Group 1: Monetary Policy and Market Stability - The People's Bank of China (PBOC) announced the resumption of public market treasury bond trading to enhance monetary policy coordination with fiscal policy and stabilize financial markets [1][2] - PBOC's implementation of moderately loose monetary policy aims to manage market expectations and maintain stability in stock, bond, and foreign exchange markets [1][3] - The resumption of treasury bond trading is expected to inject long-term liquidity into the banking system, guiding financial institutions to increase credit issuance [2][3] Group 2: Capital Market Reforms - The China Securities Regulatory Commission (CSRC) plans to deepen reforms in the capital market to enhance its inclusiveness, adaptability, and competitiveness [5][6] - The CSRC will implement a refinancing framework and promote mergers and acquisitions to strengthen listed companies and improve shareholder returns [6][7] - New policies will optimize the Qualified Foreign Institutional Investor (QFII) system and enhance protections for small and medium investors [6][7] Group 3: Foreign Exchange and Trade Policies - The State Administration of Foreign Exchange (SAFE) will introduce nine new policies to enhance trade facilitation and expand high-level openness in cross-border trade [8][9] - The focus will be on optimizing foreign exchange fund settlement for new trade entities and managing funds for domestic companies listed overseas [8][9] - The reforms aim to promote the internationalization of the Renminbi and high-quality opening of capital projects, enhancing China's financial ecosystem [9][10]

Core Viewpoint - The People's Bank of China (PBOC) is set to resume government bond trading after a nine-month suspension, indicating a shift in market expectations and a need to stabilize the bond market amid rising yields [1][2][3] Group 1: Reasons for Resuming Bond Trading - The resumption is driven by a reversal of the one-sided downward yield expectations, with the 10-year government bond yield rebounding to over 1.8% from a low of 1.6% earlier this year [3][6] - The PBOC's decision aligns with the need to increase its bond holdings, which have significantly decreased during the suspension, as part of its goal to build a strong central bank and financial system [1][7][10] - The bond market's overall stability is crucial, especially in the context of a strong stock market, to prevent negative feedback loops that could exacerbate market volatility [1][11] Group 2: Market Reactions and Implications - Following the announcement, bond yields across various maturities fell by approximately 3 basis points, reflecting market optimism about the resumption [1][11] - Analysts suggest that while the resumption may provide temporary relief and stabilize the market, it may not fundamentally alter the long-term interest rate trends due to broader economic factors [11][12] - The PBOC's approach to bond trading will likely involve a mix of strategies, including "buy short, sell long," to manage yield curves effectively [10][11] Group 3: Broader Economic Context - The PBOC has emphasized the importance of macro-prudential management in observing and assessing bond market conditions, indicating a proactive stance in maintaining financial stability [12][13] - The current liquidity transmission mechanism involves multiple layers, with non-bank institutions facing challenges in accessing funds, highlighting the need for structural adjustments in liquidity provision [13]

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]

2025金融街论坛年会27日开幕，中国央行行长潘功胜在年会上表示，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，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。 潘功胜说，去年，中国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，也有利于中国债券市场改革发展和金融机构提升做市定价能 力。 他说，实践中，央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。 潘功胜表示，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，中国人民银行暂停了国债买卖。目前，债市整体运行良好，央 行将恢复公开市场国债买卖操作。 来源：国是直通车 ...

