央行公告，14天期逆回购操作规则，即日起调整

Core Viewpoint - The People's Bank of China (PBOC) has announced adjustments to the 14-day reverse repurchase operations to maintain ample liquidity in the banking system and better meet the differentiated funding needs of various institutions [1][3]. Group 1: Operational Adjustments - The 14-day reverse repurchase operations will now adopt a fixed quantity, interest rate bidding, and multiple price-level bidding approach, with operation timing and scale determined by liquidity management needs [1][4]. - This adjustment is expected to occur slightly earlier than in previous years, aligning with the PBOC's historical practice of initiating such operations before major holidays to ensure sufficient cross-holiday funding [3]. Group 2: Market Impact - The new bidding method allows for a more market-driven pricing mechanism, reflecting the differentiated funding demands of institutions, and clarifies the policy rate status of the 7-day reverse repurchase operations [4]. - The adjustment to the 14-day reverse repurchase operations is seen as an optimization of the PBOC's liquidity management toolkit, indicating a more flexible approach to managing liquidity beyond just pre-holiday periods [4][5]. Group 3: Future Outlook - The PBOC is expected to flexibly combine long, medium, and short-term operation varieties based on liquidity conditions and institutional needs, leading to more precise and efficient liquidity management [5].