消息公布后，银行间主要长期 利率债收益率在尾盘有所回落。 10月27日，2025金融街论坛年会开幕。中国人民银行行长潘功胜出席开幕式并表示，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。 截至发稿，银行间长端利率债收益率尾盘下行明显，10年期国债活跃券收益率下行5个基点报1.795%；10年期国开债活跃券收益率下行5.4个基点报1.863； 超长期国债活跃券收益率下行5.75bp报2.155%。 （文章来源： ...

Core Viewpoint - The People's Bank of China (PBOC) plans to resume open market operations for government bonds, indicating a positive outlook for the bond market and a commitment to supportive monetary policy [1] Group 1: Bond Market Operations - The PBOC has previously implemented government bond trading operations in the secondary market as part of enhancing monetary policy tools and improving the pricing capabilities of financial institutions [1] - The central bank will conduct flexible two-way operations in government bonds to ensure smooth monetary policy transmission and stable financial market operations [1] Group 2: Monetary Policy Stance - The PBOC emphasizes a supportive monetary policy stance, aiming for moderately loose monetary conditions while utilizing various monetary policy tools to provide liquidity across different time frames [1] - The central bank will continue to refine the monetary policy framework and strengthen the execution and transmission of monetary policy [1]

潘功胜还表示，研究实施支持个人修复信用的政策措施。 据潘功胜介绍，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5年。过去 几年，受新冠疫情等不可抗力影响，一些个人发生了债务逾期，虽然事后全额偿还，但相关信用记录仍 持续影响其经济生活。 10月27日，中国人民银行行长潘功胜在2025金融街论坛年会上表示，今年年初，考虑到债券市场供求不 平衡压力较大、市场风险有所累积，中国人民银行暂停了国债买卖。目前，债市整体运行良好，中国人 民银行将恢复公开市场国债买卖操作。 潘功胜还指出，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 ...

10月27日，在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，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。 浙商证券宏观联席首席分析师廖博在接受《每日经济新闻》记者采访时指出，央行买卖国债核心指向调节流动性，可以作为一种流动 性管理方式和货币政策工具储备。 杨靖制图 廖博提示，央行买卖国债主要是作为公开市场操作工具的一个补充，公开市场操作本身是数量型工具，定位于调节基础货币总量，并 不代表货币政策松紧方向。 廖博指出，从法律制度安排来看，买卖国债可以成为公开市场操作的必要补充，现行制度也是允许的。中国人民银行法提出，中国人 民银行不得对政府财政透支，不得直接认购、包销国债和其他政府债券。这是指央行不得在一级市场直接认购国债，但该条款并不排 斥其在公开市场买卖国债。前述法律还指出，中国人民银行为执行货币政策，可以在公开市场上买卖国债、其他政府债券和金融债券 利于增加中长期流动性 潘功胜说，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 ...