时隔7年再调整，央行发布最新公告

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 [1][2] Group 1: Evaluation Method Adjustments - The adjustment of the evaluation criteria is a significant part of the transformation of the monetary policy framework [1] - The new evaluation indicators emphasize the requirements for monetary policy transmission and significantly reduce the number of indicators [1] - The new criteria for the money market transmission include "stable lending and reasonable pricing range" and "performance during periods of market tension" [1] Group 2: Bond Market Making - The evaluation indicators for bond market making include "number of bonds with market-making transactions and reasonable quotes" and "performance during periods of bond market volatility" [2] - This aligns with previous monetary policy reports that proposed establishing a linkage mechanism between market makers and primary dealers [2] Group 3: Compliance and Governance - The new evaluation criteria stress that primary dealers must not engage in illegal activities, with a focus on compliance and sound operations [2] - Institutions exhibiting improper behavior during the evaluation period will face suspension from dealer qualifications, with severe cases leading to disqualification in the following year [2] Group 4: Diversification of Dealers - The evaluation method will categorize institutions for assessment, making the evaluation process more scientific and fair [2] - This change aims to enhance the diversity of primary dealers, allowing different types of institutions to play a role in supporting the central bank's macroeconomic regulation and policy transmission [2]