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China’s central bank has pledged to keep stock, bond, and foreign exchange markets operating stably, using policy tools and supervision to guard against systemic risk, according to the People’s Bank of China (PBoC) (pbc.gov.cn). The statement underscores a continued focus on liquidity management, market functioning, and cross‑market coordination. Governor Pan Gongsheng has emphasized a bottom line of preventing systemic risks while noting improving conditions in areas such as local government debt and real estate. Regulatory indicators like banks’ capital ratios and nonperforming loans were cited as within healthy ranges, reinforcing the stability message. Why this matters: confidence, RMB exchange rate stability, macroprudential oversight Stability messaging is intended to anchor expectations, support investor confidence, and underpin RMB exchange rate steadiness during bouts of external volatility. Authorities frame exchange‑rate management as flexible yet guided to remain basically stable at an adaptive, equilibrium level. SAFE has emphasized FX market resilience under external pressures. “both the capability and confidence to maintain the sound operation of the foreign exchange market and keep the RMB exchange rate basically stable at an adaptive and equilibrium level,” said Zhu Hexin, Administrator of the State Administration of Foreign Exchange (SAFE) (pboc.gov.cn). Macroprudential oversight, legal reforms, and market infrastructure upgrades are highlighted as safeguards, according to Financial news, citing the head of the central bank’s Financial Markets Department (pbc.gov.cn). These measures seek to improve early warning, enforcement, and law‑based conduct across stocks, bonds, derivatives, and FX. Clear communication and operational readiness can reduce volatility by shaping expectations and deterring procyclical flows. As reported by China Daily in November 2024 (chinadaily.com.cn), planned steps include more transparent messaging, expanded market connectivity, and progressive opening to sustain confidence. Liquidity backstops, including facilities that accept a broad range of collateral, can ease temporary funding stress and support market‑making. The SFISF has been described as…

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Filed under: News - @ March 19, 2026 8:30 am