央行拟取消债券回购质押券冻结 业内：核心是增强债券流动性，优化央行货币政策操作机制

Core Viewpoint - The People's Bank of China (PBOC) has proposed to cancel the regulation that freezes collateral for bond repurchase agreements, aiming to enhance market liquidity and optimize monetary policy operations, while facilitating the high-level opening of the bond market [1] Group 1: Regulatory Changes - The PBOC issued a draft decision on July 18, 2023, to solicit opinions on modifying certain regulations, specifically regarding the freezing of collateral for bond repurchase agreements [1] - The public consultation period for this draft will end on August 17, 2023 [1] Group 2: Market Implications - The cancellation of the collateral freeze is expected to improve bond liquidity and is seen as a continuation of the PBOC's recent focus on maintaining liquidity in the market [1] - While some market participants speculate that this move may indicate a resumption of government bond trading by the PBOC, the general consensus among industry experts is that the connection between the two is limited [1] Group 3: Long-term Strategy - The primary objective of this regulatory change is to optimize the market mechanism and align with international standards, rather than an immediate shift in monetary policy [1]