公开市场业务一级交易商考评办法迎调整

Core Viewpoint - The People's Bank of China (PBOC) has announced adjustments to the evaluation method for primary dealers in the open market, aiming to enhance the transmission of monetary policy and adapt to the evolving financial market [1][2]. Group 1: Evaluation Method Adjustments - The adjustment of the primary dealer evaluation is a crucial part of the transformation of the monetary policy framework, with the PBOC first establishing primary dealers in 1996 and implementing a regular evaluation mechanism in 2004 [2]. - The new evaluation indicators have been significantly streamlined, emphasizing the importance of monetary policy transmission and bond market making, which includes assessing the volume, price, and coverage of funds lent by institutions [2][3]. - The evaluation method now categorizes different types of institutions for assessment, promoting diversity among primary dealers and enhancing their roles in supporting the central bank's macroeconomic control and policy transmission [3]. Group 2: Compliance and Transition Period - The new evaluation method underscores the importance of compliance, stating that institutions engaging in improper conduct during the evaluation period will have their dealer qualifications suspended [3]. - A transition period has been established, with the list of primary dealers remaining unchanged for the 2025 fiscal year, allowing institutions time to adapt to the new evaluation criteria [3].