时隔7年再调整！央行，最新公告

Core Viewpoint - The People's Bank of China (PBOC) announced adjustments to the evaluation methods for primary dealers in the open market, effective from 2025, with no changes to the dealer list for that year. This adjustment is part of the transformation of the monetary policy framework and aims to enhance the effectiveness of monetary policy transmission [1][2]. Group 1: Evaluation Method Adjustments - The new evaluation indicators emphasize the requirements for monetary policy transmission and significantly reduce the number of indicators, enhancing the importance of both money market transmission and bond market making [1]. - In the money market transmission aspect, the new indicators include "stable lending and reasonable pricing range" and "performance during periods of market stress," focusing on the volume, price, and coverage of lending, as well as stability during market fluctuations [1][2]. Group 2: Bond Market Making - For bond market making, the new evaluation indicators include "number of bonds traded and reasonably quoted" and "performance during bond market volatility," aligning with previous policy reports to establish a linkage mechanism between market makers and primary dealers [2]. - This adjustment aims 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 Fairness - The new evaluation method emphasizes that primary dealers must not engage in illegal activities, with a focus on compliance and sound operational practices. Institutions with misconduct during the evaluation period will face suspension of their dealer qualifications [2]. - The evaluation will now categorize institutions for assessment, allowing for a more scientific and fair evaluation method, which is expected to diversify the types of dealers and better support the PBOC's macroeconomic regulation and policy transmission [2].