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人民银行:规范发展黄金租借业务
Bei Jing Shang Bao· 2025-10-16 12:21
北京商报讯(记者 刘四红)10月16日,据中国人民银行官微,中国人民银行金融市场司负责人近日在 接受《金融时报》采访时介绍,中央金融工作会议强调,要强化市场规则,打造规则统一、监管协同的 金融市场。"十四五"时期,中国人民银行会同相关部门加快推动健全金融市场制度,强化风险监测和监 管执法。 另外,强化制度建设,促进金融市场规范发展。优化金融市场定价机制,完善债券承销、估值、经纪、 做市等规则,进一步发挥国债收益率曲线定价基准作用。加强货币市场制度建设,建立以流动性管理能 力为核心的管理框架。实施商业汇票承兑贴现新规。加强应收账款电子凭证业务风险防范和规范管理。 规范发展黄金租借业务。推动在期货和衍生品法中明确单一协议和终止净额机制,夯实衍生品市场发展 的法律基础。 其中包括,加强市场规则统筹协调,统一公司债券基础性制度规则。依托公司信用类债券部际协调机 制,会同相关部门加强债券市场发展统筹规划和监管协同,制定《关于推动公司信用类债券市场改革开 放高质量发展的指导意见》,按照分类趋同原则,实现公司信用类债券信息披露、违约处置和信用评级 等基础性制度规则统一,提升市场透明度和风险揭示能力。 ...
【招银研究|宏观点评】关注银行息差,保持四重平衡——《2025年一季度货币政策执行报告》解读
招商银行研究· 2025-05-10 13:19
Core Viewpoint - The central theme of the report is the confidence in achieving economic goals despite external uncertainties, emphasizing the need for effective policies to support the real economy and address challenges posed by external factors [1][2]. Group 1: Economic Situation Assessment - The report expresses confidence in achieving this year's economic and social development goals, citing three supporting factors: rapid growth of new drivers, steady recovery of market demand, and solid economic fundamentals [1]. - It highlights the challenges posed by external economic conditions, including tariff impacts and insufficient internal demand, while urging a focus on development confidence and effective policy responses [1]. Group 2: Policy Stance - The monetary policy maintains an "appropriate easing" tone, upgrading the balance framework to four dimensions, including support for the real economy and maintaining the health of the banking system [5]. - The report emphasizes the need for macro policy coordination and highlights the sustainability of China's government debt expansion, suggesting that fiscal policy may further strengthen to support investment and consumption [5][8]. Group 3: Inflation and Price Control - The report acknowledges the current low inflation environment, with CPI and PPI remaining at low levels, and expresses a positive outlook for price recovery [2][3]. - It outlines the constraints on demand and supply that affect price levels, advocating for measures to expand effective demand and improve the supply-demand cycle [2]. Group 4: Interest Rate Policy - The report calls for enhancing the pricing capabilities of financial institutions and maintaining market competition, with a focus on reducing overall financing costs for enterprises [12]. - It highlights the importance of transparency in loan costs, indicating that the average interest rate for new loans was approximately 3.3%, which is historically low [12][14]. Group 5: Financial Market Development - The report emphasizes the need to enhance the bond market's functionality and manage interest rate risks, proposing the introduction of a "technology board" for bond issuance to support innovation [16]. - It notes the significant size of China's bond market, which reached 177 trillion yuan by the end of 2024, while also addressing the risks associated with short-term yield fluctuations [16].