Core Viewpoint - The National Market Supervision Administration has issued a notice to enhance quality financing and credit enhancement efforts to better support small and micro enterprises, which are crucial for employment and economic stability [1] Group 1: Policy Measures - Recent measures have been implemented to support financing for small and micro enterprises, extending coverage to 125 million individual businesses, with a maximum single credit limit raised to 50 million yuan and a minimum loan interest rate set at 2.9% [2] - A dual loan model combining "entrepreneurial guarantees" and "employment stabilization" has been introduced, reducing approval times by 50% [2] Group 2: Challenges and Solutions - Structural challenges remain for financing small and micro enterprises due to inadequate assessment and incentive systems, necessitating reforms in mechanisms and ecosystem [2] - Financial institutions face a long-term imbalance in risk and return, leading to a "fear of lending" mentality, which can be addressed by improving assessment incentives and implementing a liability exemption system for inclusive credit [3] Group 3: Credit Assessment and Regulation - A new credit assessment ecosystem is being developed to address the lack of collateral and financial reports by integrating various government and market data to create comprehensive credit profiles [4] - A balanced regulatory approach is proposed to allow for innovation while ensuring risk control, including the use of blockchain for tracking fund flows and establishing a credit repair mechanism for small and micro enterprises [4]

这种全行业的发债热潮，是金融机构对内外环境的主动适配。 从银行到非银机构，发行金融债已从"选择"变为"刚需"。 从数据看，这一趋势已形成鲜明态势。Wind数据显示，截至7月1日，今年以来银行机构剔除同业存单 及ABS（资产支持证券）后的金融债发行量突破9.11万亿元，同比激增110%；非银机构中，保险、信托 发债增速分别达134%和71%。如此规模的增长，绝非偶然。 从外部环境观察，低利率窗口的红利不容错失。2024年以来，市场利率持续下行，10年期国债收益率目 前稳定在1.7%以下的低位运行，这不仅为金融机构拥有2%以下的融资成本创造了机会，也为其长期负 债"锁价"提供了绝佳时机。 时间轴对比看，金融机构发债成本出现了大幅下降。以国有大行为例，其5月底发行的10年期二级资本 债票面利率仅1.93%，较2024年同期限产品下降69个基点。 横向与定期存款对比看，当前3年期AAA级金融债利率较同期定期存款低30个基点。这也再次验证，发 行金融债既能替代高成本存款降低付息压力，又能通过长期限发行稳定负债结构。 北京商报评论员 岳品瑜 政策护航更让这一趋势如虎添翼。从金融债审批由"单笔审批"改为"年度备案"，到鼓励 ...

意大利经济部长：意大利政府将坚持财政审慎政策。 ...

会议分析了国内外经济金融形势，提出当前外部环境更趋复杂严峻，世界经济增长动能减弱，贸易壁垒 增多，主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定性。我国经济呈现向好态 势，社会信心持续提振，高质量发展扎实推进，但仍面临国内需求不足、物价持续低位运行、风险隐患 较多等困难和挑战。要实施好适度宽松的货币政策，加强逆周期调节，更好发挥货币政策工具的总量和 结构双重功能，加大货币财政政策协同配合，保持经济稳定增长和物价处于合理水平。 会议研究了下阶段货币政策主要思路，建议加大货币政策调控强度，提高货币政策调控前瞻性、针对 性、有效性，根据国内外经济金融形势和金融市场运行情况，灵活把握政策实施的力度和节奏。保持流 动性充裕，引导金融机构加大货币信贷投放力度，使社会融资规模、货币供应量增长同经济增长、价格 总水平预期目标相匹配。强化央行政策利率引导，完善市场化利率形成传导机制，发挥市场利率定价自 律机制作用，加强利率政策执行和监督。推动社会综合融资成本下降。从宏观审慎的角度观察、评估债 市运行情况，关注长期收益率的变化。畅通货币政策传导机制，提高资金使用效率，防范资金空转。增 强外汇市场韧性，稳定市场预期， ...

英国央行副行长拉姆斯登：我将继续采取审慎且灵活的政策制定态度。 ...

欧洲央行副行长金多斯：在不确定性增加的情况下，欧洲央行必须保持特别审慎。 ...

美联储主席鲍威尔：（谈及裁员）我们是公共资源的审慎管理者，有时候需要展现出这一点。 ...

在"更加智慧"方面，朱鹤新介绍，妥善运用人工智能、大数据等科技手段，提升外汇管理数字化智能化 水平。 积极推进跨境投融资便利化方面，朱鹤新介绍，开展绿色外债政策试点，鼓励符合条件的企业借用外债 用于绿色项目。完善境内企业境外上市资金管理，统一本外币管理政策，便利募集资金调回境内使用。 近期将新发放一批合格境内机构投资者(QDII)投资额度，有序满足境内主体境外投资合理需求。 朱鹤新还提到，在自贸试验区实施一揽子外汇创新政策。包括优化新型国际贸易结算、扩大合格境外有 限合伙人(QFLP)试点等10项便利化政策，积极支持自由贸易试验区提升战略。 在"更加便利"方面，不断完善"越诚信越便利"的外汇政策体系，积极提升外汇服务实体经济质效。朱鹤 新表示，我们将加强外汇管理改革创新，赋予诚信合规主体更高便利度，持续提升跨境贸易和投融资便 利化水平。 在"更加开放"方面，推动外汇领域高水平制度型开放，助力建设更高水平开放型经济新体制。"我们将 加强改革整体谋划和系统集成，统筹推进人民币国际化与资本项目高质量开放，强化本外币一体化管 理，营造市场化、法治化、国际化一流营商环境。"朱鹤新透露，深化直接投资外汇管理体制改革，缩 ...

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]

2025 年陆家嘴论坛将于 6 月 18 日至 19 日在上海举行 ，主题为 " 全球经济变局中的金融开放合作与高质量发展 " ，预计将释放重大金融政策信号，成为 各界关注的焦点。 此次论坛由中国人民银行、国家金融监督管理总局、中国证监会、国家外汇管理局及上海市人民政府共同主办。 据证券时报报道，上海市委金融办常务副主任周小全在 5 月 30 日透露， 2025 陆家嘴论坛期间， 中央金融管理部门将发布若干重大金融政策。 作为中国金融领域的高规格盛会，本次论坛 多项热点话题备受关注。 （图片来自海洛） // 市场关注的重点 // 货币政策与监管框架是市场关注的重点之一。央行是否会释放降准或降息信号，将直接影响市场流动性和资金成本 。 据《金融时报》此前报道，在当前经济形势下，市场对适度宽松的货币政策存在一定预期。同时，宏观审慎政策如何平衡稳增长与防风险，如房地产、地 方政府债务化解等问题，也备受关注。 资本市场改革同样是论坛的热门议题。 注册制深化、科创板流动性改善以及中概股跨境监管合作进展等，都是投资者关心的核心问题。近年来，注册制改革不断推进，科创板作为改革试验田， 其流动性提升对于吸引更多优质企业上市意 ...