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Core Viewpoint - The People's Bank of China (PBOC) has initiated a 300 billion yuan 14-day reverse repurchase operation, marking a significant adjustment in its liquidity management strategy to better meet the differentiated funding needs of various institutions [2][10]. Summary by Sections Reverse Repo Operations - On September 22, the PBOC conducted a 240.5 billion yuan 7-day reverse repo operation and a 300 billion yuan 14-day reverse repo operation, the latter being the first since the adjustment of operational rules announced on September 19 [2][3]. - The adjustment allows for a multi-price bidding method for the 14-day reverse repo, enhancing market-driven pricing and better matching of diverse funding demands [3][10]. Market Reactions - On the same day, the treasury reverse repo rates surged, with 1-day, 2-day, and 3-day rates increasing by over 20% at one point [5]. - Market liquidity has improved due to the PBOC's continuous net injection, although cross-quarter factors may still cause disturbances [8]. Implications of the New Rules - The new operational framework for the 14-day reverse repo aligns it with the rules for Medium-term Lending Facility (MLF) and other reverse repos, reinforcing the 7-day reverse repo rate as a key policy rate [10]. - This change is expected to alleviate pressure on banks' net interest margins and lower their funding costs, while also ensuring liquidity remains ample during critical periods such as tax deadlines and holidays [11]. Future Outlook - The PBOC is likely to regularize the frequency of 14-day reverse repo operations to support liquidity needs around tax periods and month-end [10][11]. - The timing of this operation is slightly earlier than in previous years, indicating a proactive approach to managing seasonal liquidity demands [11].