时隔7年再调整！央行，最新公告

Core Viewpoint - The People's Bank of China (PBOC) announced adjustments to the evaluation method for primary dealers in the open market, effective from 2025, marking a significant shift in the monetary policy framework [1][2]. Group 1: Evaluation Method Adjustments - The new evaluation indicators emphasize the transmission of monetary policy and significantly reduce the number of indicators, enhancing the importance of both money market transmission and bond market making [1]. - In the money market transmission aspect, the new indicators include "stability of lending and reasonable pricing range" and "performance during periods of market stress," focusing on the volume, price, and coverage of lending [1]. - For bond market making, the new indicators consist of "number of bonds traded and reasonably quoted" and "performance during bond market volatility," aligning with previous policy reports to strengthen the benchmark nature of the national debt yield curve [2]. Group 2: Compliance and Fairness - The new evaluation method stresses that primary dealers must not engage in illegal activities, with institutions exhibiting misconduct facing suspension of trading qualifications [2]. - The evaluation will now categorize institutions for assessment, making the evaluation method more scientific and fair, which is expected to enhance the diversity of primary dealers and better support the PBOC's macro-control and policy transmission [2]. - The list of primary dealers for 2025 will remain unchanged, providing a transition period for institutions to adapt to the new evaluation criteria [2].