PBOC Governor Pan Gongsheng: Safeguard Stable Operation of Stock, Bond and Forex Markets

Pan Gongsheng, Governor of the People's Bank of China (PBOC), has published a signed article in Qiushi magazine titled "Deeply Understanding the Changes in China's Financial Structure and Enhancing the Adaptability of Financial Services to the Real Economy."

In the article, Pan called for improving a comprehensive macroprudential management framework to further enhance the stability and resilience of the financial system. He said policymakers should strike a dynamic balance at the macro level among economic growth, economic restructuring and financial risk prevention, and steadily defuse risks in key areas.

He emphasized continuing financial support for resolving local government financing platform debt risks, advancing risk resolution in key regions and key institutions in a prudent and orderly manner, and strictly enforcing fiscal discipline, market discipline and regulatory rules.

Pan also stressed the need to improve the financial stability safeguard system, strengthen the monitoring, assessment and early warning of systemic financial risks, expand the central bank's macroprudential and financial stability functions, enrich the macroprudential policy toolkit, and maintain the stable operation of the stock, bond and foreign exchange markets.