中国人民银行行长潘功胜在会上发表讲话。他表示，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。 央行将恢复公开市场国债买卖操作 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金融街论坛年会在北京开幕。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出席论坛，并发布一系列重要消息。 潘功胜指出，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 ...

同时，持续完善跨境资本流动宏观审慎管理，根据形势及时采取逆周期调控措施，保持跨境资本流动总 体平稳。做好房地产金融宏观审慎管理工作，健全房地产金融分析框架，优化房地产金融基础性制度。 潘功胜说，构建宏观审慎管理体系是一个持续推进的动态过程，也是需要各方推动、高效协同的系统工 程。央行将认真落实"十五五"规划的要求，与各方共同努力，加快构建覆盖全面的宏观审慎管理体系， 推动经济金融高质量发展。(完) （文章来源：中国新闻网） 中新社北京10月27日电 (记者夏宾)中国央行行长潘功胜27日在北京参加2025金融街论坛年会时表示，宏 观审慎管理体系是在防范系统性金融风险中发挥积极作用的一整套制度安排。中国央行下一阶段将重点 推进多方面工作，涉及适时发布系统重要性保险公司名单，推动附加监管工作落地。 潘功胜表示，要强化系统性金融风险的监测和评估体系；完善并强化重点机构和重点领域风险防范举 措；持续丰富宏观审慎管理工具箱，提升系统化、规范化、实战化水平；不断健全协同高效的宏观审慎 管理治理机制。 潘功胜提到，要重点关注金融机构的杠杆水平和期限错配，及时阻断金融市场流动性风险、利率风险的 累积，遏制金融市场的"羊群效应" ...

期货日报网讯（记者 曲德辉 见习记者 肖佳煊）10月27日，2025金融街论坛年会开幕。开幕式上，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"为主题发表演讲。 潘功胜表示，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。"十五五"规划建议稿提出，要构建覆盖全面的宏 观审慎管理体系，主要有以下几个重点工作方向。 第二，更好覆盖金融市场的运行。随着金融现代化进程的推进，我国金融体系逐步从传统银行业机构为 主向多层次现代金融市场体系演化，金融体系的复杂性、关联性也显著增加。需要根据金融市场的发展 变化，不断拓宽宏观审慎管理的覆盖范围，增强金融体系的韧性。 第三，更好覆盖系统重要性金融机构。系统重要性金融机构规模大、关联性强，一旦出险，具有很强的 外溢效应。近年来，主要经济体普遍加强对系统重要性金融机构的宏观审慎管理，并将覆盖面从银行部 门逐步扩展到非银行金融部门。需要全面评估认定系统重要性银行、保险等金融机构和金融基础设施， 在常规监管基础上，实施与其系统重要性程度相匹配的附加监管措施。 第四，更好覆盖国际经济 ...

Core Points - The People's Bank of China (PBOC) has implemented bond trading operations in the secondary market as part of its monetary policy toolbox, enhancing the financial function of government bonds and their role as a pricing benchmark for the yield curve [1] - The PBOC has conducted flexible two-way operations in government bond trading to ensure smooth monetary policy transmission and stable financial market operations, considering the needs for base currency issuance and changes in market supply and demand [1] - Due to significant pressures from imbalances in bond market supply and demand, the PBOC suspended government bond trading earlier this year, but plans to resume operations as the overall bond market is currently performing well [1]

会上，潘功胜介绍，加快构建覆盖全面的宏观审慎管理体系。将完善并强化重点机构和重点领域风险防 范举措。强化系统重要性银行附加监管，充分发挥逆周期资本缓冲、恢复与处置计划等作用。适时发布 系统重要性保险公司名单，推动附加监管工作落地。拓展中央银行维护金融市场稳定的宏观审慎管理功 能。重点关注金融机构的杠杆水平和期限错配，及时阻断金融市场流动性风险、利率风险的累积，遏制 金融市场的"羊群效应"。完善金融市场基础设施监管，建立中央对手方流动性风险约束和流动性支持机 制。持续完善跨境资本流动宏观审慎管理，根据形势及时采取逆周期调控措施，保持跨境资本流动总体 平稳。做好房地产金融宏观审慎管理工作，健全房地产金融分析框架，优化房地产金融基础性制度。 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 accelerating the construction of a comprehensive macro-prudential management system to enhance the monitoring and assessment of systemic financial risks [1] Group 1: Monitoring System - The PBOC aims to improve the dynamic monitoring capabilities of the national financial database for key risk areas [1] - The bank will leverage the interbank market transaction reporting database to frequently gather and monitor financial market trading behaviors [1] Group 2: Assessment System - The macro-prudential assessment (MPA) established by the PBOC in 2016 is currently more focused on serving monetary policy [1] - The PBOC is considering splitting the MPA into two parts: one focusing on assessing the execution of monetary policy and the other on macro-prudential and financial stability assessments [1] - A preliminary plan has been formed, and the PBOC will communicate with financial institutions to further refine the execution of this plan [1]

