Core Viewpoint - The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) issued a joint statement urging the public to exercise caution regarding recent market volatility related to stablecoins, emphasizing the importance of making informed investment decisions rather than reacting to market speculation [1][2]. Group 1: Market Volatility and Regulatory Response - The HKMA and SFC noted that recent market fluctuations related to stablecoins appear to stem from announcements regarding the application for stablecoin issuer licenses in Hong Kong, as well as speculation in news and social media [2]. - The HKMA reiterated that it will adopt a prudent approach when considering applications for stablecoin issuer licenses, setting high standards for approval [2][3]. - The statement highlighted the significant uncertainty surrounding these plans or application outcomes, underscoring the need for vigilance during market exuberance to avoid irrational decision-making [2]. Group 2: Investor Guidance and Market Integrity - The HKMA and SFC called on the public to conduct thorough analyses of relevant information and to avoid making irrational investment decisions based solely on market hype or price momentum [2]. - The SFC emphasized the importance of understanding the risks associated with investments in stablecoins and warned investors to be cautious of unverified claims, particularly those circulating on social media [3]. - The SFC has a dedicated market surveillance team and advanced systems in place to monitor trading activities in Hong Kong, committing to take strict action against any manipulative or fraudulent behavior that could undermine market integrity [3]. Group 3: Market Performance Data - According to Wind data, the Hong Kong stablecoin index has seen a continuous increase since April 8, with daily fluctuations exceeding 10% and a cumulative increase of over 130% [3].

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) issued a joint statement regarding recent market volatility related to stablecoins, emphasizing the need for caution among investors [1] Group 1: Market Volatility - Recent market fluctuations appear to be driven by announcements and speculations regarding the application for stablecoin issuer licenses in Hong Kong [1] - The HKMA noted that these fluctuations highlight the necessity of maintaining vigilance during market exuberance, as stock price volatility can lead to irrational decision-making [1] Group 2: Regulatory Approach - The HKMA reiterated that it will adopt a prudent and robust approach when considering applications for stablecoin issuer licenses, setting high entry barriers [1] - Communication with relevant institutions and the expression of intent to apply for a stablecoin license are part of the application process, and the issuance of licenses will depend on compliance with licensing conditions [1] Group 3: Public Caution - The HKMA and SFC urged the public to remain cautious and to analyze information thoroughly, avoiding decisions based solely on market speculation or price momentum [1] - Market participants are encouraged to act responsibly in public communications to prevent misleading investors or creating unrealistic expectations [1]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) issued a joint statement regarding recent market volatility related to stablecoins, emphasizing the need for caution among investors [1] Group 1: Market Volatility - Recent market fluctuations appear to be driven by announcements and speculations regarding stablecoin issuance licenses in Hong Kong [1] - The HKMA noted that expressions of interest or applications for stablecoin licenses are part of a process, and the issuance of licenses will depend on meeting specific criteria [1] Group 2: Regulatory Approach - The HKMA reiterated its commitment to a prudent and robust approach in considering stablecoin issuer license applications, setting high entry barriers [1] - The authorities highlighted the significant uncertainty surrounding these plans or application outcomes, which underscores the importance of vigilance during market enthusiasm [1] Group 3: Investor Guidance - The HKMA and SFC urged the public to remain cautious and conduct thorough analyses of relevant information, rather than making irrational investment decisions based solely on market speculation [1] - Market participants are encouraged to communicate responsibly to avoid misleading investors or creating unrealistic expectations [1]

8月14日，香港证监会及香港金管局就稳定币相关市场波动发表联合声明：香港证监会和香港金管局留意到近期出现与稳定币 概念相关的市场波动。这些波动看似源于拟在香港申请稳定币发行人牌照、从事相关活动或探讨此类计划可行性等相关的公 告、新闻、社交媒体帖文或市场揣测。部分声称亦提及近期曾与香港金融监管当局接触。 香港金管局重申，在考虑稳定币发行人牌照申请时将采取稳健及审慎方式，并设立较高的门槛。金管局强调，表达意向或提交 稳定币牌照申请，以及金管局与相关机构的沟通，只是申请牌照的过程，最终获发牌照与否将视乎申请是否符合发牌条件。鉴 于这些计划或申请结果存在重大不确定性，上述由市场情绪或投机驱动的波动突显了在市场狂热时保持警惕的必要性。股价剧 烈波动可能导致非理性决策，使投资者面临不必要的风险。 香港证监会与香港金管局呼吁公众应保持谨慎，深入分析相关资讯，避免只基于市场炒作或价格势头作出非理性投资决策。公 众应谨记在波动环境中作出深思熟虑及有根据的决定，对于减低风险至为重要。 来源：香港金融管理局官网 校对：冉燕青 责编：汪云鹏 ...

