央行调整14天期逆回购机制 释放何种信号？

Core Viewpoint - The People's Bank of China (PBOC) has adjusted the 14-day reverse repurchase operation to a multi-price bidding system, indicating a shift in its liquidity management strategy and reinforcing the policy rate attribute of the 7-day reverse repurchase rate [1][3]. Group 1: Policy Rate Adjustment - The adjustment of the 14-day reverse repurchase operation to a multi-price bidding system means there will no longer be a unified bidding rate, allowing for better reflection of institutions' differentiated funding needs [3][5]. - The 7-day reverse repurchase rate has been established as the policy rate, with the 14-day rate previously considered to have a policy rate attribute due to its relation to the 7-day rate [3][5]. Group 2: Liquidity Management - The PBOC typically initiates 14-day reverse repurchase operations before major holidays to ensure liquidity, but the new announcement suggests a more flexible approach based on real-time liquidity management needs [7]. - The PBOC plans to conduct 14-day reverse repurchase operations on September 22, in addition to ongoing 7-day operations, to ensure sufficient short-term liquidity supply [7][9]. Group 3: Market Impact - The early initiation of the 14-day reverse repurchase operation this year, combined with a previous net injection of 300 billion yuan, is expected to alleviate preemptive funding demands from institutions ahead of the quarter-end and holidays [9]. - Future liquidity management will be more precise and efficient, allowing the PBOC to flexibly combine long, medium, and short-term operation types based on liquidity conditions and institutional demand [9].