一级交易商考评迎“七年之变”，货币、债市传导更受重视

Core Viewpoint - The People's Bank of China announced adjustments to the evaluation method for primary dealers, effective from 2025, maintaining the current list of primary dealers for the year 2025, which serves as a transitional period [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, with the first establishment of primary dealers in 1996 and the evaluation mechanism introduced in 2004 [1]. - The new evaluation indicators have been streamlined to focus on four main categories and seven items, emphasizing the importance of monetary policy transmission and bond market making [1][2]. Group 2: Monetary Market and Bond Market Focus - In the monetary market transmission aspect, the evaluation will consider the stability of lending, reasonable pricing, and performance during periods of market volatility, guiding primary dealers to better facilitate capital flow [2]. - For the bond market making aspect, the evaluation will assess institutions' quoting and transaction performance, particularly during bond market fluctuations, enhancing the benchmark nature of government bond yield curves [2]. Group 3: Compliance and Diversification - The revised evaluation emphasizes that primary dealers must not engage in illegal activities, with institutions exhibiting misconduct facing suspension of dealer qualifications, thereby reinforcing discipline among dealers [2]. - The new evaluation method will implement differentiated assessments for various types of institutions, promoting diversity among primary dealers and enhancing their roles in supporting the central bank's macroeconomic regulation and policy transmission [3].