China’s Macroprudential Management System: Development Practice and Future Evolution-Keynote Speech by Governor Pan Gongsheng at the Annual Conference of Financial Street Forum 2025
Published: October 15, 2026
Sources & Verification
Primary Source
People's Bank of China (PBOC) — Official document ↗
CPG Analysis
AI-assisted summary of the official source linked above, pending human review.
Verification
AI-assisted summary · generated Oct 15, 2026 · pending human review
This summary was generated by AI from the linked official source. It has not been reviewed line-by-line by a human editor.
⚠ This is a policy signal, not a confirmed rule.
No immediate compliance change has been identified. Monitor for official implementation documents.
⚡ Impact at a Glance
Who is affected
Banking, insurance, securities and asset management, payment/e-CNY and virtual-asset services, real estate finance, cross-border capital flows
Cities / Agencies
Nationwide; Shanghai (e-CNY International Operation Center) and Beijing (e-CNY Operation Management Center) · People's Bank of China (PBOC)
What to do now
Monitor only — no action required
Source & verification
PBOC · AI-assisted summary · generated Oct 15, 2026 · pending human review
What to watch next
PBOC: implementing rules for splitting the MPA into monetary policy and macroprudential/financial stability assessments; PBOC: official release of the systemically important insurers (SII) list and additional regulation rules; PBOC: operational guidance on resuming open-market government bond trading; PBOC: formal rules and start date for the one-time personal credit relief policy; PBOC and law enforcement: further notices on virtual-currency and stablecoin treatment; PBOC/State Council: draft amendments to the PBOC Law and the Financial Stability Law
Executive Summary
PBOC Governor Pan Gongsheng used a keynote speech at the 2025 Financial Street Forum to lay out how China will build a comprehensive macroprudential management system under the 15th Five-Year Plan, while confirming the monetary stance stays accommodative. He also said the PBOC will resume buying and selling government bonds in the open market, keep cracking down on virtual-currency speculation and take a cautious watch-and-assess approach to overseas stablecoins, and roll out a one-time personal credit-record relief policy for pandemic-era small defaults that have been repaid. The speech signals direction rather than imposing new binding rules today, but it tells banks, insurers, brokers and fintech firms where supervision is heading.
Key Points
Governor Pan confirmed the PBOC will keep an appropriately accommodative monetary policy, citing end-September figures of 8.7% growth in AFRE, 8.4% in M2 and 6.6% in loans (about 7.7% excluding local government debt swaps), and pledged short-, medium- and long-term liquidity support.
The PBOC suspended open-market government bond trading early this year due to bond supply-demand imbalances and accumulated market risk, and will now resume two-way buying and selling of government bonds based on base-money needs, bond market conditions and yield-curve movements.
On digital currency, the PBOC will optimize the e-CNY management system, clarify its position among money-supply measures and license more commercial banks as e-CNY operators; a new E-CNY International Operation Center has opened in Shanghai and the E-CNY Operation Management Center remains in Beijing.
The PBOC reiterated that since 2017 policy documents curbing speculative trading of virtual currencies remain valid, that it will keep working with law enforcement to crack down on virtual-currency trading and speculation, and that it will dynamically assess overseas stablecoins, which it says fail basic client-identification and anti-money-laundering standards.
A one-time personal credit relief policy is being developed: pandemic-era defaults below a set amount that have since been fully repaid will no longer be displayed in the credit reporting system, with implementation planned for early next year after technical preparation with financial institutions.
The PBOC plans to split the Macroprudential Assessment (MPA) into a monetary-policy implementation assessment and a separate macroprudential/financial-stability assessment, publish a list of systemically important insurers for additional regulation, refine cross-border capital flow and real estate finance macroprudential tools, and accelerate legislation on the PBOC Law and Financial Stability Law.
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