Group 1 - The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have issued a joint statement regarding recent market fluctuations related to stablecoins, which appear to stem from announcements and speculations about applying for stablecoin issuer licenses in Hong Kong [1] - The HKMA reiterated that it will adopt a prudent and robust approach when considering applications for stablecoin issuer licenses, setting high thresholds for approval [2] - The statement emphasizes that expressing intent or submitting a license application does not guarantee approval, as the final decision will depend on whether the application meets licensing conditions [2] Group 2 - The recent market volatility driven by speculation highlights the necessity of maintaining vigilance during periods of market enthusiasm, as significant price fluctuations can lead to irrational decision-making and expose investors to unnecessary risks [2]

Group 1 - The State Council's press conference introduced personal consumption loan interest subsidy policies and service industry loan interest subsidy policies, emphasizing their importance to financial consumers [2] - The Financial Regulatory Administration will guide loan institutions to strengthen their responsibilities and optimize financial services to ensure effective implementation of the personal consumption loan interest subsidy policy [2] - Loan institutions are required to conduct differentiated credit granting based on market principles, setting reasonable loan limits, terms, and interest rates while ensuring timely disbursement of funds [2][3] Group 2 - Loan institutions must enhance their information systems to identify eligible consumption information, including single purchases below 50,000 yuan and significant expenditures in key areas such as automobiles, education, and healthcare [3] - There will be strict supervision of loan institutions to ensure compliance with the regulations set by the Ministry of Finance regarding the management of loan funds and risk control [3] - The Financial Regulatory Administration will incorporate the execution of personal consumption loan interest subsidy policies into daily supervision, ensuring the authenticity and compliance of subsidy data and related materials [3]

Group 1 - The Ministry of Finance emphasizes that financial regulatory authorities will incorporate the execution of two interest subsidy policies into daily financial supervision [1] - The Ministry of Finance will collaborate with financial regulatory authorities to ensure that loan processing institutions manage loans properly and protect the legitimate rights of borrowers [1] - Loan processing institutions are required to base credit assessments on the actual needs and credit status of borrowers, and must not use interest subsidy policies to induce consumers to borrow [1]

在监督管理方面，郭武平表示，金融监管总局将督促贷款经办机构按照财政部规定和要求，做好贷款贴 息资金的测算、审核、申请工作。经办机构对贴息数据和相关材料的真实性、合规性、准确性负责。金 融监管总局也会督促贷款经办机构总部，建立健全内部问题核查和处理机制，发现问题及时纠正，加强 金融消费者权益保护。同时，指导各金融监管局将个人消费贷款贴息政策执行情况纳入日常监管，配合 财政部门适时对贷款经办机构贴息资金的申请、拨付、清算等情况开展核查。 郭武平指出，在信贷管理方面，贷款经办机构按照市场化、法治化原则和相关信贷管理规定自主开展差 异化授信，合理设置消费贷款的额度、期限、利率，自主决策贷款发放条件并及时发放贷款资金。完善 贷款合同条款，严格借款人授信评审和贷后管理要求，主要是围绕消费重点场景、重点群体做好金融服 务，提振消费和扩大内需。 在贷款用途方面，郭武平强调，贷款经办机构要健全信息系统，对贷款账户符合条件的消费信息进行识 别。符合条件的消费包括单笔5万元以下消费，以及单笔5万元以上的家用汽车、养老生育、教育培训、 文化旅游、家居家装、电子产品、健康医疗等重点领域消费。同时，按照财政部的规定和要求，贷款经 办机构 ...

Core Viewpoint - The Financial Regulatory Administration emphasizes the importance of strict adherence to industry management department's audit results for loan subsidy applications, ensuring compliance and effective use of funds [1] Group 1 - The Financial Regulatory Administration will guide banks to apply for interest subsidy funds strictly based on the audit results from industry management departments [1] - There will be dynamic tracking of loan flows to enhance fund usage control, ensuring compliance and effective utilization of funds [1] - The administration will strengthen daily ongoing supervision and collaborate with local financial departments to enhance business guidance [1] Group 2 - Banks will be urged to improve loan management to prevent risks associated with the misappropriation of interest subsidy funds [1]

Core Viewpoint - The Financial Regulatory Administration emphasizes the responsibility of lending institutions to ensure the authenticity, compliance, and accuracy of interest subsidy data and related materials [1] Group 1 - The Financial Regulatory Administration will urge lending institutions to establish and improve internal verification and handling mechanisms to promptly correct any identified issues [1] - There will be a focus on enhancing the protection of financial consumer rights [1] - The execution of personal consumption loan interest subsidy policies will be included in the ongoing supervision by various financial regulatory bureaus [1] Group 2 - The Financial Regulatory Administration will collaborate with fiscal departments to conduct audits on the application, allocation, and settlement of interest subsidy funds by lending institutions [1]