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: November 4, 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 Nov 4, 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.

Report an issue with this policy ↗

⚠ 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, payments/fintech and e-CNY, credit reporting and consumer credit, real estate finance, virtual-currency and stablecoin-related activity

Cities / Agencies

Nationwide (e-CNY hubs specifically in Beijing and Shanghai) · People's Bank of China (PBOC)

What to do now

Monitor only — no action required

Source & verification

PBOC · AI-assisted summary · generated Nov 4, 2026 · pending human review

What to watch next

PBOC: formal notice splitting the MPA into monetary-policy and macroprudential/financial-stability assessments; PBOC: release of the systemically important insurers (SII) list and supporting additional-supervision rules; PBOC: implementing rules for the one-time personal credit relief policy (expected early next year) and resumed government bond trading operations; PBOC/State Council: draft and passage of the Financial Stability Law and amended PBOC Law; PBOC and law enforcement: further notices on virtual-currency trading and any stablecoin-related guidance; PBOC/Shanghai: operational rules for the E-CNY International Operation Center and new e-CNY operator licences

Executive Summary

PBOC Governor Pan Gongsheng used a keynote at the Financial Street Forum to lay out how China will build a fuller "macroprudential" safety net over the financial system — the rules that watch for risks building up across banks, insurers, markets and cross-border flows rather than inside any single firm. He also confirmed near-term operational moves: monetary policy stays accommodative, the central bank will resume buying and selling government bonds, the digital yuan (e-CNY) gets a new cross-border hub in Shanghai, the long-standing crackdown on virtual-currency trading stays in force, and a one-off personal credit-record repair policy is planned for early next year. Because this is a speech rather than a published rule, it is a strong signal of direction but creates no immediate compliance obligation.

Key Points

The PBOC will keep an "appropriately accommodative" monetary policy stance, using a mix of tools to supply short-, medium- and long-term liquidity; as of end-September, aggregate financing grew 8.7%, M2 8.4% and loans 6.6% year-on-year (about 7.7% excluding local government debt swaps).

Open-market trading of government bonds will resume after being suspended early this year due to bond supply-demand imbalances; the PBOC describes it as a two-way tool for base-money supply and yield-curve management rather than a one-directional stimulus.

The e-CNY push is being institutionalised: an E-CNY International Operation Center has opened in Shanghai for cross-border cooperation and use, while the Beijing-based E-CNY Operation Management Center runs the system; more commercial banks will be licensed as e-CNY operators.

On virtual currencies, the PBOC says its 2017-onward policy documents restricting speculative trading remain fully valid, it will keep working with law enforcement against domestic virtual-currency trading and speculation, and it will monitor overseas stablecoins closely — citing client identification, AML and monetary-sovereignty concerns.

A one-time personal credit relief measure is being developed: default records arising since the pandemic, below a set amount and already repaid, would no longer be displayed in the credit reporting system; implementation is planned for early next year after technical preparations with financial institutions.

Institutional reforms are flagged: the PBOC is studying splitting the Macroprudential Assessment (MPA) into a monetary-policy implementation assessment and a separate macroprudential/financial-stability assessment, will publish a list of systemically important insurers for additional regulation, and will accelerate the Financial Stability Law and amendments to the PBOC Law.

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