Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - In the future, there is a possibility of newly establishing ONRRP-like tools and two-way overnight repos after the benchmark interest rate changes from DR007 to DR001 [7][9] - The goal of the central bank's monetary policy iteration in the past two years is to further reduce the volatility of capital interest rates and capital stratification [7][12] - The current "OMO high-frequency, buyout/MLF/treasury bond trading medium-frequency, reserve requirement ratio cut low-frequency" tool system is effective, and there is limited necessity to introduce new tools in the short term [7][16] Summary by Relevant Catalogs ONRRP-like tools and two-way overnight repos may have impacts Conjecture about ONRRP-like tools - A new tool for non-bank institutions may be similar to the Fed's ONRRP, but currently, there is no motivation to directly regulate the lower limit of capital interest rates. The new tool is more likely to be a liquidity injection rather than a withdrawal [10][12] - The new mechanism for non-bank institutions is used in "specific scenarios" and aims to reduce capital stratification and volatility, similar to the Fed's PDCF [12][13] How to view two-way overnight repos - Logically, a newly created two-way overnight repo for banks is a natural extension after DR001 becomes the benchmark interest rate and should replace the 7-day OMO as the new policy rate [15] - In the short term, there is limited necessity to introduce new two-way overnight repos as they overlap with the functions of the 7-day OMO and temporary repos [16]