一级交易商考评迎“七年之变” 货币、债市传导更受重视

Core Points - 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] - The adjustment is a significant part of the transformation of the monetary policy framework, with the evaluation indicators being updated to better align with market developments [1][2] Group 1: Evaluation Method Adjustments - The new evaluation indicators have been simplified to 4 categories and 7 items, emphasizing the importance of monetary policy transmission and bond market making [1][2] - The assessment of monetary market transmission includes stability in lending, reasonable pricing, and performance during periods of market volatility, guiding primary dealers to enhance their role in financial intermediation [1][2] Group 2: Bond Market Making - The evaluation of bond market making focuses on institutions' quoting, transaction conditions, and performance during bond market fluctuations, aligning with previous monetary policy reports [2] - The adjustments aim to enhance the benchmark nature of the government bond yield curve and improve the transmission of interest rates from short to long [2] Group 3: Compliance and Diversity - The revised evaluation emphasizes the importance of compliance, with institutions facing penalties for misconduct during the evaluation period [2] - The new method allows for differentiated assessments of various types of institutions, promoting diversity among primary dealers and supporting the central bank's macroeconomic regulation and policy transmission [2]