央行14天逆回购操作调整，提前启动释放什么信号？

Core Viewpoint - The People's Bank of China (PBOC) has adjusted the 14-day reverse repurchase operation to a fixed quantity, interest rate bidding, and multiple price bidding, which is expected to enhance the policy status of the 7-day reverse repurchase operation rate [1][2]. Group 1 - The adjustment of the 14-day reverse repurchase operation is seen as a further optimization of the PBOC's liquidity management toolbox [3]. - The new operation will be more flexible, allowing for adjustments based on liquidity management needs rather than being limited to specific periods like before the Spring Festival or National Day [3]. - The early initiation of the 14-day reverse repurchase operation will result in an actual occupation day of 17 days, which is beneficial for addressing the preventive funding needs of institutions before the quarter-end and holiday periods [3]. Group 2 - The change to a multiple price bidding system for the 14-day reverse repurchase operation allows for a more market-driven pricing mechanism, reflecting the differentiated funding needs of institutions [2]. - The PBOC's recent actions indicate a clearer policy rate property for the 7-day reverse repurchase operation, reinforcing its importance in the monetary policy framework [2]. - The PBOC has already injected 300 billion yuan through a buyout reverse repurchase, which aids in maintaining liquidity stability across quarters and holidays [3].