Core Viewpoint - The article discusses the recent developments in China's macro-prudential management system, emphasizing the importance of a comprehensive framework to mitigate systemic financial risks and enhance monetary policy effectiveness [1][5][7]. Group 1: Macro-Prudential Management System - The People's Bank of China (PBOC) is focusing on four key areas to improve the macro-prudential management system: better coverage of the relationship between macroeconomic operations and financial risks, financial market operations, systemically important financial institutions, and the spillover effects of international economic and financial market risks [1][2]. - The PBOC plans to strengthen additional supervision for systemically important financial institutions, including banks and insurance companies, to align regulatory measures with their significance [1][2][5]. Group 2: Monetary Policy Tools - The PBOC announced the resumption of open market operations for government bonds, which had been suspended due to market imbalances. This move aims to enhance liquidity management and stabilize the bond market [9][10]. - The central bank's decision to restart government bond trading is seen as a response to increased issuance of government bonds and local government bonds, facilitating better coordination between monetary and fiscal policies [9][10]. Group 3: Digital Currency Development - The PBOC is establishing a digital renminbi international operation center and a digital renminbi operation management center in Beijing to promote the development and management of digital currency [12]. - Future efforts will focus on optimizing the digital renminbi management system and enhancing its positioning within the monetary hierarchy, supporting more commercial banks to become operational entities for digital renminbi [12][13].

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。 "我们正研究将MPA拆分为两部分。一部分聚焦评估货币政策的执行情况；另一部分聚焦宏观审慎和金 融稳定评估，服务于宏观审慎管理。目前，已经形成初步方案，后续我们将与金融机构沟通，进一步完 善后执行。"潘功胜称。 会上，潘功胜介绍，加快构建覆盖全面的宏观审慎管理体系。将强化系统性金融风险的监测和评估体 系。监测方面，持续提升国家金融基础数据库对重点领域风险的动态监测功能；充分发挥银行间市场交 易报告库作用，高频汇集并监测金融市场交易行为。评估方面，2016年人民银行设立的宏观审慎评估 （MPA），目前更多服务于货币政策。 ...

Historical Evolution of Deposit Reserve System - The deposit reserve system originated in the early 18th century in the UK, evolving from spontaneous interbank clearing needs to a legal risk buffer mechanism in the early 19th century in the US [5][21] - In China, the system was officially established in 1984 when the People's Bank of China began exercising central bank functions, with significant reforms occurring in 1998 to enhance the payment and clearing functions of reserve deposits [5][10] - Since 2015, China's reserve requirements have been assessed using an average method, providing important liquidity management buffers for banks [5][10] International Comparisons and Practices - Internationally, central banks like the Federal Reserve and the European Central Bank have adopted various reserve management practices, including accepting cash reserves and implementing tiered reserve requirements [13][47] - The experience of developed countries shows a trend of lower legal reserve requirements and higher excess reserves compared to China, which currently operates under a framework of structural liquidity shortage [8][13] Future Directions of Deposit Reserve System Reform - Conditions for breaking the 5% experience lower limit for reserve requirements are gradually maturing, with necessary institutional arrangements in place to support the transition [6][14] - The shift from quantity-based monetary policy to price-based policy is a prerequisite for relaxing the legal reserve requirement system, indicating a potential future direction for reform [6][14] Regulatory Functions and Macro-Prudential Management - The deposit reserve system has evolved to include differential reserve requirements and macro-prudential assessments, enhancing the ability to manage systemic financial risks [5][34] - The introduction of the macro-prudential assessment framework in 2016 marked a significant shift in focus from narrow credit growth to broader credit metrics, integrating various financial indicators into the regulatory framework [34][37] Implications for the Bond Market - If the reform of the reserve requirement system is implemented, it may lead to short-term benefits for the bond market, including increased liquidity and potential for larger fund releases during rate cuts [14] - However, the long-term impact on the bond market may be neutral, as the transition to price-based control could diminish the influence of reserve adjustments on market dynamics [14]