14天期逆回购机制迎调整

Group 1 - 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, effective from September 19, 2025, to better meet the liquidity needs of different institutions [1][2] - This marks the second adjustment of the public market tools by the PBOC in 2025, shifting from a single price bidding to a multiple price bidding approach [1][2] - The change allows financial institutions to choose different interest rates for bidding, reflecting the actual funding demand and enhancing market-based pricing capabilities [1][2] Group 2 - Following the adjustment, the 7-day reverse repurchase operation remains a fixed interest rate, quantity bidding, indicating its status as the policy interest rate [2] - The 14-day reverse repurchase operation's transition to quantity control aligns it with the Medium-term Lending Facility (MLF) mechanism, differentiating it from the 7-day reverse repurchase operation, which serves as the main policy interest rate [2][3] - The PBOC is expected to restart the 14-day reverse repurchase operation next week to address liquidity pressures during the holiday season, with potential interest rate adjustments [3][4] Group 3 - The PBOC's recent adjustments are part of a broader optimization of its monetary policy framework, with the 7-day reverse repurchase operation rate having taken on the role of the main policy interest rate [3] - Analysts predict that the PBOC may lower the 14-day reverse repurchase operation rate by 10 basis points to 1.55% in conjunction with the restart of the operation [4] - The PBOC is likely to continue using various tools, including MLF and reverse repos, to inject medium-term liquidity into the market, with limited upward pressure on longer-term interest rates [4]