时隔7年 央行再度调整！

Core Viewpoint - The People's Bank of China (PBOC) has adjusted the evaluation method for primary dealers in the open market, marking the first change in seven years, to better align with the transformation of monetary policy operations and the development of financial markets [1][6][7]. Group 1: Evaluation Method Adjustments - The new evaluation method simplifies and optimizes the assessment indicators, emphasizing the importance of monetary policy transmission and bond market making [2][3]. - The evaluation will now categorize different types of institutions, allowing for a more equitable assessment among banks and non-bank financial institutions [3][4]. - The adjustments aim to enhance the role of primary dealers in supporting macroeconomic regulation, policy transmission, and financial innovation [3][4]. Group 2: Implementation and Transition - The revised evaluation method will be implemented starting in 2025, with the list of primary dealers remaining unchanged from 2024, providing a transition period for institutions to adapt [4][5]. - Institutions that engage in improper behavior during the evaluation period may face suspension from open market operations, with severe cases leading to disqualification in the following year [4][5]. Group 3: Historical Context - The primary dealer system was established in 1996, with a formal evaluation mechanism introduced in 2004 to ensure compliance and effective performance in monetary policy transmission [6][7]. - The last significant update to the evaluation criteria occurred in 2018, which included seven categories and fifteen items, reflecting the market's evolving needs [7].