Core Viewpoint - The People's Bank of China (PBOC) has established a new evaluation mechanism for primary dealers in the open market, which will be implemented in 2025, aiming to enhance the transmission of monetary policy and adapt to the evolving financial market [1]. Group 1: Evaluation Mechanism - The PBOC's evaluation mechanism for primary dealers was first established in 2004 and adjusted in 2018 to support smooth open market operations [1]. - The new evaluation method will focus on optimizing and simplifying assessment indicators, categorizing institutions for evaluation, and strengthening the linkage with bond market makers [1]. - The list of primary dealers for the year 2025 will remain unchanged, and any dealer exhibiting inappropriate behavior during the evaluation period may be suspended from participating in open market operations [1]. Group 2: Institutions Involved - A comprehensive list of institutions that will be evaluated includes major banks such as Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and Bank of China, among others [3][4]. - The evaluation will consider factors such as stable lending, reasonable pricing, market performance during tight funding periods, and compliance with operational standards [3].