中国人民银行近日发布的《中国金融稳定报告（2025）》（以下简称《报告》）显示，金融系统坚 持稳中求进工作总基调，统筹发展和安全，加强逆周期调节，积极防范化解金融领域风险，有效维护金 融稳定与安全。当前，我国金融业运行总体稳健，金融风险整体收敛、总体可控，金融机构经营指标和 监管指标处于合理区间。 政策工具有力有效 金融市场稳健运行是经济发展的重要基石。近年来，中国人民银行依法监测金融市场的运行情况， 持续通过货币政策和宏观审慎政策双支柱调控框架，对金融市场实施宏观调控，构建金融市场稳定器， 促进其协调稳定发展。 外汇市场方面，"宏观审慎+微观监管"两位一体管理框架不断完善，外汇市场改革开放与规范发展 持续深化。"近年来，我国外汇市场成功应对了多轮高强度外部冲击，人民币在全球主要货币中表现较 为稳健。"中国民生银行首席经济学家温彬表示，经过多年发展，我国外汇市场更具韧性，市场参与者 更加成熟，交易行为更加理性。 债券市场方面，央行开展国债买卖操作，丰富基础货币投放渠道，与其他工具综合搭配，保持流动 性合理充裕；强化债券市场风险提示，严格市场交易行为监管。2024年，在多重因素影响下，我国国债 收益率单边较快下 ...

Group 1: Financial Policies and Market Impact - The recent package of financial policies introduced by three major financial regulatory bodies is expected to positively impact the consumption market [1][4] - The People's Bank of China (PBOC) has launched a "Technology Board" in the bond market to address the financing difficulties faced by technology companies, which is seen as a significant step to enhance financing channels and reduce costs [2][3] - The PBOC's structural monetary policy tools, such as the service consumption and pension re-loan, aim to support the transformation and upgrading of consumption, particularly in service-oriented sectors [5] Group 2: Debt and Investment Strategies - The PBOC's recent report indicates that China's government debt expansion is sustainable due to substantial state-owned assets, which can support increased borrowing [6][7] - The government is encouraged to increase leverage to stimulate investment demand amid low enthusiasm for private investment [7] - The introduction of risk-sharing tools for technology innovation bonds is expected to lower financing costs for equity investment institutions and support longer-term bond issuance [3] Group 3: Trade and Economic Resilience - The ongoing US-China tariff negotiations have led to significant changes in bilateral tariff levels, which are anticipated to benefit both countries' producers and consumers [8] - There is cautious optimism regarding the potential for a favorable outcome in the trade talks, although a return to pre-existing free trade conditions is unlikely [9] - Domestic market resilience is emphasized, with a focus on enhancing technology innovation, expanding domestic demand, and improving social security [10]