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]

Core Viewpoint - The 2025 Financial Street Forum highlighted the importance of monetary policy, digital currency management, and financial market stability in the context of China's economic recovery and reform efforts. Group 1: Monetary Policy and Financial Stability - 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 ensuring smooth monetary policy transmission [2][3] - PBOC aims to maintain a supportive monetary policy stance, utilizing various tools to ensure liquidity remains ample, which is crucial for economic recovery and financial market stability [3] - A comprehensive macro-prudential management system is being developed, focusing on the interconnection between macroeconomic performance and financial risks [8] Group 2: Digital Currency and Virtual Currency Regulation - PBOC is optimizing the digital yuan management system and supporting more commercial banks to operate digital yuan services, with international cooperation centers established in Shanghai and Beijing [4] - The central bank will continue to combat domestic virtual currency operations and speculation, emphasizing the risks associated with stablecoins and the need for effective regulatory measures [5] Group 3: Credit Repair and Financial Infrastructure - PBOC is researching policies to support individuals in repairing their credit, particularly for those who have defaulted due to uncontrollable circumstances like the pandemic [6][7] - The credit reporting system has played a significant role in maintaining financial order, and new measures are being considered to alleviate the impact of past defaults on individuals' economic lives [7] Group 4: Financial Services and Institutional Reform - The Financial Regulatory Administration is promoting a new financial service model that aligns financing terms with industry development, emphasizing support for strategic sectors and enhancing financial resources for emerging industries [12] - There is a focus on deepening financial supply-side structural reforms to improve the layout and resilience of financial institutions, ensuring a diverse and healthy financial ecosystem [13][15] Group 5: Capital Market Development - The China Securities Regulatory Commission (CSRC) is set to deepen reforms in the ChiNext board, aiming to create more suitable listing standards for innovative enterprises [18] - Initiatives to enhance the protection of small and medium investors in the capital market are being introduced, with 23 practical measures aimed at creating a fair trading environment [22] - The CSRC is also working on optimizing the Qualified Foreign Institutional Investor (QFII) system to provide a more transparent and efficient environment for foreign investors [21]

Core Viewpoint - The 2025 Financial Street Forum focuses on monetary policy, liquidity mechanisms for non-bank institutions, and the importance of maintaining financial stability while addressing credit issues for individuals affected by the pandemic [1][2][3][4]. Group 1: Monetary Policy and Liquidity - The People's Bank of China (PBOC) is exploring mechanisms to provide liquidity to non-bank institutions under specific circumstances to maintain market stability and prevent moral hazards [2]. - PBOC will continue to implement a supportive monetary policy stance, utilizing various tools to ensure short-term, medium-term, and long-term liquidity arrangements, thereby keeping social financing conditions relatively loose [3]. - The PBOC plans to resume open market operations for government bonds, which is seen as a crucial step to enhance the financial functions of government bonds and improve market stability [5]. Group 2: Credit Repair and Individual Support - PBOC is researching policies to support individuals in repairing their credit records, particularly for those who have defaulted due to uncontrollable circumstances like the pandemic but have since repaid their debts [4]. - A proposed one-time personal credit relief policy aims to prevent the display of certain default information in credit systems for individuals who meet specific criteria, with implementation expected early next year [4]. Group 3: Virtual Currency and Financial Regulation - PBOC will continue to combat domestic virtual currency operations and speculation while closely monitoring the development of foreign stablecoins, which pose potential financial risks [6][7]. - The central bank emphasizes the need for a comprehensive macro-prudential management system to better cover systemic financial institutions and assess risks from international economic and financial markets [8].

Core Viewpoint - The People's Bank of China (PBOC) is implementing several key measures to enhance financial stability and support economic recovery, including the resumption of government bond trading, credit repair policies for individuals, and the optimization of the digital currency management system [3][4][7][10]. Group 1: Monetary Policy and Market Operations - The PBOC will resume open market operations for government bonds to enhance monetary policy tools and improve the bond market's functionality [3]. - The central bank plans to implement policies to support individuals in repairing their credit records, particularly for those who have repaid debts affected by the pandemic [4]. - The PBOC aims to maintain a supportive monetary policy stance, utilizing various tools to ensure liquidity remains ample in the financial system [10]. Group 2: Macro-Prudential Management - The PBOC is focused on building a comprehensive macro-prudential management system to monitor the relationship between macroeconomic performance and financial risks [5]. - There will be an emphasis on assessing the systemic importance of financial institutions and implementing additional regulatory measures as needed [6]. Group 3: Digital Currency and Financial Innovation - The PBOC is optimizing the management system for digital currency, encouraging more commercial banks to participate in its operations [7]. - The central bank is exploring mechanisms to provide liquidity to non-bank financial institutions under specific circumstances [8]. Group 4: Regulation of Virtual Currencies - The PBOC will continue to combat the operation and speculation of virtual currencies within the country, maintaining a cautious approach towards stablecoins and their associated risks [9].