Core Viewpoint - The People's Bank of China (PBOC) announced adjustments to the evaluation method for primary dealers in the open market, effective from 2025, with no changes to the dealer list for that year [1][2] Group 1: Evaluation Method Adjustments - The adjustment of the evaluation method is a crucial part of the transformation of the monetary policy framework [1] - The new evaluation indicators have been simplified and emphasize the importance of monetary policy transmission and bond market making [1][2] - The evaluation will now include aspects such as "stability of lending and reasonable pricing range" and "performance during periods of market stress" for the money market [1][2] Group 2: Bond Market Making - New indicators for bond market making include "number of bonds traded and reasonably quoted" and "performance during periods of bond market volatility" [2] - This aligns with previous monetary policy reports that suggested establishing a linkage mechanism between market makers and primary dealers [2] Group 3: Compliance and Governance - The new evaluation method emphasizes compliance, stating that dealers must not engage in illegal activities, with penalties for misconduct including suspension from trading [2] - The evaluation will now categorize institutions for assessment, allowing for a more scientific and fair evaluation process, which may enhance the diversity of primary dealers [2]
央行调整公开市场业务一级交易商考评办法 加强与债券做市商考核联动
Zheng Quan Shi Bao Wang·2025-09-12 12:26