Core Viewpoint - The People's Bank of China (PBOC) emphasizes the continuation of a supportive monetary policy stance to foster economic recovery and maintain financial market stability amid complex domestic and international challenges [2][3]. Group 1: Monetary Policy - As of the end of September, the total social financing stock grew by 8.7% year-on-year, broad money (M2) increased by 8.4%, and the RMB loan balance rose by 6.6%, indicating a state of moderately loose monetary policy [2]. - The PBOC has utilized various monetary policy tools to ensure ample liquidity, creating a favorable monetary environment for economic recovery and stable financial market operations [2][3]. - The PBOC plans to continue implementing a moderately loose monetary policy and will resume operations in the secondary market for government bonds to enhance the monetary policy toolkit [3]. Group 2: Credit System and Personal Financing - The PBOC is developing a one-time personal credit relief policy to help individuals who have defaulted on loans due to the pandemic but have since repaid them, aiming to improve their credit records [4]. - This policy will prevent certain default information from being displayed in the credit system, facilitating personal financing and economic participation [4]. Group 3: Digital Currency Management - The PBOC is committed to optimizing the management system for digital currency, having established operational centers in Shanghai and Beijing for international cooperation and system maintenance [5]. - The central bank will continue to monitor and regulate virtual currency activities while promoting the development of the digital RMB ecosystem [5]. Group 4: Macro-Prudential Management - The PBOC is advancing the construction of a comprehensive macro-prudential management system, focusing on systemic financial risk monitoring, risk prevention measures for key institutions, and enhancing the macro-prudential management toolkit [6]. - The central bank aims to create a dynamic and collaborative process for building this system, which is essential for maintaining overall financial stability and supporting high-quality economic development [6].

Core Viewpoint - The People's Bank of China (PBOC) is set to resume open market operations for government bonds, which is seen as a significant step to enhance monetary policy tools and stabilize the bond market, while also addressing various recent market concerns [1][5][6]. Monetary Policy and Financial Stability - The PBOC has maintained a supportive monetary policy stance, with key macro-financial indicators reflecting a moderately loose monetary environment, including an 8.7% year-on-year increase in social financing scale and an 8.4% increase in M2 as of September [3][4]. - The resumption of government bond trading is expected to alleviate supply-demand imbalances in the bond market and lower financing costs for the real economy [4][6]. Credit Repair Policies - The PBOC is researching policies to support personal credit repair, particularly for individuals who have defaulted due to the pandemic but have since repaid their debts [7][8]. - This initiative aims to improve the credit ecosystem, reduce friction costs between consumers and financial institutions, and promote economic recovery by restoring credit eligibility for affected individuals [9]. Virtual Currency Regulation - The PBOC reiterated its commitment to combat the operation and speculation of virtual currencies, emphasizing the need for strict regulation to maintain financial order and mitigate risks associated with stablecoins and other digital currencies [10][11]. - The central bank's stance reflects a long-standing high-pressure regulatory environment against virtual currencies, aiming to prevent potential financial risks and maintain monetary sovereignty [12]. Macro-Prudential Management Framework - The PBOC outlined its focus on building a comprehensive macro-prudential management system, which includes monitoring systemic financial risks and enhancing the regulatory framework for key financial institutions [13][14]. - Future efforts will involve improving the assessment of macro-prudential policies and ensuring better coordination between monetary policy and fiscal measures to strengthen financial stability [15][16].

Group 1 - The People's Bank of China (PBOC) has implemented multiple policy documents since 2017 to prevent and manage risks associated with domestic virtual currency trading and speculation, which remain effective [1] - The PBOC will continue to collaborate with law enforcement to combat domestic virtual currency operations and speculation, while closely monitoring the development of overseas stablecoins [1] - The emergence of stablecoins has raised concerns among international financial organizations and central banks, which view their development with caution due to issues related to customer identification and anti-money laundering [1] Group 2 - The PBOC plans to optimize the management system for the digital yuan and support more commercial banks to become operational entities for digital yuan services [2] - A digital yuan international operation center has been established in Shanghai to facilitate cross-border cooperation and usage, while a management center in Beijing will oversee the system's construction, operation, and maintenance [2]

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].

币界网7月14日讯，美国在虚拟货币监管政策方面正迎来重大变革。随着众议院本周即将对三项关键加 密货币法案进行投票，包括《GENIUS法案》、《CLARITY法案》以及《反CBDC监控国家法案》，这 标志着美国对数字资产监管框架的全面升级，为去中心化交易平台带来前所未有的发展机遇。 美国众议院重磅立法推动虚拟货币合规化 美国通胀预期调整为虚拟货币提供避险需求 消息人士透露，日本央行将考虑在7月会议上上调通胀预期，反映出全球通胀压力的持续存在。中信证 券指出，在当前关税政策下，美国通胀压力或于今年下半年逐步显现，这为虚拟货币作为通胀对冲工具 提供了更强的需求支撑。 美国众议院预计将于本周对三项关键加密货币立法进行投票。其中《GENIUS法案》旨在为加密货币创 新提供法律框架，《CLARITY法案》致力于明确数字资产的监管边界，而《反CBDC监控国家法案》 则重点关注央行数字货币的隐私保护问题。 币界网报道，这一系列立法举措反映出美国政府对虚拟货币行业态度的根本性转变。美国证券交易委员 会专员也明确表示，某些代币发行方需要与SEC进行积极对话，这表明监管部门正在寻求与行业的合作 共赢，而非简单的限制打压。 XBIT ...

美国司法部备忘录称，将基本停止针对虚拟货币交易所和离线钱包的监管。 ...