继续坚持支持性的货币政策立场 潘功胜介绍，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，9月末，社会融资规模同比增长8.7%，M2同比增长 8.4%，贷款同比增长6.6%，还原地方债务置换影响后的贷款增长7.7%左右，社会融资成本也处于历史 低位，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。 潘功胜表示，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，强化货币政策的执行和传导。 将恢复公开市场国债买卖操作 央广网北京10月27日消息（记者 冯方）10月27日，2025金融街论坛年会在北京开幕。在开幕式上，中 国人民银行行长潘功胜就近期市场关注的多个问题进行了说明。 继续打击境内虚拟货币的经营和炒作 关于虚拟货币，潘功胜介绍，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 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing a proactive monetary policy by injecting liquidity into the banking system through various tools, including a 900 billion yuan MLF operation and a 17 trillion yuan reverse repurchase agreement, to maintain liquidity and support economic stability [1][3][4]. Group 1: Monetary Policy Actions - The PBOC will conduct a 900 billion yuan MLF operation on October 27, with a one-year term, marking a net injection of 200 billion yuan due to 700 billion yuan of MLF maturing this month [1]. - In addition to MLF, the PBOC has executed a 17 trillion yuan reverse repurchase agreement, resulting in a net injection of 400 billion yuan after offsetting 13 trillion yuan of maturing agreements [3]. - Overall, the PBOC's net liquidity injection for October is projected to reach 600 billion yuan, maintaining a high level consistent with September [3]. Group 2: Economic Context and Implications - The PBOC's actions reflect a moderately accommodative monetary policy stance, aimed at addressing liquidity pressures due to tax payment periods and month-end financial strains [3][4]. - The coordination between monetary and fiscal policies is emphasized, as the PBOC's liquidity support is intended to facilitate the issuance of government bonds, with an expected net financing of over one trillion yuan for October [4]. - The PBOC's liquidity injections are also designed to support credit expansion and meet the financing needs of the real economy, with new policy financial instruments expected to leverage around 50,000 billion yuan in effective investment [4]. Group 3: Market Stability and Future Outlook - The PBOC aims to stabilize market expectations and maintain stable medium- to long-term interest rates amid rising market rates influenced by various factors [5]. - Looking ahead, significant amounts of MLF and reverse repos are set to mature in the fourth quarter and early next year, prompting speculation about potential reserve requirement ratio cuts or bond purchases by the PBOC to further enhance liquidity [6]. - The market liquidity is expected to remain stable and ample until the end of the year, with limited upward pressure on market interest rates [6].

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) will resume open market operations for government bonds, indicating a positive outlook for the bond market and a tool for liquidity management [1][2]. Group 1: Market Operations - The PBOC's resumption of government bond trading is a significant measure to enhance the financial functions of government bonds and improve the pricing benchmark role of the yield curve [2][3]. - The PBOC had previously suspended bond trading due to imbalances in market supply and demand, but the current market conditions are deemed favorable for resuming operations [2][3]. - The trading of government bonds will help stabilize interest rates in the bond market and support the smooth transmission of monetary policy [3][6]. Group 2: Legal and Institutional Framework - The legal framework allows the PBOC to buy and sell government bonds in the open market, which is a necessary supplement to public market operations [5]. - The PBOC is prohibited from directly subscribing to or underwriting government bonds in the primary market, but it can engage in secondary market transactions [5]. - The PBOC's actions in the bond market are distinct from quantitative easing (QE) practices in developed economies, as they are not a response to exhausted conventional monetary policy tools [5][6]. Group 3: Economic Implications - The increase in government bond issuance this year is expected to provide more medium- and long-term liquidity, which will support credit expansion and economic growth [3][6]. - The resumption of bond trading is anticipated to lead to a more stable yield curve and reduced financing costs for the real economy [6].

谈及国债买卖，潘功胜指出，去年，中国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，中国人民银行暂停了国债买卖。目前，债市整体运行良好，将恢复公开 市场国债买卖操作。 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。 ...

Core Viewpoint - The People's Bank of China (PBOC) is committed to enhancing the macro-prudential management system to ensure financial stability and effective governance [1] Group 1: Macro-Prudential Management - The PBOC will continuously improve the collaborative and efficient governance mechanism for macro-prudential management [1] - A Macro-Prudential and Financial Stability Committee was established at the beginning of this year to strengthen analysis, communication, and implementation regarding major issues in macro-prudential management and financial stability [1] Group 2: Coordination and Legislation - The PBOC plans to enhance coordination among monetary policy, macro-prudential management, micro-prudential regulation, and fiscal and industrial policies to form a unified approach [1] - There is an emphasis on strict enforcement of financial discipline, market discipline, and regulatory rules to prevent risk spillover and moral hazards [1] - The PBOC aims to accelerate the legislative process for the People's Bank Law and Financial Stability Law to strengthen the legal framework for macro-prudential management [1]