Group 1 - The selection process for the next Federal Reserve Chair is in its final stages, with five candidates identified: Christopher Waller, Michelle Bowman, Kevin Warsh, Kevin Hassett, and Rick Rieder [1][2] - Treasury Secretary Mnuchin is leading the interview process and plans to submit a list of top candidates to President Trump after Thanksgiving [1][2] - President Trump has indicated he will make a final decision on the nominee by the end of the year and has criticized current Chair Powell for not implementing more aggressive rate cuts [2][3] Group 2 - The market widely expects the Federal Open Market Committee to announce a 25 basis point rate cut at its upcoming meeting, marking the second consecutive cut [3] - The selection of the new Chair is crucial as it will influence future monetary policy direction and the independence of the Federal Reserve amid political pressures [3] - Powell's term as Chair is set to end in May next year, and the new appointment may coincide with a 14-year term vacancy for a Federal Reserve Governor in early 2026 [3]

2025.10. 27 本文字数：3181，阅读时长大约5分钟 作者 | 第一财经 杜川 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 ...

Core Viewpoint - The People's Bank of China (PBOC) is committed to maintaining a supportive monetary policy stance to foster economic recovery and stabilize financial markets amid complex domestic and international conditions [2] Group 1: Monetary Policy Implementation - The PBOC has utilized various monetary policy tools, including quantity, price, and structure, to ensure ample liquidity in the financial system [2] - The central bank plans to continue implementing moderately accommodative monetary policies while enhancing the monetary policy framework and execution [2][3] Group 2: Macro-Prudential Management - The PBOC aims to establish a comprehensive macro-prudential management system that effectively links macroeconomic performance with financial risk [3] - There is a focus on monitoring and assessing the dynamics of economic growth, structural adjustments, and financial risk prevention to support high-quality economic development [3] Group 3: Coverage of Financial Markets - The PBOC intends to expand the coverage of macro-prudential management to adapt to changes in financial markets and enhance the resilience of the financial system [4] - The central bank will assess and identify systemically important financial institutions and implement additional regulatory measures commensurate with their significance [4] Group 4: International Financial Risks - The PBOC will also address the cross-border transmission of risks from international economic and financial markets [5] - The central bank is exploring mechanisms to provide liquidity to non-bank institutions under specific circumstances while balancing market stability and preventing moral hazards [5]

五人分别是：现任美联储理事Christopher Waller和Michelle Bowman，前美联储理事Kevin Warsh，白宫国家经济 委员会主任Kevin Hassett，以及贝莱德（BlackRock Inc.）高管Rick Rieder。特朗普本人对媒体确认，他预计在年底 前就提名人选做出最终决定。 随着现任美联储主席鲍威尔的任期临近，下任主席的遴选工作已进入最后阶段。 据报道，财政部长贝森特周一在"空军一号"上对媒体表示， 美联储主席的候选人范围已缩小至五人。 他们分别是： 现任 美联储理事Christopher Waller和Michelle Bowman，前美联储理事Kevin Warsh，白宫国家经济委员会主任Kevin Hassett，以及贝莱德（BlackRock Inc.）高管Rick Rieder。 贝森特透露，他计划进行新一轮面试，并希望在感恩节假期后向总统特朗普提交一份"优秀的候选人名单"。特朗普本人也 对媒体确认， 他预计在年底前就提名人选做出最终决定。 五人角逐美联储帅位 由财长贝森特确认的这份五人名单，囊括了来自美联储内部、白宫以及华尔街的资深人士。贝森特本人正主导此 ...

Core Viewpoint - Barclays economists report that the Bank of Thailand may require evidence of worsening growth before considering further interest rate cuts, while also highlighting emerging concerns about deflation risks [1] Summary by Relevant Sections Monetary Policy - The latest minutes from the Bank of Thailand's monetary policy committee indicate that policymakers believe further rate cuts should be contingent on actual evidence of deteriorating growth [1] - The committee has begun to pay attention to deflation risks, a topic that was not previously mentioned in recent policy meetings [1] Committee Insights - Barclays notes that among the two members who supported a rate cut in the October meeting, at least one advocated for further easing based on concerns about deflation [1]

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，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。 关于货币政策，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。 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，强化货币政策执行和传导。 关于虚拟货币，潘功胜表示，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。 在征 ...

Core Viewpoint - The People's Bank of China (PBOC) is expected to continue implementing measures to release liquidity, including potential rate cuts or bond purchases in the fourth quarter, as indicated by recent monetary policy actions [1][5]. Group 1: Monetary Policy Actions - In October, the PBOC conducted a 900 billion yuan one-year Medium-term Lending Facility (MLF) operation, resulting in a net injection of 200 billion yuan, marking the eighth consecutive month of increased MLF operations [1][2]. - The total net liquidity injection for October reached 600 billion yuan, combining MLF and 400 billion yuan of reverse repos, although the MLF net injection was slightly lower than the previous months [2][3]. - The PBOC's actions reflect a continued moderate easing stance in monetary policy, with a focus on maintaining liquidity amid significant tax payment periods and month-end pressures [2][4]. Group 2: Coordination with Fiscal Policy - The PBOC's liquidity injections are aimed at supporting government bond issuances, with expectations of net financing for government bonds reaching one trillion yuan in October [2][3]. - Financial institutions are being encouraged to increase credit supply, with new policy financial tools being expedited to facilitate substantial credit disbursements [3][4]. - The PBOC's strategy indicates a coordinated approach between monetary and fiscal policies to meet the financing needs of enterprises and households [3][4]. Group 3: Future Outlook - The PBOC is likely to continue using quantity-based monetary policy tools, maintaining a supportive stance in the fourth quarter [4][5]. - There is a significant amount of MLF and reverse repos maturing in the upcoming months, which may prompt further liquidity measures from the PBOC [4][5]. - Market liquidity is expected to remain stable and ample until the end of the year, with limited upward pressure on market interest rates [5].

今日下午，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、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发表讲话。 潘功胜： 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 中国人民银行行长潘功胜表示，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。 继续完善货币政策框架 强化货币政策执行和传导 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 ...

来源：证券时报 2025金融街论坛年会今日（10月27日）开幕，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将出席2025金融街论坛年会并作主题演讲。 潘功胜：探索在特定情景下向非银机构提供流动性的机制安排 潘功胜在2025金融街论坛年会上表示，针对金融市场，人民银行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安排。 潘功胜：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 潘功胜在2025金融街论坛年会上表示，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，强化货币政策执行和传导。 潘功胜：将研究实施支持个人修复信用的政策措施 潘功胜在2025金融街论坛年会上表示，人民银行将研究实施支持个人修复信用的政策措施。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。为帮助个人加快修复信用记录，同时发挥违约信用记录 ...

潘功胜表示，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。 此外，潘功胜表示，研究实施支持个人修复信用的政策措施。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。为帮助个人加快修复信用记录， 同时发 ...