Market Overview - The U.S. government has ended its longest shutdown lasting 43 days, with President Trump signing a temporary funding bill, resulting in an estimated economic loss of approximately $1.5 trillion [1][2] - The International Monetary Fund (IMF) has observed signs of economic weakness in the U.S., predicting that the GDP growth rate for Q4 will be lower than the previously forecasted 1.9% due to the impact of the government shutdown [1][2] Economic Indicators - The U.S. Bureau of Labor Statistics was unable to release the October Consumer Price Index (CPI) report due to the government shutdown, with indications that the data may never be published [2] - The Federal Reserve officials have expressed differing views on monetary policy, with some advocating for caution regarding further rate cuts, while others believe it is too early to decide on December actions [2] Global Market Dynamics - The Dow Jones Industrial Average fell by 1.65% to 47,457.22 points, the S&P 500 dropped by 1.66% to 6,737.49 points, and the Nasdaq Composite decreased by 2.29% to 22,870.36 points [3] - U.S. Treasury yields increased across various maturities, with the 10-year yield rising by 5.18 basis points to 4.121% [3] Commodity Prices - COMEX gold futures decreased by 0.93% to $4,174.5 per ounce, while COMEX silver futures fell by 2.30% to $52.23 per ounce [4] - Crude oil prices saw a slight increase, with the main U.S. contract rising by 0.19% to $58.6 per barrel and Brent crude increasing by 0.29% to $62.89 per barrel [5] Currency Exchange Rates - The U.S. dollar index declined by 0.30% to 99.18, with the euro and British pound appreciating against the dollar [6]

Core Viewpoint - The People's Bank of China (PBOC) is exploring mechanisms to provide liquidity to non-bank institutions, indicating a shift in monetary policy transmission from a bank-centric model to a more inclusive approach covering various financial institutions [1] Group 1: Monetary Policy Framework - The Central Committee's proposal emphasizes the need to improve the central bank system and establish a robust monetary policy framework along with a comprehensive macro-prudential management system [1] - The PBOC aims to enhance the transmission mechanism of monetary policy, addressing the "last mile" issue in liquidity support [1] Group 2: Market Impact - This exploration is expected to act as a stabilizer in extreme market conditions, reflecting a transition in China's monetary policy from "aggregate adjustment" to "structural optimization" [1] - The shift signifies a move from a bank-centered approach to a market-wide coverage in monetary policy implementation [1]